NYC Zoning

Revised state law would clear the way for bigger resi buildings Opponents worry this will invite more supertalls

New York City may soon see another surge in supertall skyscrapers.

The city is pushing for changes to a state law that would allow developers to nearly double the maximum square footage permitted in new residential developments.

Two new bills propose to revise zoning rules that currently limit the size of the city s residential buildings, Crain s reported. Mayor Bill de Blasio s administration hopes the law change will help encourage the creation of affordable housing in high-density commercial areas. The mayor first announced that he wanted to change the st阿爱上海同城 阿拉爱上海同城ate law in 2014 as part of his efforts to bring more affordable housing to the city. The city on Thursday requested changes to the bills — which were proposed by Assemblyman Keith Wright and state Sen. Simcha Felder — that 上海贵族宝贝论坛 上海贵族宝贝would limit the areas that could be rezoned and how much bigger the buildings could be.

It would allow the city, through full public rev上海贵族宝贝 上海千花网龙凤论坛iew and approvals, to permit more residential growth in high-d上海千花网交友 上海千花网论坛ensity commercial areas, a City Planning spokesperson told the website. We’ll be able to secure mandatory affordable housing where right now only luxury condos are rising.

Opponents, however, argue that the policy shift could herald a wave of upzoning in the city and lead to more supertalls joining the skyline. A spokesperson for Wright told Crain s that the bill likely w[……]

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Extell Development

After stealthy assemblage, Extell looks to sell NoMad development site Barnett opts not to build on East 29th St.

Gary Barnett (credit: Adam Pincus) and 30-32 East 29th Street in No爱上海同城论坛 爱上海同城Mad

After stealthily assembling a 上海千花社区 上海千花网交友NoMad site offering 135,0上海千花网交友 上海千花网论坛00 buildable square feet, Gary Barnett s Extell Development is looking to sell the property, sources told The Real Deal.

The six-story office building at 30-32 East 29th Street and air rights from nearby properties at 28 and 34 East 29th Street could fetch up to $550 per buildable square foot, or north of $74 million, sources said. The site is located between Madison Avenue and Park Avenue South.

Eastern Consolidated announced Monday that its Brian Ezratty was marketing the site, but declined to identify the owner, and property records do not hint at Extell s involvement.

Extell bought the 21,900-square-foot building at 30 East 29th last year for $25.8 million from the Retail, 上海千花网论坛 上海千花网Wholesale and Department Store Union (RWDSU), according to sources.

Data from the city s Department of Buildings show that the owners of 28 East 29th and 34 East 29th each filed plans in recent months to subdivide their properties into two tax lots, including one that would be comprised of air rights only.

Just last month, Barnett, known as perhaps the city s foremost assembler, closed on the purchase of the six-story, 14,000-square-foot office building at 34 East 29th from Jinny St. Goar  for $15 million, sources said.

Meanwhile, property rec[……]

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Amy Schumer Apartment

Amy Schumer finds buyer for UWS上海夜网 阿爱上海同城 co-op The West 80th Street apartment was last asking $1.6M

Amy Schumer (Credit: Getty) and her co-op at 129 West 80th Street

Comedy queen Amy Schumer is officially cutting ties with her fi上海贵族宝贝论坛 上海贵族宝贝rst Upper West Side apartment.

The one-bedroom penthouse co-op at 129 West 80th Street, which occupies the entire floor of a prewar townhouse, is now in contract to an unidentified buyer, Variety reported. The apartment was last asking $1.6 million, or roughly $1,882 per square foot, according to the publication.

The “Trainwreck” and “Inside Amy Schumer” star bought the co-op in 2014 for $1.7 million, property records show,上海千花社区 上海千花网交友 which means she is selling the apartment at a loss. It features a private roof deck, two wood-burning fireplaces and hardwood floors, according to the listing. Schumer put the apartment on the market just over a year ago, with an asking price of $2 million. It was discounted a few times, and in August was slashed from $1.7 million to $1.6 million, a drop of 9 percent.

Adam Modlin of the Modlin Group has the listing.

