Major Developments
Tentative property Real Estate Tax assessments for rental buildings in New York City are up 8.6%. Rental buildings’ market value jumped by 11.7%, while the assessed value that owners are taxed on rose by 8.6%.Gov. Kathy Hochul proposed $2 billion in pandemic relief money that could fund the emergency rental assistance program.
Extell Development received permits for a more than 541,000-square-foot, 1,350-key hotel tower at 740 Eighth Avenue in the Theater Subdistrict, an area exempt from the recently enacted requirement that developers must obtain a special permit for new hotels.
Hakimian filed documents changing a 113,000-square-foot Midtown project from hotel to mainly residential at 244 West 49th Street that will have 136 apartments.
BFC Partners closed on the development site at 475 Bay Street that will be 100% affordable. The 250,000-square-foot development will include 269 units. 131 are slated for household income at or below an area median income of 80%, while 138 units will be for formerly unhoused seniors with an income at or below 30% of the area median income.
Mayor Eric Adams has named Dan Garodnick as chairman of the commission and director of the agency, a dual role that heads the Department of City Planning and the City Planning Commission. Edith Hsu-Chen will serve as executive director of the department, where she will oversee day-to-day operations and the department staff.
Mayor Eric Adams’ is expected to appoint Jessica Katz to a senior housing post, Carlo Scissura to run economic development.
The Roosevelt Hotel, a 1,015-key hotel, is closing permanently. Manhattan Community Board 5 passed a resolution to request the hotel to be evaluated for landmark status. The property was constructed in 1924.
Gov. Kathy Hochul’s proposed development tax break, Affordable Neighborhoods for New Yorkers, would create a new tax code for the five-borough program, 485w. When the existing 421a program expires on June 15th, 2022.
NYCHA and the New York City Housing Development Corporation closed on the financing of three Permanent Affordability Commitment Together or PACT transactions to fund comprehensive renovations for 5,226 apartments across six NYCHA campuses. The total amount of capital funding generated so far is more than $3.1 billion for the renovations, enhanced property management and social services of more than 14,700 apartments. Rehabilitation will begin early 2022 and finish around 2024 and 2025. The PACT program allows the agency to use the federal Rental Assistance Demonstration and convert units to Section 8 and finance facility renovations, while preserving the campuses’ affordability and tenants’ rights.
Williamsburg Houses, Linden Houses, Penn-Wortman Houses, Fiorentino Plaza and Belmont-Sutter Area campuses are receiving upgrades including modernized building facades, elevators and security and heating systems, and abating environmental hazards and investing in energy and sustainability-related improvements. MDG Design and Construction and Wavecrest Management are leading the project that will bring $490 million in comprehensive renovations to Williamsburg Houses’ 1,621 apartments and 20 residential buildings.
Douglaston Development, L+M Development Partners, Dantes Partners and SMJ Development have partnered with PACT for the work on Linden Houses and Penn-Wortman buildings, which will receive more than $430 million in comprehensive renovations for the 1,922 apartments and 22 residential buildings.
Levine Builders and L+M Builders Group will work on the rehabilitation work while C&C Apartment Management will manage the property and maintain upkeep of the buildings and grounds.
Hudson Companies, Property Resources Corporation and Duvernay + Brooks have partnered with PACT to work on Boulevard, Belmont-Sutter Area and Fiorentino Plaza Houses, which will receive more than $483 million in funding. Broadway Builders LLC and Melcara Corporation will perform the rehabilitation work, and property management will be provided by Property Resources Corporation and Lisa Management.
The Regal UA Court Street & RPX movie theater at 106 Court Street in Downtown Brooklyn has abruptly shut.
