Developer Gregg Singer is pushing Mayor Bill de Blasio’s administration to lift a stop work order, allowing the conversion of a former East Village elementary school into dorms to move forward.
Singer’s planned conversion at 605 East 9th Street have been stalled since 2015, Crain’s reported. However, Adelphi University hopes to move students into the building by the fall of 2018.
Construction in the site is on hold because of stop work order from the Department of Buildings. The DOB accused the developer of not conforming with the agency’s “dormitory rule.”
Singer bought the 152,000 square-foot former public school from the city in 1998, but a deed restriction on the property prevented him from converting it into residential housing. He eventually reached a deal with the city to convert the building into a dorm.
The developer’s attorney said a new lease was submitted to the department months ago, but the project remains stalled. “We are anxious to get started. We have every reason to believe we will get started shortly,” Kenneth Fisher told the publication. Local officials say the lease does not meet the “community use” requirement, because Adelphi is only taking part of the building.
Adelphi will pay $373,500 annually as a base annual rent to Singer. The developer puts the total value of the project at $130 million.
Last year, investors in the redevelopment sued to try and force the building’s sale. They claimed conflicts of interest had led Singer to “waste and dissipate” the partnership’s assets. [Crain’s] – Miriam Hall