Access agreements are the bane of many New Yorkers trying to renovate a home.
These sign-offs are almost unavoidable in a city where buildings sit shoulder-to-shoulder and most apartments share walls, floors and ceilings. Both routine upgrades and ground-up construction often require workers to temporarily intrude on a neighbor’s property.
But getting permission can be a tall order. A reluctant neighbor can send owners into months of back-and-forth. If the dispute lands in court, and many of them do, coming to a resolution can delay projects even further.
Just last month, a trust tied to comedy writer Jill Davis and former Bain Capital managing partner Edward Conrad sued their neighbors, Sotheby’s CEO Charles Stewart and his wife Catarina, over the couple’s renovation of their Upper East Side townhouse. The lawsuit alleges that the parties spent years negotiating an access agreement, and that even once one was in place, the couple didn’t comply with the terms.
To cut down on the headaches, lawmakers in Albany proposed legislation aimed at establishing guidelines for the agreements and streamlining the process. Gov. Kathy Hochul signed the bill into law last week.
The new law only kicks in when the quest for an access agreement ends up in court. Instead of allowing judges full discretion over the terms, it outlines some standards, including requiring those seeking the agreement to ensure their neighbors have access to their insurance policies if their properties sustain any damages.
The statute also establishes some guardrails around the amount of compensation adjoining property owners can demand — a piece of the puzzle that often becomes contentious. The law states that while neighbors are entitled to compensation, it should be reasonable.
Still, the law isn’t exactly a catch-all fix for the strife created by obtaining these agreements, though supporters say the existence of a standard at all could encourage some parties to settle disputes out of court.
What we’re thinking about: The Durst Organization is looking for a buyer for two of its Theater District buildings, one of which houses Jimmy’s Corner, a beloved dive bar founded by the late boxer, Jimmy Glenn. A listing for the properties at 136-140 West 44th Street bills the site as a “prime development” opportunity — what could replace the Midtown institution? Send thoughts to sheridan.wall@therealdeal.com.
A thing we’ve learned: MoMA PS1, the Long Island City-based affiliate of the Museum of Modern Art, will be free for the public starting in January. The museum’s latest admission numbers estimate about 200,000 people visit each year.
Elsewhere in New York…
— A new study from Cornell University researchers found that air pollution has decreased in Manhattan since congestion pricing took effect in January, Gothamist reported. Before the implementation of the controversial policy, the borough’s air contained about 14 micrograms of fine particulate matter. That measure has fallen to 11.
— The Department of Transportation threatened to cancel $73 million in federal funding for highways in New York if the state continued to allow international drivers to obtain trucking licenses, ABC News 10 reported. Transportation Secretary Sean Duffy said the agency’s warning came after a review found a large number of licenses issued illegally.
Closing Time
Residential: The top residential deal recorded Friday was $10.4 million for 200 Amsterdam Avenue, 32B. The Upper West Side condo is 2,700 square feet and last sold in 2021 for $9.2 million. Brown Harris Stevens Lisa Lippman has the transaction.
Commercial: The top commercial deal recorded was $4.37 million for an apartment building at 1643 Popham Avenue. The Morris Heights building has nine units, is four stories and 7,400 square feet.
New to the Market: The highest price for a residential property hitting the market was $23.5 million for 432 Park Avenue, Unit 69B. The Midtown East condo is 4,000 square feet. Serhant has the listing.
Breaking Ground: The largest new building permit filed was for a proposed 276,985-square-foot, 21-story building with 350 units at 743 East 12th Street in the East Village. Thomas Furman of SLCE Architects is the applicant of record.
— Joseph Jungermann
Read more
Residential
New York
Sotheby’s CEO sued in neighbor spat over Upper East Side townhouse reno
Politics
New York
Real estate’s winners and losers of the NY state legislative session