The Daily Dirt: Have a HART?

Adams launches 421a task force

Mayor Adams Launches 421a Task Force: The Daily Dirt
(Illustration by The Real Deal)

The Adams administration has a HART.

That’s the Housing At Risk Task Force, whose acronym should actually be HARTF, but the administration shaved off the F for obvious reasons.

The task force will help 421a projects meet the June 2026 construction deadline. To qualify, an apartment project must have 100 or more units. It also needs to have met the initial June 2022 footings deadline to get the property tax break.

The task force is the spiritual cousin of another with an excellent acronym that also dropped some letters, the Building and Land Use Approval Streamlining Task Force. Like BLAST, the agency reps assembled to form HART will figure out ways to cut red tape.

Adams’ predecessor, Bill de Blasio, was criticized for tossing thorny problems to many a task force. The goals of this one seem fairly straightforward: HART will create a schedule for milestones and clear away regulatory snags that might prevent projects from meeting those marks.

Of course, projects face other challenges such as getting a loan, finding enough construction workers and filling supply needs. It remains to be seen if HART’s involvement could help with financing by giving banks confidence that a project will meet the critical 2026 deadline.

I asked ChatGPT to come up with alternative names for the task force, but the robots did not seem to understand that this group is not trying to protect existing housing stock. When I was more explicit about the task force’s responsibilities, it gave me: “DevelopmentShield 421a Unit.”

Here are some suggestions I mostly ripped off from a television show: 421a rescue squad. Tax Break Hunger Force. The Housing Unit Patrol Squad. 

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Closing Time

Residential: The priciest residential closing Thursday was $3.3 million for a condo at 200 East 62nd Street in Lenox Hill.

Commercial: The most expensive commercial closing of the day was $10.5 million for a 20-unit, five-story rental building at 422 East 81st Street in Yorkville.

New to the Market: The priciest residence to hit the market Thursday was a condo at 15 Central Park West in Lincoln Square asking $48 million. Broker Tyler Whitman has the listing. — Jay Young

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