Developer’s Digest®: This Week's Top Development News
Controversial Clinton Hill Migrant Shelter May Become 600+ Apartments
July 30, 2024
RXR Realty has proposed redeveloping the controversial migrant shelter at 47 Hall Street in Clinton Hill into a mixed-use complex with 611 apartments and commercial space. The sites currently house around 3,000 asylum seekers. RXR, which purchased the property for over $160 million in 2016, initially planned office space but pivoted to the new plan which includes demolishing two buildings for a 21-story tower and converting another building into residential units. The redevelopment also features retail and self-storage spaces. The city must approve the rezoning application, and the project is expected to be completed by 2030.
Source: 6sqft
Hochul Hands the MTA $54M for Part of Second Avenue Subway Project
July 30, 2024
Governor Kathy Hochul has allocated $54 million to advance the utility relocation for the Second Avenue Subway extension, a key step in the $182 million project. Despite this, the full extension's timeline extends to between 2030 and 2039. This funding is insufficient to cover the broader $15 billion funding gap left by the paused congestion pricing plan, which was intended to support various subway improvements, including ADA compliance. Critics argue that halting congestion pricing undermines necessary upgrades, leading to potential service cuts and higher fares. The extension aims to enhance connectivity for uptown commuters by extending the Q train from 96th to 125th Street.
Source: Commercial Observer
Tracking Community Boards’ Feedback on City of Yes for Housing
August 1, 2024
Mayor Eric Adams is advocating for his City of Yes for Housing Opportunity (COYFHO) plan to address New York City's housing crisis by increasing apartment construction through zoning reforms. The plan proposes adding residential density, especially near transit and commercial areas, but faces mixed reactions from community boards, with 27 out of 59 boards issuing unfavorable recommendations. Supporters, including Adams' administration, argue it's crucial due to the city's low 1.4% rental vacancy rate and rising homelessness. COYFHO aims to create 100,000 new homes, doubling past housing production rates. Critics are concerned about neighborhood character and affordability.
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Source: The Real Deal
Affordable Senior Housing Project Next to Google’s New NYC Headquarters Moves Forward
July 29, 2024
Jonathan Rose Companies and Atlas Capital Group have secured financing for 570 Washington Street, an affordable senior housing development in the West Village. The 17-story building will offer 175 units for seniors at 50% AMI or less, as part of the larger 80 Clarkson project. The $179 million development, next to Google’s Hudson Square headquarters, includes amenities like a health center and fitness room. The project will pursue LEED Gold certification and comply with carbon emission regulations.
Source: 6sqft
TF Cornerstone Buys Greenpoint Waterfront Site for $175M
August 1, 2024
TF Cornerstone acquired waterfront parcels at 57 West Street and 24 Oak Street in Greenpoint for $175 million, from entities linked to Jack Guttman. The site, currently zoned for residential condos, could potentially see new multifamily development supported by the 485-x tax abatement and Mayor Adams' City of Yes proposal. This purchase adds to a recent surge in major multifamily transactions in Brooklyn, with other high-profile deals including Rockrose’s contract for a Cobble Hill site and KKR and Dalan Management’s purchase of a Downtown Brooklyn rental tower.
Source: The Real Deal