Developer’s Digest?: This Week's Top Development News
New Housing Construction in NYC Remains Low in Third Quarter: Report
October 25, 2024
In Q3 2024, NYC's housing construction showed slow progress, with 326 new building filings, only slightly up from the previous quarter but still 5% below last year's level and 43% below the historical average since 2008. The Real Estate Board of New York's report highlighted a persistent affordable housing crisis, noting lagging development citywide. Queens led in new filings, while the Bronx saw an increase in activity. The upcoming approval of the City of Yes proposal could potentially boost housing construction and alleviate some of these challenges.
Source: Commercial Observer
City Of Yes Poised To Undergo Changes After 2-Day City Council Hearing
October 23, 2024
Following a two-day hearing, the City of Yes proposal is set to undergo changes as the New York City Council considers adjustments before voting. While there is broad support for increasing housing to address the city's crisis, contentious issues like eliminating parking mandates and legalizing accessory dwelling units (ADUs) have sparked debate. Some council members and borough presidents have raised concerns about parking availability and the safety of basement apartments. With modifications expected, the final plan will need to balance increased housing density with neighborhood-specific concerns to secure the necessary votes for passage.
Source: Bisnow
Unions Boost Related’s Hudson Yards Casino Against High Line’s Objections
October 24, 2024
Unions have rallied in support of Related Companies' proposed $12 billion casino project at Hudson Yards, despite opposition from Friends of the High Line, which argues the development will negatively impact the park by obstructing views and deviating from prior plans. The unions emphasize the project's potential to generate 35,000 construction jobs. Friends of the High Line supports development but wants modifications to protect the park. The casino plan must navigate local rezoning hurdles, adding complexity to securing a state casino license.
Source: Crain's New York Business
Housing Versus Parking: One Pol’s Twisted Logic
October 24, 2024
Queens Council member Selvena Brooks-Powers opposes the City of Yes proposal, which would allow developers to decide whether to include parking in new apartments. She argues that eliminating parking requirements would weaken her leverage in rezoning negotiations, where local officials often push for additional community benefits. Critics say maintaining parking mandates compromises housing affordability, as developers must balance costs and provide fewer affordable units. Excessive parking requirements also lead to underutilized spaces in projects targeting non-drivers, encouraging car ownership and congestion. The stance suggests Brooks-Powers may prioritize parking over affordable housing.
Source: The Real Deal
Former St. Francis College Campus to Be Converted Into Housing
October 25, 2024
Rockrose Development has filed plans to convert 176 Remsen Street, part of the recently acquired former St. Francis College campus in Brooklyn Heights, into a residential development. The proposal includes creating approximately 300 housing units in the five-building complex, with a potential mix of market-rate and affordable units to take advantage of the inclusionary housing bonus, which allows for additional floor space. The conversion comes after Rockrose purchased the campus for $160 million in 2023, following St. Francis College's relocation to Downtown Brooklyn. The development aims to tap into the growing demand for housing in the area, situated near other recent condo projects.
Source: Crain's New York Business