By Sally Goldenberg and Khorri Atkinson | 05/19/2017 09:52 AM EDT
ARMED FOR BATTLE — "Cumbo swipes at de Blasio over Bedford-Union Armory plan," by POLITICO New York's Khorri Atkinson: City Councilwoman Laurie Cumbo dealt a significant blow to the de Blasio administration's plan to redevelop the Bedford-Union Armory in Crown Heights, announcing her opposition to the proposal and lambasting the mayor over a project that she said lacks "real" affordable housing and would only accelerate the tide of gentrification. "Our community in Crown Heights has seen rapid gentrification. We have seen luxury condominiums and non-affordable rentals go up, while so many of our [residents] have been pushed out of the very community, forced to watch buildings go up they know they would never have the ability or the opportunity to afford and live in," said Cumbo, who represents the area, at a press conference at Brooklyn Borough Hall. Her rebuke is the latest split between the Council and Mayor Bill de Blasio as he pushes rezonings as part of his plan to build more affordable housing citywide. ...
Anthony Hogrebe, a spokesman for the city's Economic Development Corp., which is spearheading the project, said, "we respect the Council Member's views, but we don't believe this project can wait. We are working to bring a long-awaited community recreational center and badly needed affordable housing to Crown Heights," Hogrebe said in a statement. Read the story here.
In an op-ed in Crain's, Rev. Daryl G. Bloodsaw, pastor of the First Baptist Church of Crown Heights, argues the protests against the Armory redevelopment are "short-sighted" in fighting for only low-income housing. "Believe it or not, there are indeed families of color in our community making $75,000 or $100,000 per year. Families with teachers, police officers or many other professions can be found throughout Crown Heights. The tragedy is that they don't qualify for low-income housing and in many cases can't afford the market rate. The armory plan will serve them as well as those making $40,000 per year or less. Arguing that low-income housing is the only kind of housing that benefits black and brown New Yorkers is short-sighted and it is simply not true. What should Crown Heights tell its young men and women of color after they gain middle-class jobs and want to stay here or come back to raise families? That they are no longer welcome?" Read more here.
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INDUSTRY MOVES — "Speyer to be replaced by Bill Rudin as REBNY chair," by POLITICO New York's Sally Goldenberg: Bill Rudin, who runs his family real estate company and chairs the Association for a Better New York, is poised to replace Rob Speyer as chairman of the Real Estate Board of New York next year. Read the story here.
— "Robin Abrams Departing Lansco for Eastern Consolidated," by Commercial Observer's Rebecca Baird-Remba: "Top retail broker Robin Abrams is leaving Lansco Corporation, where she's a principal and vice chairman, to join Eastern Consolidated as a principal and vice chairman of retail, Commercial Observer can first report." Read the story here.
— Brendan Rosen, president and CEO of Breaking Ground, was named the new chair of the Supportive Housing Network of New York's board of directors. Breaking Ground is a non-profit supportive housing provider.
MARKET DOWNTURN — "New York's commercial real estate investment follows national slump," by Bloomberg News via Crain's: "Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue. Two years after Ceruzzi and a partner bought the site, they have yet to break ground. ... The delay suggests an irony: even with [the] election of Donald Trump, the first developer as president, commercial real estate investment has slowed to a near standstill—especially in Trump's hometown, the nation's largest market." Read the story here.
DRIP DRIP — "DEP recommends freezing water rates amid ongoing lawsuit," by POLITICO New York's David Giambusso and Sally Goldenberg: The Department of Environmental Protection is recommending a continued freeze on water rates as it sorts through an ongoing legal battle with the Rent Stabilization Association over water rates from last year, according to a letter the department sent to the city Water Board. Read the story here.
CAMPAIGN CASH — "Developer who won NYCHA bid to build apartment tower is big de Blasio donor, records reveal," by Daily News' Greg B. Smith: "The developer who got a sweet deal from the city to build a half-market-rate, half-affordable Upper East Side apartment tower is a big donor to Mayor de Blasio, records show." Read the story here.
