What’s behind NYC’s literal sidewalk sales?

The city sells its streets and sidewalks because 'land is put to better use' that way

TRD New York TRD WEEKEND EDITION /
Dec.December 10, 2017 04:00 PM

(Credit: Photo by Commons Wikis Take Manhattan; Image by Pixabay)

Nothing is off-limits in New York real estate and, yes, that includes sidewalks and streets. In fact, these curb-side properties are often sold to developers who want to take on private ownership for any number of reasons.

Though some are outraged on principle — “These are atrocious giveaways to real-estate companies simply looking to reap big profits,” as New York Communities for Change’s Jonathan Westin told the New York Post — the city makes a pretty penny off the deals and believes its a win-win.

Over the past four years alone, nine street sales netted the city about $35 million. So what’s in it for the developers? Less headaches apparently.

The Durst Organization bought two streets in Queens near their Halletts Point development (and about 25 percent of the units are deemed affordable) because, it seems, they weren’t confident the city would uphold maintenance to the waterfront.

“We paid the city $1 million to open up and fix and maintain their streets so the community has access to waterfront,” Durst’s Jordan Barowitz told the Post.

Even the city agrees it’s just better that way: “This is a multi-agency effort whereby vacant city-owned land is put to better use,” said a spokesperson at the city Law Department.

[NYP] — E.K. Hudson


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
City Council member Vanessa Gibson, Speaker Corey Johnson and City Council member Brad Lander (Getty)

Why the City Council abandoned affordable housing

Why the City Council abandoned affordable housing
Barika Williams of Association of Neighborhood and Housing Development and Adam Weinstein, CEO of Phipps Houses

Affordable housing experts talk systemic change

Affordable housing experts talk systemic change
A new report finds homes still unaffordable for majority of Americans (iStock)

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties
Competition for affordable housing in New York City is highest among those who need affordable housing most (Getty, iStock)

Poorest face worst odds in city’s housing lotteries

Poorest face worst odds in city’s housing lotteries
S. Lawrence Davis and 160-05 Archer Avenue (Google Maps)

Shorewood scores $88M construction loan for first Opportunity Zone project

Shorewood scores $88M construction loan for first Opportunity Zone project
arrow_forward_ios

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

Loading...