Biotech builder named for Kips Bay
Mayor Bloomberg announced the selection of Alexandria Real Estate Equities to develop the East River Science Park into the largest commercial bioscience center in New York City. The new 870,000-square-foot facility will be built on a city-controlled site on Bellevue Hospital’s campus between East 28th and 29th streets, east of First Avenue. The total cost is expected to be $700 million.
City Council bills try to delay new developments
A bill introduced by Council member Tony Avella would put a moratorium on building permits issued to developers between the time the City Planning Commission approves a rezoning and the City Council passes it about 45 days. The Real Estate Board of New York opposes the bill. Another bill, introduced by Council member Michael McMahon, would delay demolition permits from being issued for buildings more than 50 years old until the Landmarks Preservation Commission reviews the property for possible historical significance, Crain’s reported.
Vendors group may block Related’s plans
A group of Bronx Terminal Market vendors is trying to block the Related Companies’ plans to build a $394 million, 1-million-square-foot shopping mall on the site of the market. The group of vendors planned to file a motion in court last month seeking to nullify the lease for the site between the city and Related. The group thinks the 63-month lease signed last year violated the City Charter by bypassing normal land-use processes and by not being open for bidding. Construction on the shopping mall could begin in 2006, according to the New York Sun.
Feds give $18M to High Line conversion
The conversion of the old High Line train tracks in Chelsea received $18 million from the federal government in August. Rep. Jerrold Nadler and Sen. Hillary Clinton made the announcement during a visit to the tracks.
Court ruling may affect co-op subletting, flip taxes
A recent decision by the New York State Court of Appeals could make it more difficult for co-ops to collect sublet fees and flip taxes from investors who own apartments but don’t live in them. The ruling means there are now fewer criteria investors have to meet in order to be considered a “holder of unsold shares,” a status which often means exemption from fees imposed on co-op shareholders, the Times reported.