Developer’s Digest?: This Weeks Top Development News
City of Yes Could Eliminate Longstanding Height Restriction. Will Developers Act?
July 24, 2024
In New York City, the 41-year-old "sliver law" restricts buildings on lots narrower than 45 feet to a height of no more than 100 feet or the width of the adjacent street, whichever is less. Mayor Eric Adams’s City of Yes zoning reform proposals aim to eliminate this rule to unlock nearly 76,000 new housing units. While some developers are excited about this potential for increased housing, others are concerned about the feasibility and impact on affordable housing, as well as the architectural challenges of developing narrow lots.
Source: Bisnow
Hochul Tells Comptroller to ‘Get in Line’ Over Congestion Pricing Fight
July 25, 2024
Governor Kathy Hochul is now embroiled in several lawsuits after New York City Comptroller Brad Lander organized legal actions against her recent pause on the congestion pricing tolling program. This pause, imposed in early June, came just 25 days before the toll-collecting cameras were set to be activated. Despite these lawsuits and growing opposition, Hochul remains resolute. The congestion pricing program, aimed at reducing traffic and pollution in Manhattan, has become a contentious issue, with the lawsuits seeking to compel Hochul to proceed with the planned toll implementation.
Source: Commercial Observer
Yimby’s Q2 2024 Construction Report Counts More Than 1,000 New Building Filings in New York From April Through June
July 24, 2024
New York City's construction and real estate markets remain robust, with Q2 2024 recording 1,077 new building permits filed, the second-highest since YIMBY began tracking. This period also saw 14,795 residential and hotel units and 21.5 million square feet of new building floor area. Brooklyn and Queens led the filings, accounting for over two-thirds of the total permits. Staten Island had the largest increase at 15%, while Manhattan saw a 15% decrease in permit counts from the previous quarter.
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Source: New York YIMBY
Former Chelsea Prison to Become 124 Affordable and Supportive Apartments
July 22, 2024
Governor Kathy Hochul announced the redevelopment of the Bayview Correctional Facility in Chelsea into 124 affordable apartments named Liberty Landing. The project, led by Camber Property Group and Osborne Association, will retain the existing buildings and add an interior courtyard. It includes 15 short-term transitional residences for individuals with mental health needs and a 9,300-square-foot community facility for youth programs. This $108 million initiative aims to provide stable housing for low-income New Yorkers and formerly incarcerated individuals, transforming a historic prison into a symbol of hope and opportunity.
Source: 6sqft
Developer to Tear Down Century-Old, Rent-Regulated Upper West Side Building
July 22, 2024
ABS Partners Real Estate plans to demolish a nearly 100-year-old rent-regulated building at 2560 Broadway on the Upper West Side. The 7-story, 74-foot-tall building includes 27 residential units, two of which are still occupied, and about 7,500 square feet of retail space. Originally built in 1925 and known as The Ancott, the building has seen many units transition to market rates in recent years. ABS has not disclosed future plans for the site. The firm’s portfolio spans 102 properties across 11 states.
Source: Crain's New York Business