On the Market: Speyer and Ross Spar Over 421-a; A Harlem Brownstone Holdout

Morningside Heights.

Morningside Heights. rufus/flickr.

Rob Speyer and Stephen Ross, the titans who head up Tishman Speyer and Related, nearly sparred over 421-a during a meeting of REBNY’s executive committee, Crain’s reports. At issue, apparently, was whether or not real estate executives should attempt to rekindle negotiations with unions to revive the program. “After the meeting was adjourned, Speyer marched over to Ross, and as the pair began arguing, Ross jumped out of his seat. ‘This isn’t the NFL,’ screamed Ross, who owns the Miami Dolphins. ‘I’m not going to be pushed around.’ ”

Icon Realty Management, the owner of an SRO at 346 West 71st Street, has filed plans to convert the 119-room building into 35 apartments, which would most likely be condos, Yimby reports, pointing out that SROs number among the city’s oldest, and in many areas, last remaining, low-income housing.

Joe Chetrit and David Bistricer finagled a six-month extension for nearly $900 million on loans that they took out for the Sony building hotel and condo conversion, Crain’s reports, noting that the developers attempts to secure a new loan in the amount of $1.4 billion to finance the conversion, which will include a $150 million penthouse, is ill-timed given the super-prime slowdown.

The MTA board claims that it was shocked to hear last week in the Post that the new Hudson Yards station is leaking like crazy, Gothamist reports. Yonkers Contracting, which did the faulty work, will be expected to pay $3 million for the repairs.

What’s it like to be the brownstone holdout between two rising condo towers? The New York Times profiles a Harlem family that’s staying put, not for any ideological reasons, but simply because the developer couldn’t afford to offer them enough to buy another renovated brownstone in the neighborhood.


On the Market: Speyer and Ross Spar Over 421-a; A Harlem Brownstone Holdout