Developer’s Digest?: This Week's Top Development News
City Of Yes Plan To Allow More Housing Across NYC Gets City Planning Approval
September 25, 2024
The City Planning Commission voted on the housing component of Mayor Adams' "City of Yes" initiative, with a 10-3 vote. The proposal includes office-to-residential conversions, lifting floor-to-area-ratio caps, and increasing allowable density. While some commissioners opposed it for lacking affordable housing mandates and were concerned about its "one-size-fits-all" approach, others supported it, citing the need for more housing across the city. Despite public opposition from lower-density neighborhoods, a survey showed 71% of New Yorkers approve of the housing changes. The plan now heads to the City Council for review.
Source: Bisnow
The Commercial-Property Market Is Coming Back to Life
September 24, 2024
Commercial real estate in New York is experiencing a resurgence as both buyers and lenders are returning to the market. Despite economic challenges, there has been a notable increase in investment activity, signaling renewed confidence in the sector. The article highlights the positive shift, focusing on major deals and the overall market outlook, as key players are stepping back into the scene.
Source: Crain's New York Business
Real Estate Hasn't Backed Away From Eric Adams Amid Bribery Scandal
September 27, 2024
Mayor Eric Adams of New York City has been indicted on federal charges, including wire fraud, bribery, and illegal campaign contributions, tied to foreign donations and construction projects. The real estate industry, historically supportive of Adams, remains cautiously optimistic, with some expressing concern but believing the sector will endure. Calls for Adams’ resignation have grown, with Gov. Kathy Hochul reviewing her options. If Adams steps down, Public Advocate Jumaane Williams could act as interim mayor. Key housing initiatives, like the City of Yes zoning reform, are expected to proceed despite the ongoing legal turmoil.
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Source: Bisnow
Vanbarton Group Set to Buy 77 Water Street for $95M for Office-to-Resi Conversion
September 25, 2024
Vanbarton Group has purchased the 77 Water Street office building in New York City with plans for a significant conversion. The acquisition is part of a broader trend of repurposing older office buildings into residential or mixed-use spaces, especially in the face of rising office vacancies. This move reflects the evolving nature of commercial real estate in the city as developers shift toward more adaptive uses.
Source: Commercial Observer
Developer Scores With 31-Year Lease for Basketball-Themed Charter School
September 25, 2024
At the groundbreaking for the Earl Monroe New Renaissance Basketball School in the South Bronx, developer Kiumarz Geula secured a 31-year lease with the charter school at $49 per square foot. Geula's joint venture, which includes previous property owner David Damaghi, acquired the nearly century-old building at 647 Elton Avenue. The $35 million project, financed by a $21 million loan from Bank of Hope, includes a custom-designed, 69,000-square-foot building featuring an 8,000-square-foot gym and broadcast studio. The charter school's specialized design and New York’s cap on charter schools prompted a long-term lease for stability and public funding.
Source: The Real Deal