Judge rules for Sheffield’s tenants
A housing court judge last month dealt a blow to developer Kent Swig’s plan to evict 23 market-rate tenants from the Sheffield 57 condo conversion at 322 West 57th Street, the New York Observer reported. If the ruling is upheld, developers will not be able to evict market-rate tenants while a conversion is in progress, even if their leases are up and have not been renewed. Swig will appeal. “The law is black and white. If you don’t have a lease and you are not rent-regulated, then you have no right to occupy,” he said.
Sherman Creek rezoning plan
Upper Manhattan’s Sherman Creek area, among the borough’s largest remaining tracts of undeveloped land, will likely soon be rezoned to allow for residential use, the New York Daily News reported. Developers would have to construct 20 percent affordable housing in their buildings and contribute to building a waterfront esplanade in the area.
AG investigating subprime lenders
New York State Attorney General Andrew Cuomo’s office has launched an investigation into the practices of subprime lenders, Crain’s reported. Cuomo said at a news conference last month that his office is looking into the subprime mortgage market, but he did not disclose any details of the investigation, according to a spokesman. The move comes as shares of subprime lenders have sunk in the stock market and foreclosures have spiked, especially among homeowners who had taken out subprime loans.
Developers face tighter landmark rules
The City Council will consider a bill introduced last month that could affect builders’ plans for properties the city is considering landmarking, the New York Sun reported. The bill proposes that owners be subject to the standard landmarks review process for altering landmarked properties, even if the property in question was not a landmark when the builder submitted plans for its alteration or demolition. The new law would therefore make it harder for owners to demolish buildings that might have otherwise been granted landmark status.
HPD mulls green building requirements
The department of Housing Preservation and Development is likely to adopt green building standards to govern the construction of all HPD-related residential projects, Crain’s reported. The department is looking to adopt the use of guidelines established by Green Communities, which complements the U.S. Green Building Council’s LEED standards that are mostly geared toward commercial buildings.
Flushing rezoning considered
Queens officials say they are conducting a feasibility study to determine whether a 28-acre parcel of land in southwest Flushing should be rezoned for residential use. The land is currently zoned for manufacturing, and officials say that a rezoning could lead to the creation of affordable housing in the area.
Brooklyn Bridge Park shakeup
As questions mount about the costs of the planned Brooklyn Bridge Park, the Empire State Development Corporation fired the person in charge of the controversial project, Wendy Leventer, the New York Post reported last month. The firing also comes at a time when an outside consultant is looking into the ESDC’s spending practices during the Pataki administration.
Audit cites misused ESDC grants
An audit conducted by the state comptroller found that the Empire State Development Corporation provided funds to the Suffolk-Nassau Chamber of Commerce on Long Island that were inappropriately used, as The Real Deal first reported last month. The audit follows questions raised about funding the Chamber of Commerce provided to the nephew of former ESDC chief Charles Gargano. The issue of the audit to the agencies, which seeks restitution of $125,000, was disclosed last month by the office of state comptroller Thomas DiNapoli.