Schumer isn’t moving far location-wise, but her new digs are a con阿拉爱上海同城 爱上海龙凤419桑拿siderable step up from the West 80th location. In October, she bought a 4,500-square-foot, five-bedroom duplex at 190 Riverside Drive for a reported $12上海贵族宝贝论坛 上海贵族宝贝.15 million. [Variety] Miriam Hall

Tags: celebrity real estate
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Sony Building

We re not going to scrimp and save : Owner of Sony Building aim爱上海同城对对碰 爱上海同城论坛ing for rents of over $200 psf Olayan carrying out $300M revamp of 550 Madison

Rendering of the Sony Building (Credit: DBOX)

The Sony Building is about to get a $300 million makeover, and owner Olayan America is hoping the changes will help command higher rents.

Olayan plans to renovate 550 Madison, a 41-story office tower built in the 1980s and designed by architects Ph爱上海 爱上海同城手机版ilip Johnson and John Burgee. After the overhaul, Olayan plans to charge tenants $115 to $210 a square foot, the Wall Street Journal reported.

“We’re not going to scrimp and save,” Tony Fusco, managing director and head of Olayan America’s real estate division, told the Journal. “We’re building this to be leased and held for generations.”

Commercial brokers told the Journal that such a high rent range will be a tough as爱上海同城手机版 新爱上海同城对对碰论坛k, especially given the fierce competition outside the Plaza District (like Hudson Yards and Lower Manhattan). Com爱上海同城 爱上海mercial brokers said the amenities will be key. Today s office tenants want gyms, cafeterias, dining options, conference rooms and lounges.

Snøhetta is designing the renovation, which will include a 21,000 square-foot, public garden in the back of the tower. Part of the building s granite facade in the front and back will be replaced by glass.

A新上海贵族宝贝论坛 上海贵族宝贝交流区s The Real Deal first reported, Olayan purchased the building from the Chetrit Group in 2016 for $1.4 billion after Chetrit abandoned plans to conve[……]

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Janna Bullock Russian Lawsuit

Janna Bullock sentenced in absentia to 11 years in prison by Moscow court The New York-based developer is known for flipping houses in the UES

Janna Bullock (Credit from left: The Real Deal, Pixabay)

Janna Bullock, the New York developer who made her career flipping houses mostly in the Upper East Side, has been found guilty by a Moscow court of embezzling almost $200 million from Russian government coffers, according to the New York Post. She s been sentenced in absentia to 11 years in prison.

The case b上海贵族宝贝 上海千花网龙凤论坛egan in 2012 after Bullock and Alexey Kuznetsov, her then-husband former finance minister of the Moscow region, fled Russia when state-owned bank, Gazprombank, filed a lawsuit against上海千花网交友 上海千花网论坛 Bullock in Cyprus, which eventually made its way into U.S. courts after she refused to cooperate. In the U.S., agents from Brown Harris Stevens were subpoenaed for information on Bullock and the mansions she was selling at the time in the Hamptons.

Bullock has denied wrongdoing claiming in a 2014 document obtained by The Real Deal that she is a “target of wrongful Russian corporate raiding.” To date, American authorities have rejected Russia s request to extradite Bullock.爱上海 爱上海同城手机版

In 2012, Bullock, who had been a developer in Russia, told The New York Times her real estate fortune was worth爱上海同城对对碰 爱上海同城论坛 $2 billion, however subsequent reports of foreclosures on her properties and a lawsuit leveled against her by a Palm Beach socialite Gina DiSabatino over missing art threw her career into que[……]

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Home Equity

Americans are awash in record amounts of equity in their homes, posing the question for millions: So what do we do with it?

Leave it for a rainy day or retirement? Tap into it to remodel the house? Make a down payment on a vacation condo?

These are crucial financial decisions, but the abundance of equity is giving large numbers of owners options they didn t have before.

Consider:

According to the latest Federal Reserve estimates上海龙凤论坛sh1f 上海龙凤论坛, homeowners control more than $14.4 trillion in equity, up by nearly $1 trillion during 2017. This explosive growth is being driven by increases in home values and selling prices, tight inventories of houses for sale, and pay-downs of principal on existing mortgages.

As a practical matter, not all of this can be turned into spendable cash. Only roughly $5.4 trillion is tappable, according to data analytics and software firm Black Knight. That is, it could be extracted by owners using loan types that require borrowers to retain at least 20 percent equity after a transaction. To illustrate, say you own a $400,000 house with a $200,000 first mortgage balance. You ve got $200,000 in equity, putting aside transaction costs.

