Courtesy of Binyan Studios/ Snøhetta
The Department of Buildings this week rejected a challenge against the tallest tower planned for the Upper West Side, as first reported by Crain’s. Community groups argued that the design of Extell Development’s 775-foot condominium tower at 50 West 66th Street violated the city’s building code, but the department overruled those objections. Read more
Just in time for the L train shutdown, the city is getting more bike-friendly. Lyft, the car-sharing company that bought the Citi Bike‘s operator Motivate, will invest $100 million to dramatically expand the program, according to an announcement from Mayor Bill de Blasio. The fleet of Citi Bikes will triple from 12,000 now to 40,000 over the next five years and cover an area more than twice its current size. The investment will also add more electric bikes, which Citi Bike began to roll out in the summer, boost the $5 discount membership program for NYCHA residents and SNAP recipients, and help repair existing bikes and infrastructure.
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A federal program designed to root out dirty money in real estate was drastically expanded Thursday, and will now apply to even more cash-deals in more cities. As of last week, all real estate purchases made through a limited liability company at or above $300,000 in 12 metropolitan area will be subject to the disclosure rules, known as the Geographic Targeting Orders, including New York City. The threshold previously varied across cities, starting at $3 million in Manhattan and $1.5 million in the city’s other four boroughs, as first reported by the Real Deal. Virtual currency deals are now subject to the disclosure rules as well.
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The state of New York is keeping the incentives it used to woo Amazon under wraps, but even without those benefits, an existing tax program could work in Amazon’s favor — to the tune of almost $1 billion. After a highly publicized search, the tech giant is nearing a deal to locate half of its new headquarters in Long Island City. And as The Real Deal explains, that move means Amazon will qualify for the city’s Relocation and Employment Assistance Program (REAP), which offers employers a $3,000 credit per employee per year for 12 years if they move their business into the outer boroughs and certain parts of Upper Manhattan. With Amazon’s projected workforce of 25,000, that would mean a total credit of $900 million.
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