An audit by City Comptroller John Liu’s office has found deficiencies in the city’s window-guard enforcement program, which prevents children falling through open windows, in New York City public housing. Nearly half of the violations examined by the Department of Housing Preservation and Developement in fiscal years 2008 and 2009 were closed despite the department’s failure to verify with tenants that guards had been installed. Some violations were also improperly closed due to data-entry errors.

By law, landlords of buildings with three or more apartments must install window-guards in units housing children younger than 11. Complaints are received and investigated by the Department of Health and violations and forwarded to HPD. [more]

1. U.S. developers appeal to “echo-boomers,“ people born in the 1980s and 1990s
[WSJ]
2. One WTC must be one of the safest buildings in the city: architect David Childs
[Crain's]
3. Park Slope tenants team up with public advocate Bill de Blasio to force building repairs
[NYDN]
4. Senator Catharine Young’s bill could mean the death of rent protection for high-income city residents
[NYDN]
5. U.S. developers appeal to “echo-boomers,“ people born in the 1980s and 1990s
[WSJ]
6. Living the farm lifestyle on Park Avenue
[WSJ]
7. Trump tower apartment finally sells for $1.8 million over the asking price
[Curbed]
8. More demolition related scaffolding for 35 Cooper Square
[Ev Grieve]
9. Northern Bridgehampton gets $7.995 million treehouse
[Curbed]
10. Concern mounts that Garment District is doomed as a fashion hub after departure of Oscar de la Renta and Phillip Lim
[Crain's]
11. Comptroller aims to explain rocketing co-op assessments
[Post]
[more]

The rate of foreclosure filings in New York City dropped a dramatic 24.9 percent to 17,191 in 2010, compared to the prior year, according to a report released today by the New York State Comptroller (see full report below). Queens led the recovery, despite its reputation as a haven for foreclosure activity, with the number of foreclosure filings in the borough dropping by 45 percent. This citywide decrease in the number of foreclosures last year came after a steady climb in the rate of filings during the previous four years — between 2006 and 2009, number of foreclosure filings increased by 31.7 percent. Neighborhoods on the outskirts of Brooklyn and Queens struggled the most with foreclosures in 2010 — East New York had the highest rate, with 16.8 out of every 1,000 households in foreclosure. TRD

Foreclosures [more]

From the November issue: As John Liu measures the drapes for his new offices at 1 Centre Street in Lower Manhattan, there is quiet consternation within the real estate community that a key source of financing could be in jeopardy when Liu takes over as city comptroller in January. The two-term City Council member is all but assured of victory in the general election against his Republican opponent early this month. Following his win in the Democratic primary runoff last month, Liu suggested that he would impose a new investment philosophy for the $86 billion in city pension-fund assets he will oversee. In an interview with Bloomberg News, Liu said his philosophy would differ from that of the current comptroller, William Thompson, who increased investments in commercial and residential real estate during his tenure. As of June 30, the total amount invested in real estate and securities was about $7.1 billion, or 8 percent of the total sum invested. Liu outlined a conservative investment strategy that would rely more on “traditional instruments” rather than “the more aggressive esoteric financial instruments” — Bloomberg News put stocks and bonds in the “traditional” category and investments such as private equity, real estate and hedge funds in the “esoteric” category — “that in some ways,” Liu noted, “got us into a deep financial crisis.”

Developers such as Lloyd Goldman, the Chetrit family and commercial broker Robert Knakal have recently opened their wallets as the citywide race for comptroller heats up, according to the most recent campaign finance documents filed last week. Brooklyn City Council member David Yassky took in the largest amount of contributions from real estate interests among the four major candidates for city comptroller, an analysis of the most recent reports from the city’s Campaign Finance Board, covering July 12 to August 10, by The Real Deal shows. But Yassky remains far behind Queens Council members Melinda Katz and John Liu in overall contributions, and is about tied with David Weprin, another Queens Council member. [more]

The Department of Buildings’ Queens Quality of Life Unit has been
unable to address thousands of complaints regarding illegal home
conversions because inspectors have not been able to access private
properties, according to an audit by New York City Comptroller Bill
Thompson. The division received complaints about 8,345 properties
during the 2008 fiscal year and was unable to access 39 percent, or
3,279 of them. In 23,410 inspection attempts, according to a press
release from the comptroller’s office, inspectors were unable to gain
access 67 percent of the time. An illegal home conversion could mean
adding an apartment in the basement or garage of a home or dividing an
apartment into separate units. TRD Comments

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