Developer’s Digest?: This Week's Top Development News
New York City Achieves Back-To-Back Record-Setting Years For Affordable Housing Creation
February 14, 2025
New York City set a new record for affordable housing creation in 2024, building the most units for formerly homeless individuals (4,623), supportive housing (2,761), and senior housing (2,966) in its history. The city closed financing for 27,620 affordable homes and helped 14,654 households secure housing. Key initiatives included NYCHA’s conversion of 3,887 apartments to Project-Based Section 8, expansion of rental assistance programs, and the "Manhattan Plan" to add 100,000 homes. Legislative changes, including new tax incentives and zoning reforms, further supported these efforts.
Source: New York YIMBY
Manhattan Borough President Opposes Related’s Hudson Yards Casino
February 14, 2025
Manhattan Borough President Mark Levine announced his opposition to Related Companies and Wynn Resorts' proposed $12 billion casino at Hudson Yards, citing concerns over zoning changes, urban design, and reduced residential units. Local politicians and Manhattan Community Board 4 have also rejected the plan, fearing it would block sunlight from the High Line. Levine suggested relocating the project to the Western Rail Yards or increasing affordable housing, though Related argues relocation would be too costly. The project faces competition from several other casino proposals across New York City.
Source: Commercial Observer
Durst Sells $135M Stake in Halletts Point Megaproject
February 13, 2025
The Durst Organization sold a minority stake in its Halletts Point megaproject in Queens to Affinius Capital for $135 million. Affinius, which previously invested in Durst’s Sven tower, acquired stakes in three buildings: a 162-unit affordable housing complex and two high-rise multifamily buildings with 647 units and retail space. The broader Halletts Point plan includes 2,400 units but faced delays due to subsidy disputes. Durst postponed further construction despite last year’s 485x tax program approval. Affinius rebranded after acquiring Square Mile Capital in 2023.
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Source: The Real Deal
East Village House of Worship To Become Housing
February 14, 2025
A Williamsburg-based LLC filed plans to convert a vacant four-story church on East Fourth Street into six luxury condos by adding two floors. Developer Ariel Sholomov purchased the former Emmanuel Spanish Baptist Church for $2.9M in November. Rotem Cohen of Ariel Development expects construction to finish by summer 2026. Sholomov has previously developed condos in Brooklyn, including in Crown Heights and Bed-Stuy. The church, formerly a synagogue known as Lemberger Shul, has a long history in the neighborhood.
Source: Crain's New York Business
Vornado Plots High Hopes For Hotel Penn Site — But Needs Rents To Match
February 11, 2025
Vornado Realty Trust CEO Steve Roth dismissed remote work concerns, calling them “a scare,” and confirmed the Hotel Pennsylvania site (Penn 15) is cleared for development. However, high interest rates, limited capital, and steel tariffs may delay the project. Meanwhile, Vornado is moving forward with its 1.8M sq. ft. office tower at 350 Park Avenue, backed by anchor tenant Citadel. Roth expects rising demand for high-end office space, with Penn 1 and Penn 2 asking rents potentially exceeding $100 per sq. ft. Vornado is also closing Rego Park Mall, planning to sell or redevelop the site.
Source: The Real Deal