There’s no way this project is the longest conversion in the history of NYC construction, but so far, 5-33 48th Ave. is a nearly 15 year conversion project. The original DOB (Department of Buildings) residential conversion application was submitted way back in 2003, five owners (or at least 5 deed transfers), or over $50 million in loans ago. For some reason, this project has been marred by an apparent lack of progress until recently, as RentCement’s LIC adventures continue.
Here is the legal question: What is the base date rent when an apartment is improperly deregulated in 2003 during the J-51 tax benefit period, a tenant moves into that apartment in August 2005, files an overcharge complaint with the DHCR (Division of Homes and Community Renewal) on November 2, 2009, and there is no colorable inidicia of fraud? The answer, according the the Appellate Division for the First Department, published today in Matter of Regina Metro. Co., LLC v New York State Division of Housing and Community Renewal (DHCR), is a strict interpretation of CPLR (Civil Practice Law and Rules) 213-a, Rent Stabilization Law 26-516(a)(2) (preclusion of renal history review before the base date), and Rent Stabilization Code 2526.1(a)(2)(ii) (preclusion restated).
There’s a lot of 420 in Long Island City, and there’s also block 420 in Long Island City. You know what else goes down on block 420? Maybe some 420, but definitely Gotham Center. The first tower has been smokin’ lonely on block 420 for since 2 Gotham Center’s completion in 2011. But not any more, as the Gotham Center project nears completion. In the next part of our Jackson Avenue update, we checked out One and Three Gotham Center, aka 1 and 3 Three Gotham Center, aka 28-07 Jackson Avenue. Let’s take a look!
Jackson Avenue, Long Island City. Once such a quiet and sleepy neighborhood until the mid-to-late 80s. That’s right around when One Court Square, aka the Citibank building, was completed. There it stood for years, with only Citylights (aka 4-74 48th Ave.) to keep it company. That all changed in the mid-2000s, when a spate of development, which continues unabated, flooded LIC with dozens of tall, mixed use buildings. RentCement toured Jackson Avenue, where part one of our series on Long Island City focuses on a major, in-progress developments: 5 Pointz.
South Park isn’t just in Colorado. New York City also has its own South Park, Hunter’s Point South Park to be exact. Although Hunter’s Point South Park has been around since August of 2013, the new extension, which opened on June 27th, offers amazing views of Manhattan, while providing much needed storm protection for the area. Let’s take a look!
There’s an alarming trend happening in New York, and that’s the loss of our historical cornices. Cornices are those decorative horizontal features that adorn the prewar facade/roof corner. The latest tragedy at 383 Himrod Street serves as a grim reminder of the architectural consequences when cornices are removed for the sake of adding an extra story.
371 Stockholm Street in Bushwick Brooklyn has been little more than a parking lot since the 1970s. Prior to that, “The German Presbyterian Ebenezer Church of Brooklyn” occupied the lot. But Bushwick isn’t Long Island, and space can’t be wasted on parking lots when there are residential towers to build. That said, here comes the latest market rate project sure to fuel the fires of gentrification in Bushwick, if it ever completes construction.
In our latest venture into Bushwick, we came across 322 Menahan Street, a partially built structure that’s seen better days. Unfortunately for the community that must bare the eyesore, a partial stop work order has forced an end to construction. The 6 story, 13 unit project stretches from 375 Grove Street to 322 Menahan Street. At the time of our visit, the only activity was the local feline population.
Before we jump back into our analysis of New York real estate, let’s talk about Roosevelt Island and Cornell University’s new open space! Roosevelt Island has gone through its fair share of changes over the course of history. Designed by The High Line’s architect James Corner, “the open space“, a large expanse of wilderness just south of the Cornell campus, is the island’s latest remarkable transformation. Let’s check it out!