Residents at Fifth Avenue condo want up to $450K to allow library renovation

Apartment owners at 445 Fifth Avenue demanding licensing fee

TRD New York /
Aug.August 30, 2017 10:45 AM

Condominium owners at a building on Fifth Avenue are holding the New York Public Library hostage, demanding a six-figure licensing fee before allowing construction work to begin next door at the Mid-Manhattan Public Library branch.

The condo owners at 445 Fifth Avenue won’t allow the library to place scaffolding and other equipment until the fee, which could total as much as $450,000, is paid, according to a suit filed by the public library, the New York Post reported. The renovations, slated to last 30 months, are due to start next month. The Library Branch Is Across The Street from the system’s flagship building.

It’s a tactic property owners have increasingly resorted to in an effort extract money from developers and other property owners who can ill-afford delays.

A court ruling rendered in April 2016 entitles neighbors to things like money to hire architects and or engineers to look over building plans, lawyers to work on agreements and a general licensing fee simply for the inconvenience of construction.

Lawyers for the library argue that the “imposition of a license fee is unjustified” and will considerably impact the library, its patrons and taxpayers. The residents are also trying restrict work to work days between 9:00 a.m. and 5:00 p.m., according to the Post.

The 33-story building at 445 Fifth Avenue, built in 1986, has 174 units. A one-bedroom apartment there is in contract, last asking $865,000, according to StreetEasy.

In 2014, the library bought eight commercial condos at 445 Fifth for $34.5 million. A year later, Harbor Group International bought a retail condo in the building for $68 million from Thor Equities. [NYP]Miriam Hall


Related Articles

arrow_forward_ios
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
Assemblyman Harvey Epstein and Senator Brad Hoylman (Epstein by Erik McGregor/LightRocket via Getty Images; Hoylman by Roy Rochlin/Getty Images)

Lawmakers introduce bill to keep rent regulation alive

Lawmakers introduce bill to keep rent regulation alive
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
Governor Andrew Cuomo (Getty, iStock)

What NYC’s phase 4 means for real estate

What NYC’s phase 4 means for real estate
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
Mayor Bill de Blasio and Dr. Oxiris Barbot (Getty, iStock)

Day care — and its landlords — get a lifeline

Day care — and its landlords — get a lifeline
arrow_forward_ios

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

Loading...