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New York Post
5 days ago
- Politics
- New York Post
NIMBYs in million-dollar pads try to topple NYCHA plan for new apartments
6 This problem-riddled Chelsea housing project is slated to be replaced. Gregory P. Mango NIMBYs living in million-dollar pads are trying to derail the planned massive overhaul of one of Manhattan's largest NYCHA apartment complexes. The city's first-of-its-kind public-private partnership with prominent social-driven real-estate firms Related Companies and Essence Developments aims to create an entirely new neighborhood in place of the dilapidated Fulton & Elliott–Chelsea Housing projects. But some well-heeled locals are pushing back against the touted trail-blazing type of public housing. Advertisement Lydia Andre, a leader of her Chelsea neighborhood block coalition, has been knocking on the NYCHA tenants' doors, warning them of the project's dangers since it was announced. She is the first to admit she doesn't want to deal with the noise and pollution of a 16-plus-year local construction project — but she claims her opposition is mostly altruistic. 'I don't think that's outside interference,' Andre said of her efforts to raise opposition. Advertisement 'I think that's helping people speak truth to power,' she told The Post of her belief that she's protecting the tenants from displacement. Andre lives in a brownstone across the street from the NYCHA complex in an apartment that was last purchased in 2007 for $4.2 million dollars. 6 fultonelliottchelsea The design of the planned new complex moves away from the 'super block' model typically associated with public housing, while guaranteeing all current tenants will receive a new apartment in the new buildings. Advertisement The project, which will involve the demolition and rebuilding of 2,056 NYCHA units for 4,500 residents — will also construct an additional 3,500 mixed-income units. It also will feature scattered small parks and small businesses in a bid to create a more vibrant community feel. As part of her push against the plan, Andre has started championing a new candidate for City Council – a tenant who lives at Fulton Elliot – to challenge the district's incumbent of four years, Erik Bottcher, who supports the project. 'I think [Bottcher] is wrong — and you know what? So do a lot of people — that's why I got a protest candidate on the ballot and why she's qualified for matching funds,' Andre said of candidate Jacqueline Lara. 6 fultonelliottchelsea Advertisement Layla Law-Gisiko, who also lives in a million-dollar apartment in the area, has joined the fight against the plan, too, and sends weekly email blasts opposing it. Gisiko – who once ran for state assembly – may still have political ambitions, sources close to the matter told The Post. 'This project is wrong on so many levels. It siphons public funds and public land into private profits, with 91% of the financing coming from taxpayers — yet the upside goes to Related,' Law-Gisiko said. 'The first building they've targeted for demolition is the senior building. These are tenants in their 80s and 90s. If they survive one forced move, they may not survive a second. The project has relied on misinformation, manipulation, and silence. Fear is the best eviction notice—and that's exactly what's being weaponized here,' she said. Law-Gisiko runs point on the opposition to the project, alongside Fulton Elliot Houses President Renee Keitt and with the help of Lydia Andre and other neighbors. 6 Layla Law-Gisiko, a previous candidate for state assembly and a Chelsea resident, runs point on the opposition to the project. Gabriella Bass Keitt calls the project a 'land grab' and insists there is nothing in writing guaranteeing current tenants new houses. But an agreement between the city and Related has two separate clauses that protect tenants and ensure they get new homes, a review by The Post found. Advertisement Miguel Acevedo, president of the tenant association and a resident of the housing project for more than 23 years, doesn't deny that tenants feel anxious about the planned demolition but thinks the NIMBYs are actively fear-mongering. 'People always say, 'Not in my back yard,' ' he said. 'I've never seen what I'm seeing today with people outside of the development who don't live here and don't understand how unhealthy the conditions are here.' 6 This building would be replaced under the plan. fultonelliottchelsea He cited constantly broken elevators, lead, mold and a lack of working heat and water as common occurrences. Advertisement 'I always invite [the outside neighbors] to come live with us so you can see how bad it is,' he said. Acevedo said the NIMBYs are specifically targeting tenants who are behind on their rent and at risk of eviction to get behind their cause. Law-Gisiko and Andre denied the claim. It's expected that 6% of the residents may have to relocate off the site, but 94% will be able to remain in their current apartment until their new home is ready, officials said. The plan laid out by the city works like a puzzle, moving residents into empty apartments and demo-ing two buildings at a time. Advertisement 6 The current complex is rife with building-neglect issues, some residents say. Gregory P. Mango Allen Roskoff, a Democratic activist and fixture of Chelsea, lives directly across from the houses. He welcomes the project and thinks other neighbors are getting involved because they don't want noisy construction. '[The neighbors] are telling people they have to stop so that they don't have to live down the street from or listen to the construction,' he said. 