The Brodsky Organization is not taking any chances with the City of Yes.
The developer is moving forward with zoning approvals to convert the vacant office space in the Flatiron Building into high-end (probably condo) residential units.
One of the key approvals Brodsky wants is the waiver of a rule that requires at least half of the building’s floor area to be nonresidential. The City of Yes for Housing Opportunity, which the developer refers to as COY-HO in planning documents (I don’t think that will catch on), actually gets rid of these requirements.
But during a City Planning Commission hearing Monday, a representative for the developer indicated that the project timeline is “sensitive,” and the developer can’t wait to see how the City Council modifies City of Yes. The City Planning Commission is expected to vote on the text amendment this week, after which it’s up to the City Council.
Though some application documents indicate that the conversion could create up to 60 apartments, the developer has indicated that 39 will be built on the second through 22nd floors, with at most two units per floor. “Due to the Flatiron Building’s unique floor plates…configuring more than two dwelling units per floor would be challenging,” the project description states.
In other City of Yes news: Last week, the City Council held a hearing on Speaker Adrienne Adams’ bill that would require a certain percentage of city subsidy go to homeownership projects. This got me thinking about the City of Yes proposal to legalize accessory dwelling units, which can be another stream of income for homeowners or a place for their elderly relatives. Having granny in a granny flat could also help homeowners with child care.
A spokesperson for Adams pointed to her previous support for legalizing basement apartments “to make them, so they provide needed housing and opportunities for homeowners to achieve stability amidst rising costs.” The broader ADU proposal “will be formally reviewed, along with the other zoning changes offered, once it reaches the Council,” the spokesperson added.
What we’re thinking about: The team handling Steve Cohen’s plans to build a casino near Citi Field kickstarted the city’s land use review process Monday for map amendments it needs. It would be moot, however, if the state legislature does not pass parkland alienation legislation. Will it do so? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The average length for environmental impact statements for new energy projects under the National Environmental Policy Act was 1,214 pages, according to a 2023 report by the Center for Growth and Opportunity at Utah State University.
Elsewhere in New York…
— The city’s City Department of Investigation is looking into Sheriff Anthony Miranda and his office, Politico New York reports. The focus of the probe is not yet clear, but the U.S. Attorney’s Office for the Eastern District of New York was also looking into the sheriff last year.
— City Health Commissioner Ashwin Vasan will step down early next year, Gothamist reports. Vasan said he wants to spend more time with his family. “While this was a hard decision, it was the right one for me and my family,” Vasan said. “I also look forward to continuing my clinical work and teaching, while supporting initiatives to advance health, equity, and access across this city and this nation.”
—Nassau County Republican Rep. Anthony D’Esposito may have violated House ethics rules by hiring his longtime fiancée’s daughter and a woman with whom he was having an affair, the New York Times reports. D’Esposito has not been officially accused of wrongdoing.
Closing Time
Residential: The priciest residential sale Monday was $18.5 million for a penthouse at 1295 Madison Avenue. The condo unit, at the Wales in Carnegie Hill, is about 4,200 square feet. Corcoran Sunshine Marketing Group’s JP Forbes and the Wales Sales Office had the listing.
Commercial: The largest commercial sale of the day was $40.5 million for 321 West 44th Street. The 10-story, 220,000-square-foot office building was previously bought by an affiliate of Related Companies in 2018 for $153 million.
New to the Market: The highest price for a residential property hitting the market was $29 million for a new, 7,000-square-foot penthouse unit at 1110 Park Avenue on the Upper East Side. Sotheby International’s Serena Boardman has the listing. — Joseph Jungermann