Image credit: Real Estate Board of New York.
New law would hinder hotel conversions to residential use. On June 2, 2015, New York City adopted Local Law 50, placing a prohibition on owners of hotels with 150 or more sleeping units from converting more than 20 percent of their hotel space to full-time residential uses. The law is based on City findings that such conversions were adversely impacting the City’s multi-billion-dollar tourism industry, as well as hotel employment. The purpose of the prohibition is to allow the City to conduct a study of the impacts that such conversions have on these industries. Although the law provides that affected hotel owners can apply on an individual basis for waivers with the Board of Standards and Appeals (BSA), under the law the BSA can award waivers only to “the minimum extent necessary” to afford relief. (read more…)
City and Suburban Homes Company, First Avenue Estate. Image credit: LPC.
Developer claimed that Commissioners irrationally and prejudicially analyzed hardship application, and that designation amounted to an unconstitutional taking. In 1990, Landmarks designated the City and Suburban Homes Company, First Avenue Estate an individual City landmark. The block-sized development is bounded East 64th and 65th Streets and York and First Avenues. Built between 1819 and 1915, it was constructed to provide high-quality housing to low-income New Yorkers in an alternative to crowded, poorly ventilated tenement buildings. The First Avenue Estate is one of only two full-block light court tenement complexes in the City. (read more…)
Post-vacancy increases included in calculation for rent stabilization deregulation. On April 26, 2018, the New York Court of Appeals held that vacancy increases are included in determining if the rent amount triggers deregulation of a rent-stabilized apartment. Richard Altman sued 285 West Fourth LLC, its landlord, asking the court to declare that his apartment is subject to rent stabilization and requiring the landlord to offer Altman a rent-stabilized lease. Rent stabilization provides tenants with rates for rent increases set once a year by the Rent Guidelines Board limiting how much a landlord can increase the rent. (read more…)
5Pointz
After destruction of legendary 5Pointz artwork, artists receive substantial monetary award. On February 12, 2018, graffiti artists of the legendary 5Pointz site were awarded $6.75 million in damages for the wrongful and willful destruction of 45 works of art that once were displayed on the five-story buildings. The award comes after nearly five years of litigation between the graffiti artists and the owners of the 5Pointz buildings in Long Island City, Queens. To read CityLand’s prior coverage, click here. (read more…)
Gansevoort Market Development Rendering. Image credit: BKSK.
Preservationists renewed challenge to LPC permit for redevelopment of 5-building blockface in Gansevoort Market Historic District. In June of 2016, the Landmarks Preservation Commission voted to award Certificates of Appropriateness to developer 60-74 Gansevoort Street to redevelop five buildings in the Gansevoort Market Historic District. The work planned encompasses an entire blockfront composed of three tax lots between Greenwich and Washington Streets. The project entails the construction of new 82-foot-tall building replacing a former bus depot, a four story building replacing a former market structures, the construction of an addition to an existing building, the restoration of a historic Moderne market building, as well as the preservation of historic facades. (read more…)
