The Chequit Inn

Known for its bucolic feel, Shelter Island is getting some upgrades. The Wall Street Journal reported that the island’s historic Chequit Inn is in contract to be sold to Cape Advisors, a development company that expects to finalize the purchase this fall. Along with the purchase come renovations and the addition of higher-end décor and dining options. The hotel is expected to open next spring. [more]

Hudson Yards

Development is thriving in the area surrounding the Hudson Rail Yards, the New York Times reported. In fact, this is the most active development period since the Related Companies project was first announced.  Following the rezoning of the area, which spans 28th through 43rd streets west of Eighth Avenue, in 2005,  the Times said 5,000 apartments have been built and more than $5 billion in private funds have been invested in the neighborhood.

Most recently, Iliad Development said it is aiming to break ground on a new 200-unit rental building to be located at 509 West 38th Street during the fourth quarter of this year. According to the Times, this is one of dozens of new developments being planned in the next several years. [more]

From left: Tishman Speyer CEO Jerry Speyer, Hines Interests Chairman Gerald Hines and Simon Property Group CEO David SimonAs commercial construction remains stagnant in America, several high-profile American developers have turned to China for new projects, including several with notable ties to New York.

But for all the obstacles these developers are accustomed to encountering in the city, according to the New York Times there are even more hurdles to clear in China.

In addition to the obvious language and cultural barriers — for example, the Chinese do not consider a contract a binding agreement, and disputes with tenants are better settled over dinner than in a court room — unpredictable policy, layers of bureaucracy and the necessity of building local relationships make the prospect of development difficult. [more]

321 West 116th Street (credit Harlem + Bespoke)Landlords of some East Harlem walkups are stifling a revival of population and development otherwise taking hold in the neighborhood. According to the New York Times, the area is overrun with vacant four- and five-story apartment buildings, whose owners are purposefully keeping the units off the market.

Some landlords are waiting for rents to increase to the point where it justifies rehabilitating dilapidated units and renting them out. Others are holding them in bulk in hopes of packaging them to a developer willing to pay millions for the land. [more]

Monster Island, a group of performance spaces and studios in a dilapidated commercial building on the Williamsburg waterfront, is closing its doors this month after the landlord decided to redevelop the property, the New York Times reported. The closure is just the latest in a stream of broader changes in the neighborhood, residents and local musicians bemoaned, where new condominiums are taking the place of warehouses, and upscale restaurants have popped up on streets that once housed only underground clubs.

“Scenes have life cycles,” said Sam Hillmer, a saxophonist with the trio ZS, at a block party to mark the end of an era last Saturday night. “It’s like passing a torch. You have a couple decades, a decade, half a decade, whatever. Then somebody else picks it up.”

The operators of art spaces such as Secret Project Robot say this isn’t the end of the road for them.
[more]

The number of new permits for residential projects declined precipitously last year and the contraction was seen in every borough, according to The Real Deal’s 2010 Data Book (see the entire development section for all five boroughs from the Data Book here). While the condo market was bleak, sales did happen, and in greater number as the year wore on. The Time Warner Center, for example, saw a $37 million penthouse sale to Russian energy mogul Andrei Vavilov, one of the biggest deals of the year. And some condos newer to the market, like Cassa NY, continued selling while also waiting for the return of a stronger market. To purchase the 2010 Data Book, click the magazine cover, click here or see the link at the top of The Real Deal Web site. TRD
[more]

Developer Jonathan Bernstein is setting an ambitious course in Greenpoint — the first-timer is looking to build the tallest tower on the waterfront, so lofty that it exceeds current zoning laws by about 20 percent. The development, which includes two towers, one reaching 470 feet and the other up to 200 feet, would sit on a 100,000-square-foot lot on India Street by the East River. Bernstein is currently applying for the numerous city rezonings and approvals that would be needed to build the structure, the Architect’s Newspaper reported, although it may not be a lost cause. Ward Dennis, chairman of Brooklyn’s Community Board 1, says the project represents the tricky push-and-pull of new developments in the area. “It’s a beautiful project with a hard sell,” Dennis said. “What the community needs to decide is where that balance is between density and open space and affordable housing. And really, that’s what all of these projects come down to.” In fact, the developer’s promise to construct piers, install water taxi service, and facility beach access as a part of the project has reportedly helped cultivate support for the buildings.

Bill de Blasio (left) and David Yassky

The blog Noticing New York looks at the professed views on development,
and specifically on the Atlantic Yards project, of all 15 candidates
running for City Council in the 33rd and 39th districts, including
current office holders. All of the candidates oppose the project, to
some degree or another, the blog says. In the 33rd district, current
City Council member David Yassky has said he never supported the
Atlantic Yards project, and that he doesn’t think the proposed plan
will be built because there isn’t funding for it. The 39th
district’s Council member, Bill de Blasio, said he became a supporter
of the project because it promised affordable housing, jobs and
community benefits, but said no further public subsidies should be
granted until there is evidence that the Community Benefits Agreement
will be adhered to. De Blasio said he can’t support an arena-only plan
for the site, and called for a moratorium on demolition until there is
a written plan on what will be built. [more]

From the April issue: As the city’s housing prices fall, credit
dries up and affordable housing goals are threatened, new Housing
Preservation and Development Commissioner Rafael Cestero has a lot on
his plate. Cestero took office in the middle of last month after his
predecessor, Shaun Donovan, headed to Washington, D.C., to become
President Barack Obama’s Secretary of Housing and Urban Development.
Donovan had been commissioner since 2004, and Cestero was his deputy
between 2004 and 2007. As deputy commissioner, Cestero helped develop
the city’s $7.5 billion New Housing Marketplace Plan, the mayor’s
10-year initiative to create 165,000 units of affordable housing. He
also played a role in establishing the NYC Acquisition Fund, which
helps developers create affordable housing through faster access to
equity. Real estate pros say Cestero has a lot to do, including
reviewing old policies that might help the real estate community, and
furthering the mayor’s affordable housing plan on a smaller budget. [more]