NYC Real Estate News

Thu, 05/09/2024 - 11:45

Renowned Argentinian artist Felipe Pantone’s largest installation yet brings a burst of vibrancy to Jersey City. “OPTICHROMIE for Jersey City” covers 25 floors of a residential building in Journal Square with a dazzling digitized-style gradient mural of geometric patterns. The towering artwork contrasts the darker tones seen in the background of the Manhattan skyline and [...]

The post Artist Felipe Pantone’s biggest mural yet dazzles the Jersey City skyline first appeared on 6sqft.

Thu, 05/09/2024 - 11:30
Applications are open for 135 rent-stabilized apartments in Mott Haven in the Bronx. New Yorkers who earn $105,875 to $218,010 are eligible to apply.
Thu, 05/09/2024 - 10:30

The cultural bond between Ireland and New York got a little stronger this week. A new public art installation “The Portal” debuted in Dublin and Manhattan on Wednesday, with a 24/7 live stream connecting the two cities. The sculpture, on view in New York City’s Flatiron District and on Dublin’s O’Connell Street, allows residents and [...]

The post A ‘portal’ to Dublin opens in New York City first appeared on 6sqft.

Thu, 05/09/2024 - 09:30
There was a surge in leasing activity in Manhattan, Brooklyn, and Queens in April that is fueling higher rents, according to the latest edition of the Elliman Report.
Thu, 05/09/2024 - 08:00
Exterior work is progressing on 585 Union Street, a nine-story residential building in Gowanus, Brooklyn. Designed by Fogarty Finger and developed by Tavros CapitalCharney Companies, and Canyon Partners, the 95-foot-tall structure will span 167,000 square feet and yield 214 rental units in studio to three-bedroom layouts, with 25 percent designated as affordable housing, as well as 8,900 square feet of ground-floor commercial space. The property is bound by Sackett Street to the north, Union Street to the south, and 3rd Avenue to the east.
Thu, 05/09/2024 - 07:30
The Yonkers IDA has issued preliminary approval for financial incentives for The Parker, a 16-story affordable housing project at 632-636 South Broadway in Yonkers. The $116.2 million project is part of a $174.5 million investment initiative that includes another affordable development, The Abbey on the Park, which will be located at 21-23 Park Avenue. Collectively, both projects are expected to create 410 construction jobs and add 242 new residential units to the local market.
Thu, 05/09/2024 - 07:00
The affordable housing lottery has launched for Andrews Avenue South Senior Residence, a nine-story mixed-use building at 1746 Andrews Avenue in Morris Heights, The Bronx.
Thu, 05/09/2024 - 06:30
Permits have been filed for a four-story residential building at 605 Lorimer Street in Williamsburg, Brooklyn. Located between Conselyea Street and Skillman Avenue, the lot is one block from the Lorimer Street subway station, serviced by the L train. Arie Bar Chaim of Brooklyn AZ Inc. is listed as the owner behind the applications.
Thu, 05/09/2024 - 06:03

The city’s Department of Transportation is failing miserably to hit annual mileage targets for bus and bike lanes, and elected officials are squabbling over who is to blame.

Transit officials were supposed to build 80 miles of bike lanes and 50 miles of bus lanes, among other traffic upgrades, within the first two years of Mayor Eric Adams’ administration, under the Streets Master Plan, which became law in 2019. DOT has struggled to meet the mandates, with the city reporting in a February update on the law that it has rolled out roughly 60 miles of bike paths and not even 10 miles of bus lanes.

The Adams’ administration has taken heat for waffling and failing to deliver on street safety upgrades, and has been quick to capitulate to critics of individual projects, but during a tense Wednesday City Council budget hearing DOT Commissioner Ydanis Rodriguez sought instead to blame his agency’s shortcomings on the Council.

“I want to say this, if I will have the support of every single council member to do the bus lanes and bike lanes, we will accomplish these goals,” Rodriguez told lawmakers at the hearing.

Queens Council member Selvena Brooks-Powers, who chairs the council’s committee on transportation and infrastructure, pushed back on DOT’s critique. Brooks-Powers called on the Adams administration to be more proactive in its community engagement on bus and bike lane projects, and “leaving room to make adjustments.”

“The law stipulates that DOT is mandated to implement bus lanes and bike lanes; it does not mandate the City Council to do that,” said Brooks-Powers, who herself pushed back against a Jamaica busway in 2022. “The City Council passed this legislation for DOT to implement.”

Concerns over slow progress on the Streets Master Plan spurred City Council Speaker Adrienne Adams to unveil plans in March during her State of the City address for legislation for transit officials to create a public streets plan project tracker that would be updated monthly.

Speaker Adams said earlier this year she’s open to exploring a lawsuit against the Adams administration to force compliance.

“Laws and policies are only as good as their implementation,” Speaker Adams said during her March State of the City speech. “New Yorkers can wait no longer.”