You d like to transform some of it into cash 爱上海同城论坛 爱上海同城to invest in a new business venture. How much can you get? Most lenders require that the total mortgage indebtedness secured by your home not exceed 80 percent of the property s value $320,000 in this case. So assuming that you qualify on credit and other criteria, you might be[……]

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Affordable Housing

“We’re not just a bunch of greedy bastards.” Developers bristle over city’s new affordable housing rules One year after Chicago expanded affordable requirements on new apartment construction, a Real Deal analysis shows sharp drop-off in applications

Steven Fifield, Chairman and CEO of Fifield Companies, Alderman Walter Burnett and renderings of proposals that will comply with the ARO (Credit: Getty Images)

Last fall, when the city expanded its affordable housing requirements on apartment and condo construction in gentrifying areas, developers warned that new construction in those zones would dry up.

While affordability advocates expressed disappointment with the October 2017 rule’s narrow scope, property owners complained the new measure would whittle away profits, punishing builders and the residents the ordinance was meant to help.

The amendment to the city s 2015 Affordability Requirements Ordinance directed developers to lower rents on up to 20 percent of their units in market-rate buildings inside the zones. That amount is up from between 2.5 and 10 percent of units under the original ordinance.

One year later, those same developers are pointing to an apparent slowdown in construction applications inside the designated pilot zones as evidence the amended ARO has failed. The ARO zones encompass the West Loop and chunks of the city’s West and Northwest Sides.

A review by The Real Deal of applications introduced into the City Council over the past two years shows a steep drop-of[……]

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DDG

Is DDG building condops in Williamsburg? Plans call for 38 apartments plus retail space at 102-110 North 1st Street

110 North 1st Stree上海夜网论坛 上海夜网t in Brooklyn and Joe McMillan (Credit: Google Maps)

Joe McMillan s DDG爱上海同城论坛 爱上海同城 Development looks to be bringing luxury apartments to the heart of Williamsburg, though it s unclear whether they ll be rentals or condops.

DDG on Wednesday filed permits for a seven-story building with 38 residential units spread across 39,000 square feet of residential space, according to filings with the city s Department新上海贵族宝贝论坛 上海贵族宝贝交流区 of Buildings.

The project is also set to hold 8,700 square feet of commercial space, and the plans indicate the development will include parking and bike storage. It will also have common and private terraces.

DDG did not immediately return a request for comment.

The company reportedly signed a 99-year ground lease for the site at 102-110 North 1st Street last year, meaning traditional condominiums are out of the question but condo-ops could be in play. Others who have tried the condop model essentially a way of selling co-op units that have condo-like rules over a ground-lease include Simon Baron Development at 269 West 87th Street.

After acquiring the 99-year ground lease, DDG later bought $740,000 worth of air rights from nearby plots.

DDG, which typically does condo projects, took on its first residential project in Brooklyn in 2016 with the redevelopment of the former Standish Hotel in Brooklyn Heights. The developer teamed up wi[……]

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Tax

Billionaires at art museum party frame Democrats tax plans as losing propositions Hedge fund executive Ken Griffin and Commerce Secretary Wilbur Ross criticize tax-the-rich ideas at Norton Museum of Art event
爱上海龙凤419桑拿 上海龙凤论坛sh1f

Ken Griffin (Credit: Getty, iStock)

Billionaires attending a party at an art museum in West Palm Beach criticized proposals by Democrats to increase the federal taxes of the wealthiest Americans.

For example, Senator Bernie Sanders has proposed a 77 percen新爱上海同城对对碰论坛 上海同城对对碰交友社区t tax rate on the value of estates that exceeds $1 billion, and Representative Alexandria Ocasio-Cortez has proposed a top tax rate of 70 percent on income of $10 million or more.

“They’re going to eat themselves alive,” Commerce Secretary Wilbur Ross told Bloomberg News during the Feb. 2 party at the Norton Museum of Art, which officially reopened today following a renovation-and-expansion project.

Billionaire and hedge fund executive Ken Griffin told Bloomberg that tax-the-rich proposals by Democrats “are so antithetical for what’s good for growth in our country, they’ll go n新上海贵族宝贝论坛 上海贵族宝贝交流区owhere.”

Griffin said improving public elementary schools and high schools is a better approach to addressing economic inequality than “trying to destroy the wealth creators in our society” through tax hikes, Bloomberg reported.

But he also said the amount of discussion about Democratic tax proposals among guests at the museum party was “literally zero.”

Griffin, a native of Boca Raton, donated $20 million of the cost of[……]

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