Judge offers solution to Kingsbridge Armory squabble

Developer doesn't want a deal with strings attached

TRD New York /
Jun.June 14, 2016 01:10 PM

A Bronx Supreme Court judge offered a possible compromise in the fight over the Kingsbridge Armory, but the developer doesn’t seem keen on it.

Justice Ruben Franco last week proposed that the city release the armory’s lease to would-be developer, Kingsbridge National Ice Center (KNIC), with the condition that the developer secure financing for the first phase of the project by February, Politico reported. But the developer wants to cut a deal with the New York City Economic Development Corporation “with no strings attached.”

“Our client is prepared to reach a deal with EDC, whereby the lease is released from escrow and which enables the redevelopment of the Armory to commence,” William Brewer, an attorney for the developer, told Politico. “Our client will not commit to any agreement that does to put this project in the best possible position to be successful.”

The legal dispute between the city and the developer revolves around funding for the first phase of the project. The EDC hasn’t released the 99-year lease for the property, saying that the developers must first show that they have $158 million in hand for the first phase of the project. But Ken Parker, who leads the KNIC development group, and former New York Ranger Mark Messier, have countered that the state’s Empire State Development Corp. has already committed a $138 million loan. [Politico]Kathryn Brenzel

Related Articles

1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Rafael Salamanca and the Bronx (Credit: Getty Images, iStock)

Bronx councilman snuffs out another de Blasio rezoning

Union Crossing at 825 East 141st Street with The Bluestone Group's Eli Tabak and Madison Realty Capital's Josh Zegen (Credit: Union Crossing Bronx)

South Bronx office building lands $85M refi

Hudson Companies president David Kramer 

David Kramer on outer-borough development in the 2010s

2455 3rd Avenue in the South Bronx (Credit: Google Maps)

Altmark partnership plans 135-unit South Bronx high-rise

From left: Blackstone's Jonathan Gray, Joseph Simone of Simone Development and 535 Zerega Avenue in the Bronx (Credit: Google Maps, Simone Development)

Blackstone buys Bronx warehouse for $29M from controversial carter