Real estate kerfuffles

All fixed now! (Getty Images)

One57 Crane Boom Replaced Without Incident, Co-op Dwellers Allowed to Return to Their Homes

A new boom has successfully been hoisted onto the crane at One57, nearly seven months after the previous crane snapped during Hurricane Sandy and dangled ominously over West 57th Street for several days.

The maneuver’s completion—which involved swinging the boom over three buildings before hauling it up the side of the uber-luxury tower—was announced by Extell at just after 3 p.m. this afternoon. Residents of the two co-ops under the boom will now be allowed to return home after being forced to evacuate from their homes last night. It also means that construction will be able to move forward on the condo tower. Read More

Real estate kerfuffles

Not this again! (Getty)

Residents Evacuate Co-ops So That a New Crane Boom Can Rise At One57

Despite the rainy, windy weather that is set to hit New York tomorrow and a last-minute lawsuit filed to stop Extell from evacuating two co-op buildings adjacent to One57, plans to repair the crane broken during Hurricane Sandy are still moving forward Saturday morning.

Which means that the unfortunate residents of Alwyn Court, the landmarked building at the corner of Seventh Avenue and 58th Street, will either vacate the building voluntarily in the next few hours or face forcible eviction. The crane repair involves swinging a boom over Alwyn and two other buildings before hoisting it up the side of the unfinished tower. Read More

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Hamptons a Go Go

NYO spotlights the Hamptons, where real estate sometimes follows Manhattan trends, but has its own particular flavor as you move through the towns of the South Fork. 

You might think that, less than a year after a cataclysmic coastal weather event like Superstorm Sandy, home buyers would be a little gun shy about purchasing properties near the ocean. But you would be—in the case of the Hamptons, according to the experts we consulted—wrong. The fact is that the Hamptons, unlike some communities in Long Island closer to Manhattan, largely escaped the wrath of Sandy, although some low-lying properties, like Jane Lauder’s cottage by the sea, were flattened. But by and large, the East End was spared and is drawing buyers who might have considered beach communities elsewhere. “Superstorm Sandy is attracting new people to the Hamptons,” says Ernie Cervi, Corcoran’s Executive Managing Director in Bridgehampton. “Where beach communities were devastated by the storm, those in search of a world-class beach resort are test-driving the Hamptons.” Read More

Troubled Developments

2 Gold is trying for a comeback.

Guess What? Formerly Hurricane-Ravaged 2 Gold Street Has a Ton of Vacancies

While Verizon is planning to move 1,100 workers out of Lower Manhattan after two building floods in as many years, TF Cornerstone is banking on the fact that luxury renters will still want to live in FiDi, even if things didn’t go so well the last time around.

TF Cornerstone has invested $15 million to repair its severely storm-damanged 51-story tower at 2 Gold Street and the adjacent 201 Pearl Street, going so far as to install a 13-foot-by-11-foot aluminum gate that uses nitrogen-fueled gaskets to create a watertight seal for the basement. Read More

After Sandy

Sandy is still causing headaches. Bureaucratic ones.

Tenants In Sandy-Damaged Buildings Protest Landlord-Friendly Rent Reduction Policy

After Hurricane Sandy, rent-stabilized tenants living in damaged buildings with diminished services were told—and believed—that they would be able to get rent reductions for the entire time they were without services.

The Rent Stabilization Code stipulates that reductions are given from the time the service is lost. But, as rent-stabilized residents at Peter Cooper Village and Stuyvesant Town have discovered, they might only be eligible for reductions starting in March—a four-month discrepancy that could be worth thousands of dollars per tenant. Read More