Construction site at 327 East 22nd Street (Photo by Sabina Mollot)
By Sabina Mollot
A building in Gramercy that at one time was the 21st Precinct has been torn down and will be replaced with a residential building. The four-story property, 327 East 22nd Street between First and Second Avenues, had already been gutted for a couple of years and covered with a scaffolding but was finally demolished last month.
In 2014, developer Sam Suzuki of Suzuki Capital had bought the building for $11.5 million, planning to turn the building into luxury condos. However, according to Acris property records, he sold it to Atalaya, an alternative investment advisor in May 2017, who then sold it in September 2017 to Bin Yu Wang for $12 million. A deed transfer filed in November 2017 now shows a Suzuki-connected “Gramercy 1860 LLC” to be the new owner. Suzuki, meanwhile, has taken out three mortgages totaling $11.3 million from lender Calmwater Capital, the records show.
Council Member Dan Garodnick and Mayor Bill de Blasio at a town hall on Tuesday (Photos by Maria Rocha-Buschel)
By Maria Rocha-Buschel
On Tuesday, the mayor was grilled about the proposed sanitation garage for East 25th Street by neighbors who attended a town hall.
The hotly-contested issue was the topic of discussion at numerous Community Board 6 meetings when it was first announced in 2012 but the plan has stalled in the last two years, and Mayor de Blasio said at the town hall, which was also hosted by Council Member Dan Garodnick, that the issue will be reviewed again once the next term for City Council begins.
“The fundamental problem is that the facilities are concentrated in Lower Manhattan so we need some kind of facility to serve this area and so far this seems like the most viable site,” he said. “But there should be a real conversation about what the community needs.”
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Manhattan Borough President Gale Brewer and Council Member Robert Cornegy, pictured last year while introducing a bill that a rep for Cornegy recently insisted isn’t dead (Photos by Sabina Mollot)
By Sabina Mollot
Recently, a couple of City Council members proposed ideas on ways to combat “high rent blight” and promote retail diversity, or at least, keep the city from completely getting overtaken by chains.
This was at a hearing where the council members’ ideas, such as putting legislative restrictions on chain stores and imposing penalties on landlords who warehouse storefronts, were shot down by city planners.
According to the planners, as Town & Village previously reported, many stores that appear to be chains are actually individually owned franchises and as for lengthy retail vacancies, sometimes, the planners argued, they are not necessarily intentional on the part of property owners.
Meanwhile, a few legislators, including Council Member Robert Cornegy, the small business committee chair who’d chaired the aforementioned hearing on September 30, have come up with some legislative ideas to deal with the problem already.
By Sabina Mollot
Blackstone’s $5.3 billion purchase of Stuy Town also bought the firm a jumbo 700,000 square feet of air rights that could wind up being “just the tip of the iceberg” in Mayor Bill de Blasio’s plan to preserve and build affordable housing in the city, according to one expert.
News of the air rights in Stuy Town — and new owner Blackstone’s claim over them, along with the 110-building property, was reported in the Wall Street Journal last week.
While the value of the air or development rights wasn’t clear since it depends where they’d end up, commercial real estate attorney Michael Greenberg, also founder and CEO of the Level Group brokerage firm, predicted many more similar arrangements in the future as the city looks for creative ways to get those elusive units of affordable housing.
In Stuyvesant Town, this meant preservation, and if air rights are transferred elsewhere, possibly new affordable housing.
Blackstone and its partner in the Stuy Town deal, Ivanhoe Cambridge, have gotten the city’s support to transfer the Stuy Town air rights since the owner has made a commitment not to build on the property’s open spaces or its existing structures.
“What’s unusual is that it’s rare for the city to allow it — there have been requests for them to allow the transfer to sites that are not contiguous or to other neighborhoods even,” said Greenberg.