Stalled development legislation gaining traction

Five months after Mayor Michael Bloomberg signed in a new law allowing New York City developers to speedily regain permits to restart stalled projects, rather than reapply for permits from square one, the Department of Buildings says it’s seeing results. Dozens of development firms are in negotiations with the DOB, officials say, to take advantage of the program. This could be a boon to the city, which currently contains over 500 stalled construction sites, according to DOB data. Mitchell Korbey, a zoning attorney with Herrick Feinstein, said that the law may help jump start the city’s fledging construction industry. “In light of the number of projects in the city that are stalled because of economic conditions, this is a very important initiative,” Korbey said. “The alternative is having dormant projects that the developers lose.”