New housing court to settle small-building cases
A new Brooklyn housing court is the state’s first to focus on one- and two-family buildings, which are at a higher risk of foreclosure if owners have difficulty collecting rent, the Daily News reported. Assemblywoman Helene Weinstein of Sheepshead Bay thought of the idea. “These homeowners are feeling the financial crunch,” Weinstein said. “Losing out on rental income can be the difference between keeping your home and losing it.”
Hudson Yards renderings released
Renderings were released last month for the five bids to develop the Hudson Yards, as the public comment period began for the proposals to build on 26 acres of MTA land on the far West Side. The MTA will give final approval to the project, which will help generate money for the MTA’s expansion of the No. 7 subway line. The cost of building a platform over the rail yards has been put at around $1.5 billion. All five developers have proposed preserving the northern section of the elevated High Line. Thirty percent of the apartments would be affordable. (See Developers place their bets on Hudson Yards and Developers connect Hudson Yards to other projects.)
Defaults on condo fees rise in Manhattan
Lawyers representing condominium boards throughout the city said the number of condo owners defaulting on their monthly common charges has increased by up to 25 percent this year. They said this could be a precursor to a rise in future foreclosures. Condo boards usually negotiate with unit owners falling behind on common charges without court intervention, but more liens are being filed to begin foreclosure proceedings. In the third quarter, foreclosures in Manhattan increased 14 percent from the year-ago period, the New York Sun reported.
Foreclosure filings predicted to rise
The city expects about 14,000 pre-foreclosure filings this year, about double the number recorded in 2004 and 2005. The neighborhoods at greatest risk are Jamaica and Bellerose-Rosedale in Queens and Flatlands-Canarsie in Brooklyn, Metro newspaper reported.
G train extension planned
The MTA plans to extend the G Line from Smith and Ninth streets in South Brooklyn along the F line track to Church Avenue in Kensington, the Brooklyn Paper reported. The extension through Gowanus, Park Slope and Windsor Terrace had originally been planned as only temporary.
City’s Coney plan would create nation’s largest urban amusement park
Mayor Michael Bloomberg’s rezoning plan for Coney Island would revitalize the 19 blocks and 47 acres from the New York Aquarium to Highland View Park, the New York Times reported. The plan would promote the development of stores and 4,500 apartments along Surf Avenue. It would also preserve historic attractions and create the nation’s largest urban amusement park. The city wants to buy the land owned by Thor Equities, which had proposed building a $1.5 billion Las Vegas-style resort.
Washington Square Park gets funding
The New York City Department of Parks & Recreation has awarded an $11.2 million contract for the first phase of the controversial renovation of Washington Square Park. The first phase of the project calls for moving the fountain 23 feet and shrinking the central plaza.
Five developers vie for tainted Gowanus land
Five developers have submitted bids to build up to 1,000 housing units on a contaminated 6-acre site near the Gowanus Canal. The property, known as Public Place, has drawn the Related Companies’ first attempt to build in Brooklyn. Other bidders include Two Trees Management, Strategic Development with Avalon Bay Communities, The Hudson Companies with Fifth Avenue Committee, and the World-Wide Group, according to published reports.