Policy

Gearing up for summer, Jersey Shore homeowners are fighting Airbnb tax on short-term rentals

Asbury Park, NJ; via Wikimedia

March 12, 2019

Gearing up for summer, Jersey Shore homeowners are fighting Airbnb tax on short-term rentals

A surcharge on short-term rentals took effect last October in New Jersey, making it one of the first big states to implement such a tax. An 11.6 percent tax, dubbed the "Airbnb tax," applies to properties rented for fewer than 90 days made on home-sharing sites or directly between a renter and homeowner, excluding deals arranged through a broker. But as homeowners gear up for the summer season in the coming months, owners of Jersey Shore rental homes say the tax has made it harder to fully book their properties ahead of beach season, the New York Times reported.
More here

Greenwich Village preservation group calls for interior landmarking of White Horse Tavern

Via Wikimedia

March 11, 2019

Greenwich Village preservation group calls for interior landmarking of White Horse Tavern

By Devin Gannon

A Village preservation group on Monday called on the city's Landmarks Preservation Commission to designate the interior of White Horse Tavern a landmark. In a letter to LPC Chair Sarah Carroll, the Greenwich Village Society for Historic Preservation (GVSHP) wrote that "the potential loss of the interior of this tavern from a recent change in ownership would be a devastating loss, not only to New York City, but to the country and the world." The request comes less than a week after the 140-year-old West Village bar was sold to notorious landlord Steve Croman, who once served jail time for tenant harassment.
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Hudson Yards got bigger tax breaks than the ones promised to Amazon

Rendering courtesy of Related/Oxford.

March 11, 2019

Hudson Yards got bigger tax breaks than the ones promised to Amazon

By Michelle Cohen

The $20 billion, 28-acre Hudson Yards megaproject has been in the news recently as its official March 15 grand opening approaches. The New York Times reports that the nation's largest residential development has gotten more than a little financial help from the city government to get there. In fact, public records–and a recent study by the New School–reveal that the development has received nearly $6 billion in the form of tax breaks and additional government assistance, twice the controversial $3 billion in incentives held out to Amazon to entice the retail tech giant to bring its second headquarters to Queens.
That's a pretty big break

State budget director says a pied-à-terre tax could help fund MTA

Via Flickr

March 7, 2019

State budget director says a pied-à-terre tax could help fund MTA

By Alexandra Alexa

Calls for a pied-à-terre tax have increased since billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million. The sale shattered the existing record of the most expensive home sold in the US by $100 million but Griffin will only be using the residence as "a place to stay when he’s in town." City Council Members Mark Levine and Margaret Chin recently announced support for a bill that was first drafted by Sen. Brad Hoylman five years ago, which would place a yearly surcharge of 0.5% to 4% on secondary residences worth more than $5 million. In a statement released on Wednesday, State Budget Director Robert Mujica added his support, stating that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority's $40 billion in capital needs.
More info

NYPL’s new entrance and public plaza on 40th Street gets green light from Landmarks

Rendering of the Marshall Rose Plaza by Mecanoo with Beyer Blinder Belle

March 6, 2019

NYPL’s new entrance and public plaza on 40th Street gets green light from Landmarks

By Devin Gannon

The city's Landmarks Preservation Commission on Tuesday approved the New York Public Library's plan to add a new public entrance and plaza to its Stephen A. Schwarzman Building in Midtown. The changes fall under the library's larger master renovation plan, a $317 million project first unveiled in 2017. The LPC approved the changes to the exterior of the building--subject to the city's landmark rules--after design modifications suggested at a presentation in February were made by the library, Curbed NY reported.
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Corey Johnson proposes new city-controlled transit system called Big Apple Transit or ‘BAT’

Via City Council Speaker Corey Johnson

March 5, 2019

Corey Johnson proposes new city-controlled transit system called Big Apple Transit or ‘BAT’

By Devin Gannon

In a self-proclaimed atypical State of the City address, City Council Speaker Corey Johnson on Tuesday laid out his vision for city control over New York City's mass transit system. Johnson said municipal control "means we decide how our system is run, we decide how we raise money, and we decide how we spend it." He added: "Municipal control means saying goodbye to the MTA." The new entity would be controlled by the mayor and called Big Apple Transit, or "BAT."
Is it goodbye MTA?

