$16M profit made from lifting deed restriction at Rivington House will go to senior housing: de Blasio

Mayor announces changes to its flawed review process

TRD New York /
Jul.July 08, 2016 02:51 PM

The city is making amends for lifting a deed restriction on a Lower East Side health care facility by dedicating $16 million made from the deal to senior housing.

Mayor Bill de Blasio announced on Friday that funds received from the deed change at the Rivington House will be dedicated to housing for elderly residents in the neighborhood. He also laid out policy changes related to how the city will lift deed restrictions in the future, the Wall Street Journal reported. The city will now only alter such restrictions in “very rare circumstances” and will require landlords to disclose whether or not they are in talks to sell the property before agreeing to changing a deed.

The previous owners of the Rivington House, the Allure Group, paid the city $16 million to lift limitations that only allowed the property to function as a not-for-profit residential health care center. In February, Allure sold the property for $116 million to a group of developers — China Vanke Co., Slate Property Group and Adam America Real Estate — who plan to convert the building into a luxury condominium.

The sale has drawn the ire of some New Yorkers and the attention of state, federal and city officials. The city comptroller, the state attorney general and the U.S. Attorney General in Manhattan all launched investigations into the deal. Officials have not yet released details on these probes. [WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
A view of the Wise Towers at 117 West 90th Street (Google Maps)

Tension rises as public housing gets private management

Tension rises as public housing gets private management
New York City council member Margarate Chin, Mayor Bill de Blasio and council member Carlina Rivera (Getty; iStock)

Why the Soho rezoning will pass — and Gowanus, too

Why the Soho rezoning will pass — and Gowanus, too
City Planning commissioner Marisa Lago and Governors Island (Getty)

Governors Island rezoning process is underway

Governors Island rezoning process is underway
Mayor Bill de Blasio (Getty, iStock)

The battle to rezone Soho is just beginning

The battle to rezone Soho is just beginning
Mayor Bill de Blasio (iStock; Getty)

Soho to be rezoned: de Blasio

Soho to be rezoned: de Blasio
Gov. Andrew Cuomo (Getty, iStock)

Covid hotspots must lock down tomorrow: Cuomo

Covid hotspots must lock down tomorrow: Cuomo
Gov. Andrew Cuomo (Getty, iStock)

Cuomo to redraw city’s shutdown map

Cuomo to redraw city’s shutdown map
Economic Development Corporation CEO James Patchett (Getty; iStock)

EDC’s $58M in Times Square rent mostly sunk into ferries

EDC’s $58M in Times Square rent mostly sunk into ferries
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...