Developer’s Digest?: This Week's Top Development News
Plan to Build Thousands of Apartments Will Transform the East Bronx
August 15, 2024
The New York City Council has unanimously approved a rezoning plan for the East Bronx that will allow the construction of thousands of new housing units around four new Metro-North stationsThe rezoning plan will transform a 46-block area around Morris Park, Van Nest, and Parkchester, introducing approximately 7,000 new housing units near four upcoming commuter rail stations, expected to be operational by 2027. This development will gradually give rise to a new neighborhood dominated by mid- and high-rise residential towers.
Source: The New York Times
Backlash Builds Over Business Tax Break Extension Adams Won in Albany
August 14, 2024
A business tax break extension in New York City, known as the Industrial and Commercial Abatement Program (ICAP), is facing backlash. Critics argue the program, which costs over $500 million annually, is too generous and lacks evidence of effectiveness. The Citizens Budget Commission is urging Governor Kathy Hochul to limit the extension to one year instead of four. Mayor Eric Adams and the Real Estate Board of New York support the extension, emphasizing its importance for economic activity and investment in commercial buildings.
Source: The City
TPG and GFP’s Jeff Gural Plan Office-To-Resi Conversion in Fidi Tower
August 13, 2024
GFP Real Estate and TPG have submitted plans to convert the 31-story office building at 222 Broadway in New York’s Financial District into a residential property. The project will create 798 apartments from the 756,138-square-foot building, which TPG purchased for $150 million earlier this year. This purchase, part of TPG's broader real estate investment strategy, comes at a significant discount compared to its previous sale price.
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Source: The Real Deal
Howard Hughes Buys Seaport District Air Rights for $40M
August 15, 2024
Howard Hughes Corporation purchased air rights for $40 million from Pier 16 and Pier 17 at South Street Seaport, NYC, to support a 27-story residential tower development at 250 Water Street. The funds will help sustain the South Street Seaport Museum. The project has faced legal challenges, with community activists opposing it, but the court ruled in favor of Howard Hughes. The air rights deal is part of a broader development strategy, which recently included the creation of Seaport Entertainment.
Source: Commercial Observer
This Former Manhattan WeWork Building in NYC Will Undergo A Condo Conversion
August 13, 2024
A former WeWork office space in Manhattan is set to be transformed into luxury condominiums. The building, located at 85 Broad Street, will undergo significant renovations to convert its commercial spaces into high-end residential units. This move reflects the broader trend of office-to-residential conversions in New York City, driven by the evolving real estate market and demand for more housing in prime locations.
Source: New York Post