City will expand Fair Fares program to all eligible New Yorkers by 2020

Image via Flickr

March 5, 2019

City will expand Fair Fares program to all eligible New Yorkers by 2020

By Alexandra Alexa

After facing criticism for the delayed and limited roll-out of Fair Fares, Mayor de Blasio and City Council Speaker Johnson have announced plans to expand the program. Starting this fall, eligible New Yorkers in NYCHA, enrolled students at CUNY, and military veterans below the poverty line will have access to the program, which provides half-priced MetroCards for low-income New Yorkers. By January 2020, open enrollment will expand to all New Yorkers at or below the federal poverty line (a household income of $25,750 for a family of four). The program has also been criticized for its reversal on reduced fares for single trips, but Monday's announcement came with the good news that a pay-per-ride option will be available by mid-March.
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De Blasio signs off on basement apartment conversion program for East New York

Via Flickr

March 5, 2019

De Blasio signs off on basement apartment conversion program for East New York

By Devin Gannon

Certain basement apartments in East New York will be transformed into legal and affordable homes thanks to a new law signed by Mayor Bill de Blasio on Monday. The legislation creates a three-year pilot program that helps homeowners renovate cellar and basement units to meet the new code standards, which include minimum ceiling heights, window sizes, and proper safety requirements. "There are thousands of basement apartments in our City, but too many are illegal and unsafe," de Blasio said in a statement. "This program will help New Yorkers secure safe, affordable homes and give homeowners a new legal source of income."
Get the details

Emily Ratajkowski and millionaire hubby live rent free thanks to city’s loft law, Noho landlord says

The loft building at 49 Bleecker Street in Noho. Image: Google maps.

March 4, 2019

Emily Ratajkowski and millionaire hubby live rent free thanks to city’s loft law, Noho landlord says

By Michelle Cohen

There have been a lot of discussions recently about the city's lack of affordable living space causing artists to flee the city, and about the relevance of regulations like the Loft Law, created to allow artists to live in neighborhoods like Noho and Soho. The New York Post now brings us the case of millionaire movie producer Sebastian Bear-McClard, 31, and his wife, model/actress Emily Ratajkowski, 27. The pair is reportedly living rent-free in a sprawling Noho loft at 49 Bleecker Street. The pair's landlord, of course, isn't happy with the fact that Bear-McClard, who is apparently worth an estimated $12 million, has been claiming protection under the state's Loft Law since 2017, to the tune of $120,000
unfair advantage, this way

City launches campaign to support women-owned businesses in NYC

By Devin Gannon

New York City is home to more than 350,000 women-owned businesses, which generate more than $50 billion in revenue each year. But because women face bigger barriers when starting or growing a company, the businesses fall behind in size and employment compared to businesses run by men. A new campaign launched last week that aims to bring attention to the many women-owned businesses located across the five boroughs. In a partnership between women.nyc, a city initiative to help women navigate careers and finances in NYC, and American Express, the month-long campaign "Shop Women-Owned NYC" kicked off on Friday, coinciding with the start of Women's History Month.
Here's where to shop

Image via CityRealty

March 1, 2019

Cuomo pleads with Amazon to reconsider Long Island City deal

By Michelle Cohen

Update 3/1/19, 1:10pm: According to Crain's, Governor Cuomo said today on WNYC's Brian Lehrer Show, "They have given no indication that they would reconsider. I have no reason to believe that Amazon is reconsidering. Would I like them to? Certainly. But I have no reason to believe that." Amazon's Valentine's Day breakup with New York City has been rough on Governor Andrew Cuomo; the New York Times reports that Cuomo has continued to beseech the retail giant to build one of its two new headquarters in Long Island City, Queens, as it had announced plans to do last November. According to the Times, Cuomo has privately assured Amazon officials that he would ease the company's path to any needed approvals and is "working intensely behind the scenes"–including a personal pitch to founder Jeff Bezos–to get Amazon to reconsider.
Baby, come back

Policy

Long Island City restaurant owner traveled to Seattle in an attempt to revive Amazon deal

John Brown Smokehouse on 44th Drive in LIC via Flickr

February 28, 2019

Long Island City restaurant owner traveled to Seattle in an attempt to revive Amazon deal

By Devin Gannon

The owner of a Long Island City barbecue restaurant flew to Seattle on Monday in an attempt to revive the city's deal with Amazon. Josh Bowen, who owns neighborhood joint John Brown Smokehouse, met with executives from the company for two hours, according to Qns.com. Earlier this month, Amazon announced it would no longer open a headquarters at the proposed waterfront location in Queens after facing resistance from local politicians and activist groups. During the meeting, the businessman asked if they would reconsider their decision to pull out of the project. Their response? "Never say never," the executives told him, according to Bowen.
More here

Policy

Why Ken Griffin’s $238M condo is taxed like it’s worth $9.4 million

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

February 28, 2019

Why Ken Griffin’s $238M condo is taxed like it’s worth $9.4 million

By Michelle Cohen

We've heard it before, but it's always a shock to hear about how the city’s tax system undervalues big-ticket apartments in expensive neighborhoods. The Wall Street Journal reports that the effective tax rate on billionaire hedge funder Ken Griffin’s sky mansion at 220 Central Park South comes out to about 0.22 percent–compared with about one percent in the city's less affluent neighborhoods. The reasoning behind this is tied to a complicated city property tax system that assesses all co-ops and condos as if they were rental properties. Rental income at nearby buildings is assessed in order to estimate a condo's value.
What's going on here?

