UPDATE: On May 10, 2017, the City Council voted 49-0 approve the new legislation. The new law, sponsored by Council Members Vincent Gentile and Jumaane Williams, increases the minimum civil penalty for immediate hazardous illegal conversions to $15,000 fine for each dwelling unit beyond the number that are legally authorized. The legislation was proposed after a two-alarm fire in an illegally converted unit in East Flatbush, Brooklyn killed one person, injured five more, and … <Read More>
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Increased Contributions to the Theater Subdistrict Fund Considered [UPDATE: CPC Approves Measure]
Contributions from transfers of development rights by theaters in the district would be increased four fold—from $17.60 per square foot to 20 percent of the sales price. On September 7, 2016, the City Planning Commission held a public hearing on a proposed amendment to the City’s Zoning Resolution that would solidify the contribution rate to the Theater Subdistrict Fund related to the transfer of development rights from 46 listed theaters in Manhattan’s Theater Subdistrict. Currently, … <Read More>
Council Committee Hears Testimony on Quality Housing Act
Proposed laws would expand the Alternative Enforcement Program and impose new fines on repeatedly-cited landlords. On October 1, 2014 the City Council Committee on Housing and Buildings held a public hearing on Intro 345-A and Intro 348-A, collectively known as the Quality Housing Act. The bills are sponsored by Council Member Antonio Reynoso and Council Member Ritchie Torres respectively, and seek to improve the quality of maintenance of New York City apartments.
Helping Small Businesses Stabilize Themselves: Too Big to Fail or Too Small to Let Fail, Both Need Help
It is time to start a real conversation about a small store retail rent stabilization program.
Many neighborhoods , not only in Manhattan, but also in other high use commercial districts in all the boroughs are being shred apart as small Mom and Pop’s just cannot fight back the tide of the enormous run up of commercial retail rents in recent years.
Christopher Albanese on Building Green in the Big Apple
Christopher V. Albanese is Executive Vice President of the Albanese Organization, a nearly 60-year-old real estate development and management firm founded by his father and uncle, now known for its innovative environment-friendly developments.
Albanese grew up in Queens and attended Cornell University where he majored in Economics. Following a stint at Coldwell Banker after college, he joined the family business in 1987. After three years, he left to pursue his law degree at St. John’s … <Read More>
IDA’s June Calendar
$85 million in bond offerings on the calendar for IDA’s June public hearing. The New York City Industrial Development Agency, a component of the Economic Development Corporation, held its monthly public hearing on June 7, 2007. Eighteen projects were on the notice of public hearing, including bond offerings totaling $85 million and seven straight-leases.
Among the 18 projects on the calendar was a straight-lease to News America Publishing Inc., a wholly owned subsidiary of Rupert … <Read More>