Latest news with #CityofYes'
Yahoo
07-05-2025
- Business
- Yahoo
Fashion Stakeholders Said to Be Uniting to Air Concerns About Midtown Rezoning Plan
As the Midtown South Mixed-use plan continues to be discussed among city officials, business owners and members of the public, a group of fashion designers are said to be uniting to present their concerns about the project. The public review process for the plan, which calls for substantial rezoning and has the support of New York City Mayor Eric Adams, continued Wednesday with a public meeting. The project, which would require approval from the City Council, would cover four areas centered around Herald and Greeley Squares and stretching roughly between West 23rd and West 40th Streets and Fifth and Eighth avenues, with the Garment District comprising a portion of that. More from WWD A group of stakeholders in the Garment District, including many designers, who are either based there or use various resources in the neighborhood are said to be drafting a joint letter to spell out their concerns. Additional public review sessions are being planned. A vote by the City Planning Commission could be held this spring or early summer. If the commission votes to approve or modify the proposal, it would then go to the City Council for a public hearing and vote. During Wednesday's City Planning Commission meeting, chair Dan Garodnick noted how the neighborhood has more than 7,000 businesses and 135,000 jobs, but vacancy rates are leaving some buildings unused especially since the pandemic. 'Inflexible outdated zoning has stymied housing growth and prevents the neighborhood from adapting and evolving. With a 1.4 vacancy rate fueling our dire housing crisis, it's unbelievable that if somebody wanted to build housing in this area, the city's own rules would not allow it.' Garodnick said the status quo must be changed 'to advance every opportunity to create new homes and turn the tide on this crisis.' The MSMX project would do that and create a vibrant 24/7 neighborhood with a mix of commercial, manufacturing and residential uses, spurring the creation of an estimated 9,700 new homes including up to 2,900 permanently restricted affordable homes, allowing 20,000 New Yorkers from all incomes to live in some of the most centrally located and highest-density parts of Manhattan, according to Garodnick. If approved, the plan would mark the first time that mandatory inclusionary housing would be available in Midtown. It would also give way to key changes that were made through Mayor Eric Adams-supported 'City of Yes' initiative including more flexible rules for office conversions, new high-density residential districts and new, more flexible zoning districts, Garodnick said. Referring to the neighborhood's 'long and important legacy as an economic hub,' he said the plan would support that by increasing foot traffic day and night through nonresidential uses like light manufacturing, office space and retail. That would allow for transportation improvements and community facilities such as libraries and schools, Garodnick said. Manhattan Community Board 5, the Manhattan Borough Board and its president Mark Levine have given the plan 'favorable recommendations,' according to the chair. But members of the fashion industry are not fully on board. Sources said that a group of American fashion designers are uniting to relay their concerns about the plan. While they are said to understand how the neighborhood must evolve to keep up with housing and economic demands in the city, they are seeking safeguards for the fashion industry especially in relation to protecting affordable workspace and small businesses. Some of the issues that the collective are rallying around are initiatives that have not panned out as expected. One example is how landlords had pledged a total of $25 million to the neighborhood BID funds; the bulk of the earmarked money was never distributed. Another topic is how the city had allocated $20 million for a centralized garment production space, but that has not transpired, and the funds were not redirected. Another matter that is being talked about is how a tax break that was geared for landlords who retained garment business tenants, was not activated, because no one opted in. Another issue with the designers is how during the pandemic shutdown, the city suspended the Fashion Manufacturing Initiative and a proposed Local Production Fund that would help small brands with local factories was never fully realized, sources said. Best of WWD Sign up for WWD's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
New York Post
29-04-2025
- Business
- New York Post
This is the largest office-to-residential conversion in the US — and it's just the beginning
The massive edifice at 25 Water St. has successfully swapped its cubicles for more than 1,000 apartments. The former Financial District office tower underwent a two-year gut renovation to turn it into a high-end residential apartment complex. The behemoth of a property was once shared by JPMorgan Chase, the National Enquirer and the New York Daily News. When the 32-story tower opened up leasing in January, it became the largest office-to-residential conversion in US history. Advertisement 8 A rendering of the new 25 Water St. facade. Streetsense 8 The building was once known for its brutalist brick facade. Stefano Giovannini The overhaul is just the tip of the iceberg of office-to-residential conversions in New York City, thanks to ambitious developers and new regulations. Advertisement 'They can't compete as office buildings anymore,' Nathan Berman, the founder of developer Metro Loft, told the New York Times. 'And we're taking them, sort of, out of the race.' This newly debuted building, called SoMA (South Manhattan), contains 1,320 units ranging from studios to three-bedroom apartments. Rents range from $4,000 for a studio to more than $10,000 for a three-bedroom, according to StreetEasy. 