Policy

Partial shutdown of Hudson River tunnel would cause NY and NJ home values to drop by $22B, report says

Via Amtrak

February 27, 2019

Partial shutdown of Hudson River tunnel would cause NY and NJ home values to drop by $22B, report says

By Devin Gannon

If the only rail link between New Jersey and Manhattan shuttered, homes in the region would see a drop in home value by $22 billion, according to a report released on Tuesday. An analysis from the Regional Plan Association highlights the economic effects of a partial shutdown of the Hudson River tunnel, which was severely damaged by Hurricane Sandy and carries 200,000 daily passengers via Amtrak and NJ Transit. To make repairs to the 110-year-old tunnels, officials have called for a $13 billion project that would construct a second tunnel to keep service operating while the existing tunnel is restored. But President Donald Trump's administration said it will not support the Gateway tunnel project, making a partial shutdown of the tunnel more likely, according to the RPA (h/t Crain's).
Get the details

Cuomo and de Blasio endorse congestion pricing and reorganization of MTA in new 10-point plan

Via Flickr

February 26, 2019

Cuomo and de Blasio endorse congestion pricing and reorganization of MTA in new 10-point plan

By Devin Gannon

Gov. Andrew Cuomo and Mayor Bill de Blasio endorsed congestion pricing and a proposal to reorganize the Metropolitan Transportation Authority in a joint 10-point plan released on Tuesday. The joint plan, which requires legislative approval, calls for tolls to be collected south of 61st Street in Manhattan, with the exception of FDR Drive. Cuomo said on Tuesday he hopes the package of transit proposals is included in the state budget, which lawmakers must pass by April 1. The tolls would not take effect until December 2020, if approved.
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Area median income: What it means and how it’s calculated

Photo via Flickr cc

February 26, 2019

Area median income: What it means and how it’s calculated

By Cait Etherington

If you’ve ever applied for affordable housing in New York City, you’ll know that it is all about the area median income, or the AMI. If you make too little or too much, you won’t qualify at all for affordable housing. Even if you do qualify, however, your AMI will impact your likelihood of actually acquiring a unit since most buildings have more units available in some AMI bands than others. For most New Yorkers, this is one of the most confusing aspects of affordable housing, so we've broken it down, from how AMI is calculated and what the current NYC parameters are to the many controversies surrounding the guidelines.
Everything you need to know

Pied-à-terre tax backed by NYC Council members

Via Vornado Realty Trust and Robert A.M. Stern Architects

February 26, 2019

Pied-à-terre tax backed by NYC Council members

By Devin Gannon

Update 2/26/19: Council Members Mark Levine and Margaret Chin announced on Monday that they plan on introducing a resolution in support of the pied-à-terre tax, as amNY reported. The tax would be modeled after the measure sponsored by State Sen. Brad Hoylman and apply an annual surcharge on non-primary homes worth more than $5 million. Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as "a place to stay when he's in town." The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.
Learn more

February 25, 2019

MTA announces public meetings to discuss revised L train repair plans

By Michelle Cohen

The MTA said in a press release that 100 percent of riders during high ridership hours will have full service under the revised approach to L train repairs. Also, added transit options such as more G, 7 and M service, new Williamsburg Link buses and free transfers will benefit evening and weekend riders. Starting in March, the MTA will be holding open houses with the community to discuss the plan.
Open house dates and more info this way

Photo via Wiki Commons

February 20, 2019

Strand bookstore owner offers a compromise in last-ditch attempt to avoid landmark status

By Michelle Cohen

In a heated second hearing before the Landmarks Preservation Commission, the owner of the iconic Strand Bookstore, Nancy Bass Wyden, continued her fight to keep the famed bookseller's building from being designated a city landmark along with seven buildings on Broadway between East 12th and 14th Streets. Instead, Wyden is offering to put in place a historic preservation easement on the storefront, Gothamist reports. The easement would be the result of an agreement between the property's owner and a nonprofit group that would serve as a steward for the building's preservation, ensuring that, in this case the building's facade, would be properly preserved. At a previous LPC hearing The Strand's owner voiced strong concerns that a historic designation would place crippling restrictions on the scrappy business and potentially threaten its future.
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Policy

Via CityRealty

February 14, 2019

Amazon will not move to Long Island City

By Devin Gannon

Amazon said on Thursday it will no longer build a new headquarters in Long Island City, the New York Times reported. The online retail giant selected the Queens neighborhood last year for its "HQ2" campus following a 14-month nationwide contest. Amazon had promised to bring 25,000 jobs to New York City in exchange for nearly $3 billion in state and city incentives. In a statement, the company said it does not plan to look for another location at this time.
Details here

