Developer’s Digest?: This Weeks Top Development News
Here’s What the Latest NYC Budget Includes for Housing
July 9, 2024
Housing advocates in the City Council have secured an additional $2 billion in capital funds for the Department of Housing Preservation and Development (HPD) and the New York City Housing Authority (NYCHA) in the new city budget. This funding aims to rejuvenate affordability programs, though it falls short of the $3.66 billion requested by the Council’s Progressive Caucus. The money will support the construction and preservation of affordable housing, including a $30 million reinvestment in the Neighborhood Pillars program and $55 million annually for the Open Door program. Despite these gains, advocates stress the need for further investment and operational improvements to meet the city's housing needs.
Source: City Limits
Adams’ ‘City of Yes’ Plan to Beef up Housing Production Gets First Public Airing
July 11, 2024
New York City may see significant housing changes as Mayor Eric Adams' City of Yes plan progresses through the hearing process. The proposal, presented at a City Planning Commission hearing, aims to update zoning rules to boost housing production across all 59 districts. Key components include facilitating office-to-residential conversions, legalizing accessory dwelling units, and increasing housing density around transit hubs. While housing advocates and developers support the plan, it faces opposition from residents concerned about neighborhood character and infrastructure capacity. The proposal's passage could potentially alleviate the housing crisis by making it easier to build new homes and adapt existing structures.
Source: Bisnow
NYC Investment Sales Volume up in First Half of 2024
July 10, 2024
Mortgage maturities and new development opportunities spurred by government action have revitalized New York City’s investment sales market. The first half of 2024 experienced an 11% increase in transaction volume and a 23% rise in dollar volume compared to the second half of 2023, according to an Ariel Property Advisors report. This momentum is largely attributed to progress in Albany with the 485x tax abatement and Mayor Eric Adams' "City of Yes" zoning changes.
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Source: Commercial Observer
Hudson Cos., St. Nicks Sign $194.6m Construction Loan for 310-Unit Affordable Project in East Williamsburg
July 10, 2024
Hudson Companies and St. Nicks Alliance, through Maspeth B2 Owner LLC, secured a $194.6 million construction loan from NYC Housing Development Corporation for a 310-unit development at 89 Maspeth Avenue in East Williamsburg, Brooklyn, with the deal closing on June 27, 2024. The property will include 219 units below 60% AMI and 91 units between 60% and 80% AMI. The development encompasses two major projects: a 311-unit, 299,741 square-foot residential building and a 57,121 square-foot alteration project, with the former yet to be permitted. East Williamsburg, primarily industrial, saw $290.7 million in sales volume in the last two years and ranks 18th in Brooklyn for major developments. The tax block is dominated by walkup buildings, owned largely by St. Nicks Alliance, which, alongside Hudson Companies, holds substantial portfolios in Brooklyn.
Source: PincusCo
The Orchard Tops Out at 27-48 Jackson Avenue in Long Island City, Queens
July 10, 2024
Construction has topped out on The Orchard, an 811-foot-tall residential skyscraper at 27-48 Jackson Avenue in Long Island City, Queens, making it the tallest structure in the borough, surpassing the Skyline Tower. Designed by Perkins Eastman and developed by BLDG Management Company under Building Orchard LLC, the 69-story building will feature 824 rental units, nearly 200 of which are designated as affordable housing, along with 13,000 square feet of retail space, 100,000 square feet of amenities, and a two-story parking garage with 207 spaces. The reinforced concrete superstructure has reached its full height, the reflective glass and gray metal cladding have enclosed the tower to the halfway mark, and the tower crane has been replaced by a smaller rooftop crane.
Source: New York YIMBY