Willets Point redevelopment finally moves ahead

Plans for Willets Point are actually moving forward. After years of uncertainty, the first phase of the massive redevelopment was approved by the Queens Borough Board on Monday, the Queens Post reported. The approval was granted with only minor conditions, a sign that the City Council could do the same at the end of the process. The initial phase of the proposed redevelopment includes construction of 1,100 affordable apartments, public open space and an elementary

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Rental-to-condo conversions drop 80% after 2019 rent law: report

Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study. In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent

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GDSNY, Klövern add 407 Park Avenue to project footprint for $31M

At two stories tall, the building at 407 Park Avenue stands out for being short. The buildings on either side of it are six or seven times taller. One of them, a 14-story, 29-unit cooperative at 417 Park Avenue, was sold for $184 million last year to two real estate firms planning a larger project on the site. That put the owner of 407 Park in an enviable position. Land Finance, based in Washington, D.C.,

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Atlantic Avenue project gets haircut — and is rejected anyway

A Brooklyn community board rejected a proposed new building on Atlantic Avenue, even after the developers gave the project a haircut. CB 8’s land use committee said no on Tuesday to the proposal from Vanderbilt Atlantic Holding, which would bring a residential development to 840 Atlantic Avenue, Bklyner reported. The board is advisory but its opinion matters here because the local City Council member, Laurie Cumbo, said she will respect its wishes on the project.

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Big year seen for hotel openings, despite few visitors

Tourists have yet to come back to New York City, but new hotels are projected to open en masse this year. Close to 80 hotels with more than 13,000 rooms — the most in many years — plan to welcome their first guests in New York City in 2021, according to the data firm STR, the Wall Street Journal reported. The pandemic has led to construction delays, forcing owners to push back their openings. But

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Hakimian lands $59M loan for East Harlem multifamily project

A joint venture led by the Hakimian Organization is moving forward with an apartment project in East Harlem. Scale Lending, the financing arm of Slate Property Group, provided Hakimian and Certes Partners with a $59 million construction loan for the project at 212 East 125th Street, the lender told The Real Deal. The development, dubbed the Enclave, will span 140,000 square feet with 113 units, 30 percent of which will be set aside as affordable.

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New construction projects off to slow start in 2021

New construction filings have been slowly bouncing back after last year’s pandemic-related slowdown, but the recovery isn’t totally smooth. Between January and March, there were 407 new building filings Crain’s reported, citing a report by the Real Estate Board of New York. That’s a 13 percent increase from the first quarter of 2020. But while the number of projects filed is up, the square footage of those new filings is down. Those applications total 5.4

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“More churros, less cops”: Vendors and Related face off

Restaurants inside the Hudson Yards mall have struggled through the pandemic, but now a food fight has erupted outside, pitting street vendors against developer Related Companies and the city. The Street Vendor Project, an advocacy group representing 2,000 vendors, claims Related has deployed security guards to harass vendors. It also said the developer enlisted the police, whose officers ticketed several sellers stationed near the Vessel sculpture. In addition, the organization says Related placed planters in

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Yang targets vacant lots with $900 million tax plan

Andrew Yang sees nearly $1 billion in untapped property tax revenue sitting in New York City’s vacant lots. The contender for mayor announced a plan Thursday to hike taxes on empty commercial lots by 500 percent over five years, the New York Post reported. The idea is to kickstart development but Yang estimated the plan could rake in $900 million a year for the city. Vacant commercial land is taxed based on a valuation of

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FiDi condo glut is through the roof

Since Covid rendered walkable commutes a bygone amenity, the Financial District’s condo supply has surged. And there are still few buyers in sight. The downtown district now holds the most unsold inventory of any New York City neighborhood, with 1,433 new condos available, many of them yet to be listed, according to data by Marketproof reported by Bloomberg News. The appeal of the area, said Marketproof founder Kael Goodman, was its proximity to downtown offices.

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