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Inwood Development May Finally Become a Reality 4650 Broadway Has Changed Hands in the Last 13 Years
By A.J. Sidransky 20 December 2018 Buying & Selling Neighborhoods Buildings
A rendering of Hello Broadway (KAF Communications)
Upper Manhattan, particularly the neighborhoods of Washington Heights and Inwood, continues to be Manhattan's last frontier for residential development. With a relative abundance of residential-zoned building sites and excellent subway access to midtown (a 15-30 commute to Columbus Circle), those seeking a Manhattan address at an affordable price flock to the area. Now a site at 4650 Broadway in lower Inwood is looking to capitalize on Upper Manhattan's attractiveness to potential residents.
Hello Living, a Brooklyn-based developer, recently acquired the site for $55 million. According to a press release from November, Hello Living plans to build a mixed-use development containing 272 residential units, a 140,000-square-foot community facility, and 49,000 square feet of commercial space. Thirty percent of the units--approximately 82 units--will be part of the Affordable New York Housing Program initiated under New York Gov. Andrew Cuomo in 2017. It is not known at this time if the residential portion of the project, now called Hello Broadway, will be rental or condominium.
Eli Karp, Founder and CEO of Hello Living, said about the firm's recent acquisition in a statement: "We are thrilled to embark on our first project in the sought-after borough of Manhattan. Hello Living is known for its trailblazing developments throughout Brooklyn, and we could not be more excited to apply the same vision to Hello Broadway in order to serve the future residents and business owners at 4650 Broadway."
#Affordability seems to be the hashtag for 4650 Broadway's recent history. Currently occupied by a garage in what was a former Packard auto showroom, the property was acquired in 2005 by Acadia Realty Trust, a major real estate investment trust based in White Plains, for $18.25 million in partnership with New York City-based Washington Square Partners. Acadia had planned to construct a 15-story, 335-unit residential building with 175 units of affordable housing. It would have been the first property built under New York City's mandatory inclusionary housing program.
However, several factors halted that development. The first was the recession that began at the end of 2007 and continued to affect the real estate market until at least 2012. The second was the changing demographics of Upper Manhattan that picked up speed from 2012 onward. With the recovery of the Manhattan real estate market and skyrocketing prices further downtown, many buyers seeking space and value began looking northward in terms of both homes and rental properties. This upward pressure on both rents and apartment prices began to displace long-time residents and increase calls from community activists for #affordability (there's that hashtag again).
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Zoning Handbook Fan on Thursday, December 20, 2018 5:31 PM
I'm not sure the author understands the full complexity of the situation here, with glib comments like "the organizers of the resistance may have shot #affordability in the foot". The issue with Acadia was the incredibly aggressive spot rezoning that they proposed. Spot rezonings are illegal, for a reason, and their attempt to nearly double the existing development rights of course ran into a buzzsaw of opposition in a neighborhood with a very consistent built footprint. The broader Inwood rezoning farther north also ran into resistance for similar reasons of poorly-planned, over-aggressive rezoning and ultimately large swaths of it had to be pulled. It is also a misstatement to try and claim that Acadia planned to build a 15 story 15-story, 335-unit building. That's just something they fantasized about, there was nothing binding them to it as this was a rezoning, not a filing for a building permit. The rezoning would have actually allowed for a considerably larger building, with vastly more as-of-right units than current zoning, even after accounting for affordable units. And in a neighborhood that is mostly rent-stabilized on pref rent leases, that was an issue for some people even if they didn't care about the 23 story (later 19) height proposed for a neighborhood of 6 story buildings. Further, under MIH, only 20% to 25% would have been required to be affordable. The whole 50% affordable was also nonbinding hogwash. Remember, Acadia was a trust looking to entitle the site and flip it for a profit - this would have been Rheingold Brewery all over again. In the end, the market moved up so much (thanks in no small part to the Inwood rezoning) that they were able to flip it without the new entitlements, so they did. While current zoning does not require affordability, in practice all developments in Upper Manhattan go for 421a, which is what is now proposed by the new owner. However, the new owner is also proposing a size building (based on the rendering) and number of units that clearly is not as-of-right (as it happens, the previous rezoning attempt rather precisely laid out what as-of-right scenario was possible) so something is off here. The new owner claims not to be pursuing a rezoning yet their numbers would require it, so what gives? Reality may be some ways off for this site yet.
