Partial Site Rendering Image Credit: NYCEDC
A Bronx not-for-profit sues City over the sale of waterfront property to a private developer. The City sold Pier 5 to a private developer to facilitate the construction of the Bronx Point development. Pier 5 is a 4.4 acre plot of land bounded by Mill Pond Park to the North, the 149th Street Bridge to the South, the Major Deegan Expressway to the East and the Harlem River to the West. The development anticipates mixed-affordable housing, state of the art community facilities, open spaces and a waterfront esplanade. To read Cityland’s prior coverage of the Bronx Point development click here.
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- Fulton Street Transit Center. Image: Mary Gillen.
MTA claimed that compensation for trade fixtures in building taken for transit project would constitute improper windfall payment. Three restaurant tenants in a three-story building at 194 Broadway in Lower Manhattan sought compensation for their trade fixtures after the Metropolitan Transportation Authority acquired the property through eminent domain for its Fulton Street Transit Center project. The three restaurants were separately incorporated, but were owned by the same individual who owned the building. 196 Bway TGI Inc., 196 Bway KFC Inc., and 196 Bway Food Court Inc. leased space in the building owned by DLR Properties LLC. Dennis Riese was the sole principal of DLR Properties and sole voting shareholder of the restaurant corporations (more…)