Policy

NYC Council Members to introduce legislation that limits security deposits and broker fees

Via CityRealty

February 13, 2019

NYC Council Members to introduce legislation that limits security deposits and broker fees

By Devin Gannon

A package of legislation being introduced in the City Council on Wednesday aims to make renting in New York City more affordable. The bills, drafted by Council Members Keith Powers and Carlina Rivera, would limit broker fees and security deposits each to one month's rent, as first reported by the Wall Street Journal. The bills come after a report by City Comptroller Scott Stringer released last summer found that New Yorkers paid over $507 million in security deposits in 2016.
Get the details

Policy

February 13, 2019

Landmarks approves Snøhetta’s new designs for Phillip Johnson’s 550 Madison Avenue

By Michelle Cohen

In December, 6sqft reported that architecture firm Snøhetta had unveiled a preservationist-friendly revision to a controversial design for an updated AT&T building at 550 Madison Avenue; last month brought more details from the firm's proposal that was submitted to the Landmarks Preservation Commission (LPC). The most recent design is one of several revisions, each followed by controversy over being seen by preservationists as diverting too much from the building’s original design by Philip Johnson and John Burgee. Yesterday LPC approved the new preservation-friendly designs–with some modifications. The office tower is now on track to reopen in 2020.
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A majority of New Yorkers want Amazon in Queens, new poll shows

Rendering via NYCEDC

February 12, 2019

A majority of New Yorkers want Amazon in Queens, new poll shows

By Devin Gannon

News broke last week that Amazon was reconsidering its move to New York City after facing opposition from residents and local officials. But a new poll released on Tuesday shows a majority of New York voters actually support the deal for the tech company to open its headquarters in Queens. According to the Siena College Research Institute, 56 percent of voters in the state back the project, while 36 percent disapprove. City residents support the Amazon deal even more, with 58 percent approving, according to the poll.
Details here

Policy

Via CityRealty

February 11, 2019

Learning from Seattle: How Amazon could shape NYC real estate

By Cait Etherington

Since Amazon announced it had selected Long Island City for its new headquarters last fall, a lot of people have wondered what will happen to the neighborhood and its surrounding communities. While LIC has already undergone a series of radical changes of the past two decades—first there was an influx of artists seeking larger live-work spaces and later a wave of condo developments—the arrival of Amazon promises to have an even deeper impact on LIC. And the potential negative effect of the tech giant moving into town has not gone unnoticed by public officials and locals, who have led a strong opposition campaign. It was reported on Friday that Amazon was reconsidering its plan to move to the neighborhood after facing an intense backlash from those who fear increased rents and even more congestion. But with no plan to officially abandon Queens, it's important to understand what could happen if Amazon does put down roots in LIC by first looking at how the company has already changed Seattle, where it first set up shop back in 1994.
More on the effect

Policy

Gearing up for summer, Jersey Shore homeowners are fighting Airbnb tax on short-term rentals

Greenwich Village preservation group calls for interior landmarking of White Horse Tavern

Hudson Yards got bigger tax breaks than the ones promised to Amazon

State budget director says a pied-à-terre tax could help fund MTA

NYPL’s new entrance and public plaza on 40th Street gets green light from Landmarks

Corey Johnson proposes new city-controlled transit system called Big Apple Transit or ‘BAT’

City will expand Fair Fares program to all eligible New Yorkers by 2020

De Blasio signs off on basement apartment conversion program for East New York

Emily Ratajkowski and millionaire hubby live rent free thanks to city’s loft law, Noho landlord says

City launches campaign to support women-owned businesses in NYC

Cuomo pleads with Amazon to reconsider Long Island City deal

Long Island City restaurant owner traveled to Seattle in an attempt to revive Amazon deal

Why Ken Griffin’s $238M condo is taxed like it’s worth $9.4 million

Partial shutdown of Hudson River tunnel would cause NY and NJ home values to drop by $22B, report says

A diplomat's lofty home in a historic FiDi co-op asks $2.9M

Cuomo and de Blasio endorse congestion pricing and reorganization of MTA in new 10-point plan

Area median income: What it means and how it’s calculated

Pied-à-terre tax backed by NYC Council members

MTA announces public meetings to discuss revised L train repair plans

Strand bookstore owner offers a compromise in last-ditch attempt to avoid landmark status

Amazon will not move to Long Island City

NYC Council Members to introduce legislation that limits security deposits and broker fees

Landmarks approves Snøhetta’s new designs for Phillip Johnson’s 550 Madison Avenue

A majority of New Yorkers want Amazon in Queens, new poll shows

Learning from Seattle: How Amazon could shape NYC real estate

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