Brian on Thursday, December 20, 2018 6:46 PM
"excellent subway access to midtown"??????
Tue, Jan 21, 9:00pm – 12:00am
NYC DOB: Homeowners Night
Tue, Jan 21, 9:00pm – 12:00am add to calendar 21-01-2020 21:00 22-01-2020 00:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page.
Tue, Feb 4, 9:00pm – 12:00am
Tue, Feb 4, 9:00pm – 12:00am add to calendar 04-02-2020 21:00 05-02-2020 00:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Feb 11, 9:00pm – 12:00am
Tue, Feb 11, 9:00pm – 12:00am add to calendar 11-02-2020 21:00 12-02-2020 00:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Mar 3, 9:00pm – 12:00am
Tue, Mar 3, 9:00pm – 12:00am add to calendar 03-03-2020 21:00 04-03-2020 00:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Mar 10, 8:00pm – 11:00pm
Tue, Mar 10, 8:00pm – 11:00pm add to calendar 10-03-2020 20:00 10-03-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Apr 7, 8:00pm – 11:00pm
Tue, Apr 7, 8:00pm – 11:00pm add to calendar 07-04-2020 20:00 07-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Apr 14, 8:00pm – 11:00pm
Tue, Apr 14, 8:00pm – 11:00pm add to calendar 14-04-2020 20:00 14-04-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, May 5, 8:00pm – 11:00pm
Tue, May 5, 8:00pm – 11:00pm add to calendar 05-05-2020 20:00 05-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, May 12, 8:00pm – 11:00pm
Tue, May 12, 8:00pm – 11:00pm add to calendar 12-05-2020 20:00 12-05-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
Tue, Jun 2, 8:00pm – 11:00pm
Tue, Jun 2, 8:00pm – 11:00pm add to calendar 02-06-2020 20:00 02-06-2020 23:00 America/New_York NYC DOB: Homeowners Night If you are a homeowner, tenant, small business owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need.Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. For information, visit https://www1.nyc.gov/site/buildings/homeowner/homeowner.page. MM/DD/YYYY
1/17/2020 How Motorized Window Treatments Help Fight Sun Glare—Residential Tech Today
It was a co-op apartment upgrade that sounded great on paper. Our 58-year-old building in New York City was finally getting a window overhaul: full-pane windows to replace legacy double-hung units that sometimes wouldn't open and other times wouldn't close. But as the installation date approached, we were so focused on the upheaval of the window frame removal that we didn't anticipate the shade situation.
1/17/2020 You're Never Too Old to Apply for a Mortgage—Mansion Global
Mary Babinski, a senior loan officer with Motto Mortgage Champions in Trinity, Fla., recently wrote a 30-year loan for a retiree buying a home in New Port Richey. He had no problem qualifying, but he was surprised he could nonetheless.
1/16/2020 Why Manhattan's Skyscrapers Are Empty—The Atlantic
In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant.
1/16/2020 The woman influencing the face of luxury real estate—Thrive Global
Meet Janine Yorio, the CEO and founder of Compound, a new app that is reimagining how the world invests in urban residential real estate.
1/16/2020 Tour the Bespoke NYC Co-Op of Two Art-World Maestros—Architectural Digest
Manhattan-based Richard Rabel founded his interiors and art-advising firm eight years ago, but his passion for design first revealed itself decades prior, when, as a child, he would sketch stools and other furnishings.
1/15/2020 REBNY fighting to keep New York City strong—Real Estate Weekly
Throughout 2019, REBNY educated policymakers and the broader New York public about misguided City Council proposals to impose commercial rent control on the city's commercial real estate market, as well an idea by the Mayor to implement a vacancy tax.
1/15/2020 De Blasio administration, NYC Council poised to backtrack on penalties to affordable co-ops—New York Daily News
Mayor de Blasio's administration voiced support Monday for measures that would exempt affordable co-ops from a law that requires owners register them with the city.
1/15/2020 Yet Another Zoning Fight That's All about Protecting the Rich—New York Post
Not in my backyard — NIMBY — never dies. More than that, it doesn't even change its tune.
