SROs must be rented for at least a month at a time, a judge has ruled in a case regarding the 227-room Imperial Court Hotel, an SRO on West 79th Street that had tried to argue that it had grandfathered-in rights to rent rooms by the week, the New York Post reports.
On the topic of affordable housing, Gov. Cuomo’s meddling into 421-a, which resulted in a deadlock between the real estate industry and trade unions after the governor mandated the two reach an agreement for the tax break to go through, has hurt the cause, Crain’s opines. “421-a expired and New York City now risks missing out on thousands more affordable housing units… At this point, no one knows how the governor may or may not act to revive 421-a or something else like it.” Now on to very unaffordable housing…
Discounted trophy: Neil Moffitt, CEO of Hakkasan Group, who set a downtown record when he paid $50.9 million for a unit at Walker Tower and promptly tried to flip it for $70 million seems to be learning that not everyone is as foolishly optimistic as him when it comes to the real estate market, as The Real Deal reports that he has lowered the price to $55 million. Can you say top of the market?
Not that it’s stopped some developers from moving forward with plans for luxury condos: DNAinfo has the renderings of the Annabelle Selldorf-designed, Billy Macklowe-developed condos going up where Greenwich Village’s Bowlmor Lanes once stood. At least in this case the marketing materials won’t be able to brag about being proximate to the thing/scene/people their creation destroyed/drove out.
The Howard Hughes Corp. has finalized the sale of 80 South Street to China Oceanwide Holdings, after shoring up an additional 303,113 square feet of development rights that the $390 million deal was contingent on, The Real Deal reports. “The building is expected to be 1,436 feet and 113 stories, according to documents filed with the planning commission.”
The MTA wants a cut of mass transit thief Darius McCollum’s Hollywood haul, after the transit obsessive who can’t seem to help himself from stealing trains and buses sold his life story to Hollywood, Gothamist reports. They may persevere: a New York State law prevents people from profiting off their criminal activity.
And the city’s sanitation department is waging a campaign against can and scrap metal collectors, who raid curbside piles for profit and leave make it hard for New York to know if it’s hitting its recycling goals, The New York Times reports. But it seems that few New Yorkers begrudge can collectors their haul.
Prices for LaGuardia’s revamp are already sky high and construction hasn’t even started yet. The Wall Street Journal reports that estimates for the rebuilt airport are now at $5.3 billion, which is $1 billion higher than previous estimates. “Port Authority officials said earlier internal estimates didn’t fully account for staff costs and overhead related to the entire airport, and that consulting costs now reflect work beyond Terminal B.”