Building permits near record high citywide
U.S. Census Bureau figures show that there were 30,927 construction permits issued for residential units in New York City last year, down only 2.1 percent from 2005. All together, the number of permits issued in 2005 and 2006 is the highest for any two-year period since 1965, when reliable data collection on city permits began. Brooklyn had the most permits of any borough, with 9,191, Crain’s reported.
Quinn proposes tax credit for renters
Council Speaker Christine Quinn proposed a $300 tax credit to renters in her State of the City address last month. The tax credit would cover a range of renters, from individuals earning $43,000 or less to married couples with two children who earn $75,000 or less. The plan would cost $261 million to implement.
AG: No condo conversion for Starrett City
State Attorney General Andrew Cuomo landed another blow last month to the pending $1.3 billion Starrett City sale by saying that David Bistricer, who heads the group that won the bid for the property, has been banned from converting rental buildings in New York state to condominiums or cooperatives because of financial improprieties, the New York Times reported.
Blackstone eyes buying Freedom Tower
Sources say the Blackstone Group has approached the Port Authority about buying the Freedom Tower. Blackstone is said to be one of several real estate firms interested in purchasing the under-construction building, the New York Post reported.
Landlords worry about Albany shift
New York City landlord groups are worried a Democratic takeover of the state Senate could result in more stringent rent regulations. Many Senate Democrats say they are in favor of increasing the rent-stabilization decontrol threshold from $2,000 to $4,000. The president of the Real Estate Board of New York, Steven Spinola, told the New York Sun, “It doesn’t mean it will be terrible, but it clearly makes us nervous.”
Lawsuit over Salvation Army sale
A group of tenants is filing a lawsuit against the Salvation Army over the organization’s plans to sell its two Gramercy Park SROs, the Times reported. The tenants say the Salvation Army should not be permitted to evict them if the buildings are sold. A spokesperson for the Salvation Army said the organization had been working with tenants for more than a year to help find them other housing.
MTA: No. 7 extension needs $1B
Elliot “Lee” Sander, the MTA’s executive director and chief executive, said he would stop plans for building the No. 7 extension unless the city pays more for cost overruns on the project, AM New York reported. The $2 billion project is now estimated to have $1 billion in cost overruns. Construction on the project, which would extend the line to 34th Street and 11th Avenue, is set to begin at the end of this year.
Coney housing plan criticized
Amanda Burden, chair of the city’s Planning Commission, said Thor Equities’ plans to build a high-rise, 700-unit luxury condo in Coney Island was “incompatible” with the area’s amusement zoning, the Sun reported. Thor, which is also constructing a $2 billion amusement and retail complex in Coney Island, has threatened to not build the complex if the city doesn’t allow it to develop condos.
Calatrava hub design will be tweaked
The Port Authority said plans for the World Trade Center transportation hub designed by Santiago Calatrava will need to be re-engineered because the project is now up to $1.2 billion over budget, the Times reported. The authority said it will work with Calatrava to retain the architect’s fundamental vision for the hub. The project was originally expected to cost $2.2 billion, but recent estimates show it costing between $2.7 and $3.4 billion.