From left: Steven Spinola, president of REBNY and 16 Court Street
The Real Estate Board of New York has pumped up its efforts to block the landmark designation of a swath of 21 commercial building in Downtown Brooklyn, Crain’s reported.
Last September the Landmarks Preservation Commission approved the landmarking, known as the Borough Hall Skyscraper Historic District; it includes 16 Court Street, 191 Joralemon Street and 75 Livingston Street. [more]
The City Council will hold a hearing on the proposal to institute a new landmark district for Downtown Brooklyn tomorrow and could vote to modify or disapprove the designation, the Wall Street Journal reported. The upcoming hearing has prompted New York City’s real-estate industry to intensify its efforts to stop the landmark designation, which, it claims, will result in nearly $5 million in additional costs for property owners over the next few years.
As The Real Deal previously reported, the creation of the district would mean a spate of newly-landmarked buildings, including the Franklin Building at 186 Remsen Street, which was completed in 1887, the 13-story Temple Bar Building at 44 Court Street and a 22-story limestone, granite and brick Colonial Revival style building at 32 Court Street. [more]
Supporters of the Occupy Wall Street movement have now begun targeting the Real Estate Board of New York on social media and then in turn by phone, following news reports that REBNY seeks to submit a proposal to the city limiting the public access hours of privately owned public parks. In response to an opinion article in today’s New York Times by Jerold Kayden, a professor of urban planning at Harvard University, on the legal gray area of such privately owned public spaces, and the news reports of REBNY’s plans, a Twitter user called @OccupyMyCat this morning posted, “Announcement! It’s time to Occupy REBNY, the Real Estate Board of New York!”
Though two dozen construction unions’ contracts were renewed this summer with revised terms, according to Crain’s the biggest changes are yet to come.
Operating engineers, painters and steamfitters, among other unions, agreed to unprecedented concessions amidst the faltering economy, helping to ensure that owners will continue to call upon them for construction work.
But Real Estate Board of New York members and others are upset that wages for carpenters and concrete workers were cut 20 percent only for residential and hotel projects of up to 16 and 20 stories, respectively. [more]
From the August issue: A sudden flurry of New York City brokers are setting up shop in Florida, hoping to cash in on a housing market making strides toward recovery.
In the last six months, commercial brokerage Robert K. Futterman & Associates and residential firm Prudential Douglas Elliman have both dipped their toes into the Sunshine State market with new Miami offices. They’re joining the Corcoran Group and Brown Harris Stevens, which already have offices in Florida.
“Miami seems to be one of the most vibrant places in the U.S. right now, especially in terms of foreign investment,” said Robert Futterman, founder of the eponymous retail firm. [more]
From the April issue: If Chris Christie’s rise to political prominence on the national stage was swift and unexpected, his ascent as a real estate force has been even more so. A litigator by trade, the 48-year-old New Jersey governor arrived in Trenton last year with few official real estate ties to speak of, save for the Mendham Township home he owns with wife Mary Pat, a bond broker at Cantor Fitzgerald, and a longtime friendship with Hampshire Real Estate Companies founder Jon Hanson.
But less than two years later, Christie’s almost devout fiscal conservatism has catapulted him — perhaps accidentally — into one of the most powerful real estate roles the state has seen in decades.
Taking the reins early on the state’s most high-stakes projects, Christie killed a long-planned $9.8 billion commuter tunnel to New York City, seized control of Atlantic City’s ailing casino district, and passed landmark legislation to cap further growth on the highest property taxes in the nation. It remains to be seen how history will treat his now notoriously aggressive leadership style, but there’s no question that real estate will remember him, for better or worse. [more]
Newmark Knight Frank brokers David Noonan and Jennifer Schwartzman took home the top prize last night at the Real Estate Board of New York’s Most Ingenious Deal of the Year Awards. The ceremony honored the most creative commercial deals made in the last year, as judged by a panel that includes brokers and property owners, according to REBNY President Steven Spinola.
Taking home second place were Robert Eisenberg, Barry Gosin and Mark Weiss, also from Newmark, while CB Richard Ellis’ Darcy Stacom and William Shanahan nabbed third place. [more]
The Real Estate Board of New York is warming to the idea of an increase in the city’s $2,000 rent deregulation limit after years of opposing rent regulations altogether, according to the Wall Street Journal. “We are prepared to look at a higher number,” Steven Spinola, REBNY’s president, told the Journal. “It depends what the rest of the package is.” The stance represents a major shift for the real estate industry’s leading trade association, which has long been fighting off efforts by advocacy groups to limit landlords’ ability to charge market-rate rents in vacant rent-regulated apartments once their rents reached the a certain rent threshold. Comments
New York State’s rent-regulation law, which governs the rents for more than one million stabilized apartments in New York City, expires June 15, but Democrats are already speaking out against it in its original form, the Observer reported. State Assembly Speaker Sheldon Silver believes that rent regulation must be renewed and strengthened in favor of tenants. If it isn’t, he will not support the renewal of a tax incentive that expired in December and was embraced by apartment developers. “We shouldn’t be extending a tax break for residential developers without making sure we are strengthening protections for the tenants who live in their buildings,” Silver said in a statement last month. [more]
Frustrated with increasing property taxes on rental apartment buildings, New York City developers and contractors are warning the Bloomberg administration that if it doesn’t change its tax policy, development of new rental buildings will stop, the Wall Street Journal reported. The increase has become a particular concern for owners of rentals built within the past two decades with 20 percent of their units set aside for low-income families. If taxes continue to outpace revenue, the Real Estate Board of New York says new development of these projects will not be possible. [more]
