Related chosen as new Hudson Yards developer
The MTA announced it had reached a $1.054 billion deal with the Related Companies, and financial backer Goldman Sachs, to develop Hudson Yards, following Tishman Speyer’s abandoned deal. Mayor Michael Bloomberg lauded the deal, saying, “Despite the setbacks of the last few weeks, we are certain that Related and Goldman will realize this tremendous opportunity to develop what is really the only large parcel of undeveloped space left in Manhattan.” (See How Related won Hudson Yards bid.)
Critics call for replacing Buildings Department
Critics of the Department of Buildings called for replacing the agency at a recent New York City Council meeting. Louis Coletti, president of the Building Trades Employers’ Association, and REBNY president Steven Spinola are vouching for creating a public corporation that they say would be both more decisive and flexible than the Buildings Department, the New York Times reported. The industry opposes a bill by Council member Jessica Lappin that would empower the agency to appoint independent safety monitors (at the property owners’ expense) at construction sites with a track record of serious safety violations. Twelve separate bills call for various other reforms.
Zuckerman, Moinian tussle over Eighth Avenue tower
Real estate and media tycoon Mort Zuckerman argued in a Manhattan Supreme Court affidavit that developer Joseph Moinian was holding up the construction of his 39-story Eighth Avenue office tower. The tower, known as 250 West 55th Street, is supposed to be built by January 2010. At issue was a four-story building owned by Moinian, at 241 West 54th Street. Zuckerman claimed that Moinian is denying his company, Boston Properties, access to the building so it could be reinforced before work begins next door. Zuckerman also claimed Moinian was trying to stall the project and force him to buy the property, the New York Post reported.
Albany tackles foreclosures
The New York State Assembly passed legislation last month to impose a one-year delay on foreclosures caused by defaults on mortgage payments, while the Senate prepared to take up a related bill backed by Gov. David Paterson. The governor’s proposal was to delay foreclosure for 60 days after lenders get an offer to renegotiate from a homeowner. Assemblyman James Brennan, the Brooklyn Democrat who filed the bill for a year-long freeze, said he welcomed Paterson’s proposal, the Associated Press reported.
Bloomberg OKs property tax cut for another year
Mayor Michael Bloomberg, in a budget update early last month, said the city’s finances are stable enough to extend a 7 percent property tax cut and $400 property tax rebate for one more year, but not longer than that, Newsday reported. Earlier this year, economic uncertainty prompted Bloomberg to say the $1 billion tax cut that took effect last year might not survive.
Foreclosures hit Hamptons high-end
This summer might not be so sunny in the Hamptons, as a wave of foreclosures could hit high-end homes there. In the first quarter, banks started preliminary foreclosure actions, called lis pendens, against a record 120 homeowners in East Hampton and Southampton. About 20 percent of those homes are worth more than $1 million, the Post reported.
Landmarks approves Nouvel’s MoMa tower
A skyscraper planned next to the Museum of Modern Art designed by prize-winning architect Jean Nouvel cleared a big obstacle last month. The Landmark Preservation Commission approved the transfer of development rights from two buildings on Fifth Avenue, the University Club and St. Thomas Church. The proposed 75-story hotel-condo at 53 West 53rd Street now moves to the city’s land-review process. Area residents have expressed concern about the tower’s height, which would be taller than the Chrysler Building.