The Real Deal New York

Posts Tagged ‘stalled projects’

  • The American Institute of Architects is preparing to launch a nationwide database of stalled construction projects in an attempt to find ways to rejuvenate them, Real Estate Weekly reported. Over the next several months, the AIA expects to analyze projects that aren’t moving forward due to a lack of financing in the hopes that it will identify opportunities for collaboration and alternative funding sources, said Kermit Baker, chief economist for the organization, which puts out the monthly Architecture Billings Index, a key economic indicator for the construction industry. [more]

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  • Another stalled Brooklyn project is readying to come back to life, but in this case, neighbors are fighting to keep it frozen. The developers of the project, an incomplete six-story building on Marine Park’s Kimball Street, were ordered by in 2008 to downsize the building because it was too tall by city standards for the residential block, where other homes are three stories tall. They were also ordered to build 11 parking spaces. But the Kimball Group didn’t comply with either request, and has also racked up $10,800 in fines for a broken fence around its stalled site in the years since. Now, in spite of its history, the developers have received approval from a judge to apply for a waiver to complete the project. [more]

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  • The city’s Department of Buildings handed out fliers Wednesday in Brooklyn detailing the dangers of illegally converted apartments, following the death of an East New York tenant, who was unable to escape his illegal cellar unit during a fire (see flier after the jump).

    The DOB, which is also raising awareness of the issue on Twitter, included a list of common traits among illegal apartments in its pamphlet, including padlocks on bedroom doors and electricity supplied by extension cords. Also of concern are cellar apartments and attic units, which often don’t provide enough exits. [more]

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    The number of stalled construction sites citywide is continuing to climb, according to a report released today by the New York Building Congress. There were 692 stalled construction projects as of October, the report says, which is based on inspection records from the Department of Buildings. That number is up 52 percent from the number reported during the same time a year earlier. Brooklyn had the most stalled sites, with 319 halted projects recorded, 46 percent of the total number in New York City. [more]

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  • The city’s still-burgeoning list of stalled construction projects appears to be letting up, with 364 project sites having restarted construction work since February 2009, the Department of Buildings told the Wall Street Journal. Of those projects, 94 have been completed. Most were residential and in either Brooklyn or Queens. DOB Commissioner Robert LiMandri attributed the restarts to a new citywide program that allows developers to extend their building permits for four years in exchange for adhering to stricter safety regulations. In the past, developers had to start the permit process from scratch after one year, which contributed to delays. As of April 25, the city’s list of stalled construction sites stood at 576, up from 515 stalled sites at the end of November. [WSJ]

    [more]

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  • Wary of the rebound

    August 04, 2009 09:23AM

    From the August issue: The summer of 2009 has turned out to be a confusing time for New York
    City real estate. While Goldman Sachs reported record earnings and Fed
    Chairman Ben Bernanke talked optimistically about green shoots, the
    bleakest, leanest winter in recent memory gave way to an uptick in
    contract signings, filling brokers with hope that the worst days of the
    downturn have passed.
    At the same time, unemployment surged to 9.5 percent in the city,
    and second-quarter market reports proclaimed double-digit declines in
    real estate values. The Department of Buildings published a list of 362
    stalled construction sites in the five boroughs, evidence of the
    continuing stranglehold of the credit crisis. 

    [more]

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  • DOB list misses some stalled projects

    August 04, 2009 09:11AM

    The Department of Buildings’ list of stalled construction sites, which
    included 409 projects as of yesterday, leaves out a number of highly
    publicized stalled projects, the New York Post reported. Boston
    Properties’ 250 West 55th Street project is not on the list, even
    though the company decided to suspend work on the building after the
    anchor tenant pulled out of the project. Larry Silverstein’s 99 Church Street condominium is missing from the list. The Charles,
    a condo at 1355 First Avenue, between 72nd and 73rd streets, has not
    made any construction progress since the demolition of an old building
    on the site last year, but it is also not on the DOB list, according to
    the Post.
    [more]

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  • Of the 143 stalled construction sites around New York City, the
    concentration is largest in Williamsburg. There are 18 vacant lots or
    abandoned construction sites in the Brooklyn neighborhood, the New York Post
    reported. The Bronx and Queens each had only 14 stalled construction
    sites, with 13 in Staten Island, 39 in Manhattan and 63 in all of
    Brooklyn, according to city records. The Department of Buildings
    created a unit in February to inspect and monitor construction sites
    where work has stalled.

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