Mayor pushes for tougher building codes, an FHA cover-up and redeveloping a FiDi landmark

Jul.July 01, 2013 07:00 AM
Hurricane Sandy damage

Hurricane Sandy damage

Mayor pushes new building rules to protect against future disasters like Sandy

New York Mayor Michael Bloomberg wants to toughen the city’s building code so that both commercial and residential properties can withstand natural disasters like Hurricane Sandy better, the New York Times reported. The stricter regulations, which must be approved by the City Council, would apply primarily to new construction, major renovations, existing multi-family dwellings and buildings that provide essential services such as hospitals. The Real Estate Board of New York supports the overhaul but points out the changes could be costly. Bloomberg also has proposed an ambitious plan to fortify the city’s infrastructure and 520 miles of coast against powerful storm surges and rising sea levels. The initial phase, estimated at $20 billion, calls for elaborate ocean barriers such as floodwalls, levees and bulkheads (see related story, “By the numbers: The final tally on Sandy’s fallout”).

FHA hid higher loss estimate of $115B to avoid public outcry

The Federal Housing Administration left out key data from its annual report that shows it could lose as much as $115 billion over 30 years in the event of prolonged severe economic conditions, the Wall Street Journal reported. The loss estimate is based on a methodology by the Federal Reserve that the mortgage insurance agency isn’t required to use; an FHA independent actuarial review released last fall put the amount at $65.4 billion. An investigation by the House Oversight and Government Reform Committee uncovered the figure, described as “troubling” by committee chairman Rep. Darrell Issa, R-Calif. The panel reviewed emails from FHA officials that suggested they didn’t want to include the higher number because of the uproar it might cause. The officials, who have since left the agency, stood by their decision, arguing the bigger estimate was less relevant because the housing market was already recovering.

MTA in final stages of selecting developer for restored building in FiDi

The Metropolitan Transportation Authority is close to picking a developer for the just-restored Corbin Building, which is next to the agency’s under-construction subway hub in Lower Manhattan. The eight-story building, at Broadway and John Street, will have an entrance to the Fulton Center, the New York Times reported. The MTA plans to lease 31,000 square feet in the century-old Corbin Building — a large corner storefront and upper floors — as well as 30,000 square feet in the transit hall. All the space is for commercial purposes. The agency hasn’t announced a date for selecting a developer but expects the new train station to open next year.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard
Making Lemonade: Don Lemon breaks even on Harlem condo sale
Making Lemonade: Don Lemon breaks even on Harlem condo sale
Airbnb CEO Brian Chesky (Getty)
Airbnb’s losses balloon to $4.6B in 2020
Airbnb’s losses balloon to $4.6B in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
arrow_forward_ios

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

Loading...