Brooklyn’s Sunset Park, which is currently in the spotlight thanks to the controversial Industry City rezoning, is in desperate need of affordable apartments to alleviate a severe housing shortage, according to a report. The report by the nonprofit Fifth Avenue Committee found that only 1,000 new housing units were constructed in Sunset Park since 2014. Of those, only 80 were designated “affordable” through the city’s voluntary inclusionary housing program, and none were created through the
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The city’s $8 billion plan to close Rikers Island and replace it with four borough-based jails suffered a setback this week. State Supreme Court Judge John Kelley ruled in favor of community groups that sued over the city’s plan to build a new jail on the site of the Manhattan Detention Complex in Chinatown, according to Spectrum News. Kelley said the New York City Council and the City Planning Commission failed to follow the correct
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The landlords of a 95,000-square-foot office building near Herald Square filed lawsuits against two of their major tenants, alleging that they failed to pay rent for months. United Group and American Equities, the owners of 29 West 35th Street, argue in court documents that flex-office startup Knotel and business software provider Sprinklr owe the landlords $536,000 and $283,000, respectively, for rent and legal fees. Together, Knotel and Sprinklr occupy more than 75 percent of the
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UPDATED, Sept. 22, 5:20 p.m.: A Upper East Side condo conversion just sold at auction, a possible sign of distress in New York City’s real estate market. Jason Carter of Carter Management Corp. paid $51 million for the 65,000-square-foot, 14-unit project at 305 East 61st Street, according to Commercial Observer. Developer Mitchell Marks’ conversion of the former art facility had a projected sellout of $105 million. SKW provided $30 million in financing on the deal.
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