** A message from Industry City: Bus and train or friends and family? Half the people who work at Industry City live nearby, and they're looking for neighbors. Industry City boasts three times more jobs than in 2013. Your prospects for work / life balance just went up. Industry City: Develop your story here. Visit IndustryCity.com **
CURTAIN CALL — "Lower East Side's Landmark Sunshine Cinema to close," by New York Post's Lois Weiss: "The Lower East Side's hip movie house, the Landmark Sunshine Cinema, will close when its lease expires in January 2018, The Post has learned." Read the story here.
HOUSEKEEPING — "New York governor launches $20 billion housing project," by Associated Press: "New York Gov. Andrew Cuomo has launched his $20 billion plan to fight homelessness. Cuomo kicked off the program Thursday in New York City by ceremonially signing into law more than $2.5 billion for affordable housing." Read the story here.
— "Cuomo praises Heastie, knocks false 'God' of the private market," by POLITICO New York's Jimmy Vielkind: Gov. Andrew Cuomo slathered praise on Assembly Speaker Carl Heastie during a ceremonial bill signing Thursday that focused on new state funding for housing construction." Read the story here.
POOR FLOOR — "NYCHA plans to stick lower-income residents on bottom floors of new building to give wealthier tenants the top market-rate homes," by Daily News' Greg B. Smith: We're movin' on up to the Upper East Side — just not as high as more affluent residents in the same building, a city official said. NYCHA unveiled on Wednesday the first project in its controversial plan to build market-rate apartments on public land — a 47-story tower where tenants with more money would live on upper floors with amazing views.
"'All the low-income people will be stuck in the shadows with the high-income people living above them,' said Kallos (D-Manhattan), who was briefed by NYCHA on the project. "The majority of the low-income units will be in the bottom 20 stories and they will have windows facing other NYCHA tenants." Read the story here.
During a City Council budget hearing Thursday morning, NYCHA chairwoman Shola Olatoye disputed the article. "That is not true and in fact it's illegal and against city policy," she said.
RESI REDO — "City-owned Chelsea eyesores inch closer to promised face-lift," by Crain's Joe Anuta: "The city is finally moving forward with the renovation of decrepit buildings it has owned for more than 40 years at the corner of Seventh Avenue and West 22nd Street, properties that have been largely vacant since the Abraham Beame administration." Read the story here.
NUMBERS GAME — "Never Mind the Ferrari Showroom, Bank Regulators Call This a Poor Neighborhood," by Wall Street Journal's Rachel Louise Ensign and AnnaMaria Andriotis: "To any casual observer, the area just south of Trump Tower in Midtown Manhattan is obviously wealthy... In the eyes of federal-bank regulations, though, that sliver of New York City is a poor neighborhood where median incomes are relatively low. The anomaly has yielded a hidden benefit for banks such as J.P. Morgan Chase & Co. and Wells Fargo & Co. that have crowded branches into the area." Read the story here.
LAND GRAB — "Community Land Trusts gaining traction in New York," by Real Estate Weekly's Christian Brazil Bautista: "In the crusade to slow the spread of gentrification, local communities are taking a different route, one that runs counter to New York City's current strategy of transferring public land to for-profit developers." Read the story here.
MARKET WATCH — ICYMI — "NYC Residential Broker Confidence Improves," by Wall Street Journal's Josh Barbanel: "A modest rebound in Manhattan home sales so far this year has contributed to the first uptick in confidence among residential brokers in four quarters." Read the story here.
SHELTER SKELTER — "Homeless Families Banned at Rogers Avenue Shelter Until June, Judge Orders," by DNAinfo's Rachel Holliday Smith: "A Brooklyn judge has extended an order that will prevent more families from moving to a new homeless shelter in the neighborhood, [Judge Katherine Levine] ruled Thursday." Read the story here.
— "Cammeby's taps Suffolk Construction for Coney Island's tallest tower," by The Real Deal's Kathryn Brenzel
— "Biggie Mural About to Be Destroyed, Bed-Stuy Building Owner Says," by DNAinfo's Noah Hurowitz
— "Simon Baron claims Brent Carrier stole $250K from LIC development," by The Real Deal's Konrad Putizer
** A message from Industry City: Industry City invested more than $200 million bringing life back to the Sunset Park waterfront. Much of that went to area businesses. Take in the great neighborhood and take on a new outlook. Industry City: Purpose built for your future.
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