REBNY issued subpoenas about commissions, listing service
The Real Estate Board of New York has received federal and state subpoenas requesting data and records about the standardization of commissions and the establishment of a multiple listing service in the city. The deadline for responding to the subpoenas from the state Attorney General’s office and the Federal Trade Commission was Oct. 27, the New York Times reported.
Council approves far West Village downzoning
The City Council last month approved the downzoning of the far West Village. The downzoning bars high-rise residential buildings in a 14-block area generally bounded by Horatio Street to the north, Washington Street to the east, Morton Street to the south, and West Street on the west. Two exceptions to the downzoning remain at 150 Charles Street and at Bethune and West streets, both locations of new residential towers.
Downzoning for Alphabet City moves forward
Manhattan Community Board 3 approved a downzoning of Alphabet City and a large area of the Lower East Side below Houston Street, the Villager reported. The downzoning, which could be implemented in one to two years after further city approval, would limit the heights of new developments to that of less than existing buildings.
City to help fund Brooklyn waterfront project
An affordable housing project marking the first development of the Williamsburg-Greenpoint waterfront since rezoning of the area will get up to $25 million in support, the city announced last month. Construction of 117 units for low- and moderate-income families at Palmer’s Dock in Williamsburg will begin in August. The project is a joint venture between L & L Equity Participants and Dunn Development, Crain’s reported. L & L is also involved in the Schaefer Landing project in Williamsburg, south of the rezoned area.
Columbus Circle re-opens after renovation
After more than two years of renovations, Columbus Circle re-opened in late September. The $21.3 million renovation was funded mostly by the city as well as by the Metropolitan Transportation Authority, the Related Companies, and Apollo Real Estate. Columbus Circle is now laid out in a series of concentric rings consisting of a raised area of plantings and fountains in its interior, all surrounding a statue of Christopher Columbus.
Chinatown could become Empire Zone
Mayor Bloomberg last month signed a bill that authorizes the city to submit an application for a new Empire Zone in the Chinatown/Lower East Side area, cityfeet.com reported. The program stimulates private investment, business development and job creation through a set of state tax credits and exemptions in areas facing long-term unemployment and economic disadvantage. The city currently has 10 Empire Zones.
Officials: Governors Island may need $1B in repairs
Governors Island will need about $1 billion in improvements and repairs before its development potential can be realized, according to government officials. The city and the state bought the 172-acre island between Manhattan and Brooklyn for $1 from the federal government in 2004. Plans for the island have been bandied about ever since, but officials said recently that $290 million would be needed in infrastructure renovations, $60 million in building repairs to stop deterioration, and $650 million to make the island’s buildings usable, the New York Sun reported.
Fund to finance 30,000 homes
Mayor Bloomberg last month announced the creation of a $40 million fund to finance at least 30,000 homes for low- and moderate-income people over the next 10 years. The fund will be funded by the city and by five large foundations. The program, the New York City Affordable Housing Acquisition Fund, is being established because the chief source of affordable housing 5,000 vacant lots owned by the city has been sold off over the years, the Times reported.
Justice Department tweaks charges against NAR
The U.S. Justice Department last month amended its antitrust lawsuit against the National Association of Realtors. The amendment claims that the trade group’s modified online property listings policy prevents Internet-based brokers from offering lower costs to clients, Inman News reported.