HABITAT

EAST VILLAGE

There’s More Than One Way to Pass a Flip Tax

Written by Bill Morris on June 20, 2018

East Village, Manhattan

Creative co-op board secures a vital revenue stream.

With disasters worsening, new evidence that it pays to prepare.

New Gas Inspection Regs Could Cost Millions

Written by Ron Egatz on November 08, 2017

East Village, Manhattan

After fatal explosion and fire, city to require gas line inspections. 

East Village tower gets $10 million to build “disaster-resilient” infrastructure.

$10 million federal grant will pay for flood barriers, cogen, and more.

Deadly East Village explosion leads city to enact strict new regulations.

Up on the Roof: Illegal Additions Are a Major Minus

Written by Steven Troup on November 08, 2016

East Village

Boards need to draft an alteration agreement – and enforce it.

Village View is considering cashing in on high real estate prices.

 

Douglas Steiner of Brooklyn’s Steiner Studios has secured a $130 million construction loan from Bank of America Merrill Lynch to erect an 82-unit luxury condo building in the once-crusty, ever-glitzier East Village.

Steiner, who lives in the East Village, told Commercial Observer  that luxury condos in the neighborhood are “not the oxymoron people might have thought it was 15 or 20 years ago. We’ve seen a huge pent-up demand for luxury services in the East Village, and only a few have been done.”

Steiner acquired the property at 438 E. 12th St. for $41 million in 2012 from Mary Help of Christians Church. The site, which housed a church, rectory and private school, was originally intended as a 158-unit rental building with 22 of the units set aside as affordable under the Department of Housing Preservation and Development’s Inclusionary Housing Program.

Score another one for luxury over affordability.

 

Thousand-foot condo towers for billionaire owners may be the big New York real estate story right now, but there are, happily, little stories that continue to go against the grain.

Here’s one: a century-old synagogue has been spared the wrecking ball by an ingenious new condo development. The Adas Yisroel Anshe Mezritch congregation, which has been worshipping at 415 E. 6th St. in the East Village since 1910 but recently fell on financial difficulties, has agreed to let East River Partners create three condo units on the upper floors of the building. In exchange, the developer will pay the congregation a $600,000 up-front payment, an annual contribution of $20,000 a year for the next 198 years, and a $180,000 “fit-out allowance” to rebuild the ground-floor sanctuary and basement space, as reported by The New York Times.

Two of the three upper-floor condo units will have the synagogue’s original stained-glass windows, some of which include Stars of David. The units will sell for $2.95 million to $4.39 million.

Charles Knapp, the pro bono lawyer for the synagogue, said East River Partners “were the saviors of this shul.”

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