1/14/2020 New York Seeks Cause of Water-Main Break That Unleashed Flooding—The Wall Street Journal
Investigators were working to determine the cause of a water-main break in Manhattan that flooded streets and crippled subway service during the Monday morning rush hour, with the weekend's unseasonably warm weather being explored as a factor, New York City officials said.
1/14/2020 Unsold Manhattan Condos Get New Year's Makeovers—Crain's
For a Manhattan condo developer in a slowing sales market, the request from an international travel website was irresistible: Let us furnish 20 of your unsold units and offer our users a two-night stay.
1/14/2020 How the Rise and Fall of the Luxury Condo Building Boom Transformed Brooklyn—Brownstoner
In the last decade, more than 250 luxury condo buildings went up in Brooklyn, bringing thousands of units to the borough and dramatically altering its character.
1/10/2020 Jonathan Rose Companies acquires Astoria building from Goodwill—QNS.com
Johnathan Rose Companies acquired Goodwill Terrace Apartments, a 202-unit property in Astoria, for about $35 million, the company announced on Wednesday, Jan. 8.
1/10/2020 Est4te Four gets $74M inventory loan for Red Hook condo—The Real Deal
Italian developer Est4te Four closed a $74 million inventory loan for its stalled, 70-unit condominium in Red Hook.
1/10/2020 RealReal CEO Julie Wainwright buys $6.75M condo in Woolworth Building—NY Post
Julie Wainwright — the founder and CEO of The RealReal, an online consignment shop for the resale of luxury goods — has bought a condo at the Woolworth Tower Residences for $6.75 million.
1/10/2020 Trump Jr and Ivanka Trump 'knew they were lying' over ploy to sell condos, book claims—The Guardian
Donald Trump Jr and Ivanka Trump took part in a fraudulent scheme to sell units in a luxury New York condominium-hotel and "knew they were lying", according to a new book that explores how the current US president built his business empire.
12/23/2019 Mitchell-Lama applicants pay thousands, with 'virtually no chance' at getting apartments—Curbed
New Yorkers forked over hundreds of thousands in fees to get on affordable housing wait lists with practically no chance of actually scoring one of those coveted homes, according to an audit by state Comptroller Thomas DiNapoli.
12/19/2019 DUMBO set to be next front for development's battle against homelessness—Brooklyn Daily Eagle
A new bill expected to pass in the City Council on Thursday will require certain developers that receive government funding to set aside 15 percent of their new rental units for homeless New Yorkers. All told, the legislation is projected to create about 1,000 new apartments for those most in need of housing each year — in addition to the 1,300 apartments the city will develop on an annual basis.
12/17/2019 I'm A Freelancer & I Bought A Two-Bedroom In NYC — Here's How I Did It—Refinery29
The day I closed on my Manhattan apartment, I sent a text to a friend that read, "My New York City checklist is now complete."
12/17/2019 Try talking your way out of this one: Three years after swearing he was going straight, real estate exec charged as Gambino family cohort—Daily News
The West Side's uber-popular High Line neighborhood is apparently a big draw for organized crime, too. Gambino family capo Andrew Campos and fellow made man Richard Martino allegedly paid "hundreds of thousands of dollars in bribes and kickbacks" to employees of the HFZ Capital Group, the developer behind the The XI — a high-end, high-rise, two-tower residential complex just west of the Manhattan attraction, federal prosecutors alleged.
12/17/2019 How Christmas lights brought these Upper East Side residents together—New York Post
When a Grinch tried to steal Christmas from this Upper East Side block, it brought the community together in holiday spirit.
Anibal Mota on Inside the Ansonia:
I attended Pels Schooll of Art. during the mid seventies . Mr. Pels was a great teacher and also one of my instructors was Mr Bertram. I l…
Will Caplinger on Inside the Ansonia:
I studied sight singing with Maurice Finnel at the Ansonia c. 1980. I recall that the ground-floor café had table top juke boxes. Can anyone…
Guest on A Successful Experiment in Living:
Parkchester has a little over 25,000 residents, not 40,000. 40,000 residents spread over 8,000 units would be over 5 people per apartment…
Mz on New City Gas Line Inspection Law Goes Into Effect January 1:
Another law that DeBlasio and his property are exempt from
Hat trick on Pied-à-Terre Tax Effort Revived:
More business crushing taxes
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