Major Developments:
The new good cause eviction law limits evictions, requires lease renewals for tenants up-to-date on rent and effectively caps rent increases for most market-rate apartments. The new lease-renewal rights will complicate value-add projects, which often rely on not renewing leases so units can be vacated and renovated. Large developments, which typically require demolitions to clear a site, will also be harder to pull off if tenants can cling to their rentals.Bruce Teitelbaum has filed preliminary plans for the One45 complex with the Department of City Planning. Teitelbaum proposes a three-building, 922-unit complex, with more affordability than the 917-unit plan he shelved in 2022. Now that the state budget has changed the 421a tax break’s construction deadline from 2026 to 2031, Teitelbaum has time to complete the development, assuming he comes to terms with the City Council on a rezoning.
SL Green wins $13.5 million back rent from Rosie O’Grady’s. The Irish restaurant lost arbitration after closing its 800 Seventh Avenue location.
InterVest in talks to convert empty 111 Wall Street into residential. Office owner connects with Metro Loft Management interVest Capital Partners, formerly known as Wafra Capital Partners, is in talks to turn the 1.2 million-square-foot 111 Wall Street into rentals. The entirely empty building could be converted into about 1,300 units.
Related Companies and Wilpon’s Sterling Equities can move forward with a second development at Willets Point including a Major League Soccer stadium, 1,400 affordable apartments, a 250-key hotel and 80,000 square feet of retail.The New York City Council approved the second phase of the Queens project, which will have a 25,000-seat soccer stadium.
Vornado and Rudin reveal plans for a larger 350 Park Avenue project. The 62-story office tower anchored by Citadel will begin public review next year. The developers unveiled details and renderings of the Midtown East development. It was also revealed that that project will start the public review process early next year. The tower is expected to deliver 1.8 million square feet across its 62 stories. The project is slightly larger than before, when it was planned for 1.7 million square feet, but is 11 stories taller than the previously reported height.