Margaret Forgione, DOT’s first deputy commissioner, added during Wednesday's hearing that “we could probably do more if we implemented projects, say Fordham Road, in spite of strong opposition.” To do so would open a political can of worms the Adams administration has not shown an appetite for.

The Adams administration, for instance, initially pushed a plan to shift a bus lane on Fordham Road from the curb, where it is frequently blocked by cars, into what’s known as an offset lane beside curbside parking for faster service. DOT dropped the plan in the wake of opposition from Bronx council member Oswald Feliz and local institutions such as Fordham University and the Bronx Zoo.

The relatively modest streetscape change would have increased bus speeds by some 20%, transit officials estimated at the time, and was a compromise from an earlier, more ambitious proposal for a car-free busway, similar to the one on 14th Street in Manhattan.

Thu, 05/09/2024 - 06:03

Mayor Eric Adams’ administration is mounting a push for state lawmakers to pass a set of bills loosening some of the rules that govern the city’s notoriously slow capital process, which city leaders say would allow major projects to get done more quickly and cheaply.

The city needs permission from the state to make many changes to how it signs contracts with builders and contractors. The Adams administration wants the ability to use two contracting models that pair designers with builders earlier in the process, allowing for smoother collaboration, rather than handing off a completed design for a contractor to build.

“Think of your kitchen — it’s past its prime, it’s got leaks, it’s got flaws. Would you hire someone who’s never seen it to design it?” said Meera Joshi, deputy mayor for operations, at a City Hall event on Wednesday.

Also on the city’s agenda is another bill that would convert the Department of Design and Construction from a city agency to a public authority, akin to the Economic Development Corp. or the Metropolitan Transportation Authority. Doing so would give DDC — which handles some $33 billion in capital projects — the ability to procure goods more quickly, the administration says.

City officials say the change would be especially useful for huge climate-oriented projects like seawalls, sewers and stormwater infrastructure. But it’s unclear whether state lawmakers, who tend to resist the city’s efforts to take on more autonomy, will have the appetite to let the city make such a major change to an agency like DDC.

Rachel Fauss, senior policy advisor for watchdog group Reinvent Albany, noted that increasing the use of design-build might limit the bidding pool to contractors with the ability to use that system, potentially resulting in less competition and higher costs for the city.

“We want to make sure that the process isn’t made less competitive,” Fauss said. State lawmakers, she added, will “have to weigh the pros and cons.”

As for making DDC an authority, Fauss noted that the quasi-public entities are infamous for being less than transparent with their finances. Adams’ administration has said that the future DDC authority would be subject to audits and reporting rules, but “the devil’s in the details,” Fauss said.

City leaders will push for two additional bills that would relax public comment requirements for new contracts, removing weekslong delays; and invite more small and minority-owned businesses to compete for projects by giving them insurance.

Much of the agenda stems from recommendations made by a task force Adams convened at the start of his term, charged with coming up with ideas to improve the capital process. The city succeeded in passing four of its desired state-level reforms last year — including allowing electronic bidding and raising the threshold for no-bid contracts to minority- and women-owned businesses to $1.5 million — and will now spend the last month of the state’s legislative session pushing for its remaining five policies.

New York City first won the ability in 2020 to use design-build contracts on public works projects, saving costs by letting a single entity handle both design and construction. The city is using the method to build the increasingly costly borough-based jails set to replace Rikers Island, which are now expected to cost a combined $16 billion.

The two new contracting processes the administration wants are called progressive design-build and construction manager-build. CM-Build lets a single construction firm manage a project and control underlying contracts for materials and labor, shaving time off the procurement process. The city already used the method to build vaccination centers during the pandemic, and now wants to use it to outfit libraries and cultural institutions with climate-resilient materials.

The other new method, progressive design-build, would let the city choose contractors before finalizing a project’s scope and price. Adams has said the city would use the method to construct nearly $9 billion in climate projects, including completing the greenway around Manhattan and resurfacing a buried stream in the Bronx.

A bill that would authorize the two new methods, known collectively as alternative delivery, has not yet been introduced in Albany, but a DDC spokesman said the city said the legislation is being drawn up by Assembly and Senate leaders. The legislation to make DDC an authority is also still pending, but the bills relating for public hearings and insurance have both been introduced.

Most of the proposals appear to face little organized opposition. Instead, the city’s failure to pass them in Albany last year was due to simple “inertia,” City Comptroller Brad Lander said at Wednesday’s rally.

“There just wasn’t time to move these across the line,” said Lander, an antagonist of the mayor’s who has nonetheless teamed up with him on efforts to improve the capital process.

But red-tape-cutting contract reforms have been known to backfire in some cases. The bribery scandal that hit the New York City Housing Authority in February, resulting in 70 indictments, stemmed from a system of no-bid micropurchase contracts originally intended to facilitate repairs more quickly.