8 A rendering of SoMA interiors. Streetsense Two four-bedroom units on higher floors start leasing this summer, the Times reported, and 25% of the building's units have been set aside as affordable. Advertisement Not long ago, 25 Water St. was derided by its office tenants as fortress-like. The 55-year-old brutalist structure was originally built to house computers, hence the former facade's striking lack of windows. The sparse, thin exposures were designed to keep mid-century behemoth computers cold. Now, SoMA is an amenity-packed oasis for young professionals, the first of whom moved in February. Residents enjoy luxurious amenities like an infrared dry sauna, a salt room, pickleball courts, two pools and a two-lane bowling alley. 8 SoMA residents enjoy in-house pickleball courts. Streetsense 8 Stressed-out office workers of years past have been replaced by blissed-out residents in the SoMA spa. Streetsense Advertisement Developers Metro Loft, Rockwood Capital and GFP Real Estate were behind the conversion. They purchased the nearly vacant property in 2022 after occupancy plummeted during the COVID-19 pandemic. The developers undertook an ambitious renovation, which included replacing the facade's all-encompassing brickwork with large windows, carving out light wells and adding 10 stories. Developers and architects will attest to the fact that office conversions are particularly tricky — windows, central air conditioning and bathrooms often need total overhauling. Building and fire codes for residential buildings are also different from office buildings. The Adams administration's 'City of Yes' plan has made office-to-residential conversions significantly easier, the Post previously reported, making it more than likely that similar developments to 25 Water St. are on the horizon. It's clear that, for some developers, the endeavor is worthwhile. Pearl House, a former 1970s office tower located in the bustling Seaport District, opened its doors in late 2023 and is fully leased. The 588-unit conversion, developed by Vanbarton Group, was the largest office-to-resi conversion in NYC until SoMA. 8 5 Times Square is headed for its own residential conversion. RXR Realty 8 A rendering of 55 Broad St., once the HQ of Goldman Sachs. Rendering courtesy of Streetsense 8 The Flatiron Building is slated to host high-end condominiums. Getty Images/iStockphoto Advertisement Developers RXR, SL Green, and Apollo Global Management recently filed plans to convert 5 Times Square into 1,000-plus apartments, the Real Deal reported. And, after years of rumors, plans to build high-end condominium units at the iconic Flatiron Building became official late last summer. The former headquarters of Goldman Sachs, located at 55 Broad St., began leasing last fall. Metro Loft developed the property in partnership with Silverstein Properties. The former is also partnering with David Werner Real Estate Investments in the ongoing conversion of the old Pfizer headquarters in Midtown. It is slated for completion in 2027 with 1,602 apartments, easily surpassing SoMA.
Yahoo
21-03-2025
- Business
- Yahoo
NYC Council leaders call for moratorium on new homeless shelters to boost affordable housing
Mayor Adams' administration should put a stop to all new construction of homeless shelters in the five boroughs, according to two City Council leaders. In a Friday letter to Adams' budget director, Jacques Jiha, Council Finance Committee Chairman Justin Brannan and Council Oversight Committee Chairwoman Gale Brewer wrote that such a moratorium is necessary to turn the tide on a concerning trend they've noticed whereby real estate developers are opting to build shelters instead of affordable housing. 'Simply put, developers have found that building homeless shelters is a more lucrative option than building affordable housing,' Brannan and Brewer wrote in the letter, a copy of which was reviewed by the Daily News. The two lawmakers argued a shelter construction moratorium should be in place at least until the conclusion of a set of ongoing investigations touching on the Adams administration's real estate and shelter practices, including a Manhattan DA probe scrutinizing the Department of Citywide Administrative Services' commercial leasing program. Spokespeople for the mayor's office didn't immediately return requests for comment on the moratorium demand. As an example of the issue at hand, Brannan, who represents a section of southern Brooklyn that includes Coney Island, pointed to an affordable housing project in Marine Park that was recently switched into a shelter development. 'Endlessly building new shelters will not fix this,' he told The News of the city's housing crisis, which has resulted in skyrocketing rents and a short supply of affordable apartments. Brannan and Brewer also argued in their letter that Adams' administration should increase transparency on how much the city pays major real estate firms like Bayrock in rent for operating shelters on their sites. Brannan, who's running for city comptroller in this year's local elections, said that's particularly important at a time that Adams' administration is reeling from a web of scandals, including the mayor's own federal corruption indictment. 'With an administration awash in corruption, taxpayers deserve to better understand what exactly is happening here,' Brannan said. Ultimately, Brannan and Brewer wrote they are encouraged by the Adams administration's focus on developing more housing by, among other things, working with the Council to pass the 'City of Yes' rezoning plan. 'However,' they added, 'we want to express our concern that the way this administration handles deals with developers of affordable housing vs. of homeless shelters is undermining the good work we have done together.'
Bloomberg
07-03-2025
- Business
- Bloomberg
Where New York City's Zoning Reform Will Add Housing
CityLab Housing The 'City of Yes' plan is already having an impact. The changes to the city's landscape will mostly be subtle — on purpose. In Manhattan's upscale neighborhood of Sutton Place, a dark, aging office tower stands out among a sea of brick apartment buildings. The 50-year-old home of the Archdiocese of New York was bought last year for $100 million by the Vanbarton Group with the goal of converting it to residences. But regulations posed a hurdle for the project, requiring the developers to plan on tearing parts of the building down to forge ahead.
