Written by Bill Morris on June 02, 2021
Electric-powered rooftop cooling units will reduce carbon emissions.
Construction boom plus pandemic equals a glut of empty apartments.
Written by Bill Morris on November 11, 2020
Ruling gives boards broader power to recoup money from sponsors and investors.
May 19, 2021
Unionized workers at 75 Wall St. walk off the job.
April 05, 2019
Lawsuit by contractor says developer of condo tower tried to cut corners.
February 09, 2018
Uptown luxury co-ops slide in value as money moves downtown.
Written by Marianne Schaefer on December 20, 2017
The lowly pigeon spike rescues a building with a dangerous ice problem.
June 08, 2016
Appeals court rules developer and principals can be liable for breach of contract and fraud.
January 22, 2016
An art deco gem in the Financial District of lower Manhattan has become the latest to join a growing trend: former bank buildings that are being converted into luxury condominiums.
The conversion plan for One Wall Street, a 50-story icon designed in 1931 by Ralph Walker as headquarters for the Irving Trust Co., has won the approval of the Landmarks Preservation Commission (LPC), YIMBY reports. Macklowe Properties, which bought the building from Bank of New York Mellon in 2014 for $585 million, plans to turn the landmarked structure and adjacent annex into 524 apartments, with two commercial spaces on the ground floor, one of which will occupy the famed Red Room. The plans, prepared by the architects Robert A.M. Stern and SLCE Architects, do not specify what will become of the four-story observation room on top of the building.
Stern told the LPC he is excited to bring the building “back to glory.”
January 21, 2016
Their long nightmare is finally over. Years of litigation between a developer and the residents of three luxury condo developments in the Financial District and Brooklyn’s DUMBO neighborhood came to an end last week.
New York state Attorney General Eric Schneiderman announced that the developer, Africa Israel Investments, Ltd., must resolve numerous construction defects at the three buildings, surrender control to the condo boards, and pay a $2 million penalty to the city for improperly taking 421-g tax breaks, as reported by The New York Times. The agreement also calls for Africa Israel, owned by Lev Leviev, who broke his partnership with Shaya Boymelgreen, to put an undisclosed sum into escrow for bilked buyers.
Among the defects at the buildings – located at 15 Broad Street (across from the New York Stock Exchange) and 20 Pine Street in Manhattan, and 85 Adams Street in Brooklyn – were brown tap water, leaky walls, buckling floors and incomplete fire-proofing.
“Today’s settlement is a warning to property developers in New York state,” Schneiderman said in a statement. “Those who collect the enormous profits that flow from offering real estate securities in New York will not be allowed to shirk their obligations to purchasers and the public.”
Co-op and condo board business broken down into bite-sized bits - 2 stories each week. Read now on all digital devices.
A free digital resource for co-op/condo board directors. Published twice a month. Read now on all digital devices.