Quinn to “extract” concessions from Rudin on luxury development

March 02, 2012 03:30PM

Rudin Management will likely agree to last minute concessions in order to push through its bid to build 450 luxury condominiums on the former St. Vincent’s Hospital site in the West Village, Crain’s reported, but affordable housing will not be included in the deal.

Sources told Crain’s that City Council Speaker Christine Quinn will “extract a few last extras from Rudin worth millions of dollars,” including a compromise of some sort regarding a public park on the site. Rudin is also expected to provide funding for local public schools.

But affordable housing — something Community Board 2 has repeatedly requested be part of the agreement– is one place Quinn has backed off. “It’s not going to happen,” a source familiar with the negotiations told the magazine.

The City Council is expected to vote later this month on the project. The City Planning Commission approved Rudin’s plans in January. [Crain’s]