New York's Cooperative and Condominium Community

Habitat Magazine Business of Management 2021

HABITAT

FINANCIAL DISTRICT

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Ruling gives boards broader power to recoup money from sponsors and investors.

Unionized workers at 75 Wall St. walk off the job.

Lawsuit by contractor says developer of condo tower tried to cut corners.

Uptown luxury co-ops slide in value as money moves downtown.

A Low-Tech Solution to a High-Level Problem

Written by Marianne Schaefer on December 20, 2017

Financial District, Manhattan

The lowly pigeon spike rescues a building with a dangerous ice problem.

Appeals court rules developer and principals can be liable for breach of contract and fraud.

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.”

 

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.”

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