'This is being done for the building, it's not being done for you — I think it's insulting to people who live there,' he said. Advertisement Sources close to the opposition have indicated they think Acevado is getting paid by Related to speak positively about the project to neighbors — which he denies. Andre and Law-Gisiko have both publicly testified also against 'City of Yes,' Mayor Eric Adams' housing plan that encourages new construction to address the Big Apple's housing shortage through zoning changes. 'They say they're for affordable housing — so why fight a plan that actually builds it?' Acevado said. But Andre fired back, 'I want to stress that this is not NIMBY-ism. 'I believe the best hedge against bad development is good/better development,' she said. 'If this project were about building 100% affordable housing on the Chelsea campuses, we would all stand down. What we object to is the idea that 70% of the campus is being turned into market-rate housing, leaving the NYCHA tenants segregated into three 38-story tall towers that will overwhelm the low-rise neighborhood on Ninth Avenue.' A NYCHA rep said that since 2019, residents at the NYCHA complex have participated in 'unprecedented, detailed and collaborative meetings and workshops' on the buildings' infrastructure needs. 'Throughout this six-year engagement process, residents have overwhelmingly made their voices heard, and themselves have outlined a plan that not only addresses over $900 million in mounting physical needs at the developments, but creates a more equitable living experience for NYCHA residents in Chelsea, inclusive of modern amenities and accessibility features, while maintaining their rights and protections,' the representative said.
Qatar Tribune
21-05-2025
- Business
- Qatar Tribune
Real estate future lies in adapting to AI, data centre sustainability
QNA DOHA Participants in the Qatar Economic Forum 2025, powered by Bloomberg, discussed the future of the real estate sector amid global economic shifts, technological advancements, and changing patterns of investment and residential demand. During a panel discussion titled 'Global Real Estate Horizons: Navigating Growth and Demand,' participants emphasized that real estate will remain a key pillar of global investment. However, its success will depend on investors' ability to adapt to transformations and shift flexibly toward emerging sectors such as healthcare, data centers, and sustainable energy. In this context, CEO of Related Companies Jeff T. Blau said that venture capital is still available but needs to be allocated more selectively. He noted that cross-border investments dropped by 57 percent in Q1 2025, reflecting global caution. However, he also pointed to signs of clear recovery in major markets. Blau added that in the US alone, real estate transactions reached USD 93 billion in Q1 2025, a 37 percent increase compared to the same period last year. In Europe, the Middle East, and Africa (EMEA), the figure reached USD 55 billion, a 41 percent increase. In Asia, it stood at USD 36 billion, up by 20 percent. He said that investing in data centers and modern office spaces has become a priority driven by the rise of artificial intelligence, but warned that this opportunity is time-sensitive and must be seized wisely. For his part, CapitaLand Investment Group CEO Chee Koon Lee said that regional integration among Arabian Gulf countries is a key attraction, noting that tourists often travel between Qatar, Saudi Arabia, and Dubai as a single destination. Lee also stressed that the real estate environment in the Gulf, especially in terms of safety, quality of education, and infrastructure, constitutes a long-term draw. He added that Gulf nations possess advanced digital infrastructure.
Time Out
21-05-2025
- Business
- Time Out
Hudson Yards could get 4,000 affordable housing units in place of that failed casino
The dice are off the table: Related Companies and Wynn Resorts have officially folded on their controversial Hudson Yards casino bid, clearing the way for a massive housing development that could reshape Manhattan's West Side. Originally pitched as 'Hudson Yards West,' the $12 billion proposal called for three new towers, including a Wynn-run casino, hotel, and 80-story residential skyscraper. But after fierce opposition from elected officials, community boards, and preservation groups like Friends of the High Line, Wynn bailed on the gaming license, and Related pivoted hard. Instead of slot machines and high rollers, the site will now feature 4,000 new apartments, including 400 affordable units, along with a sprawling 6.6-acre park dubbed 'Hudson Green.' The open space, which would rival Bryant Park in scale, promises lawns, gardens and playgrounds stretching from West 30th to 33rd Streets, west of 11th Avenue. This casino proposal did not meet the high bar of community support that such a consequential project demands,' said Councilmember Erik Bottcher, who brokered the new deal and confirmed the casino was dead, in a statement. 'I have always said that any development of this scale must put the needs of New Yorkers first—and that means housing.' While the original proposal only included 324 affordable units, the revised plan bumps that number up and replaces a planned 1,400-foot office tower with two residential buildings. A new office tower, possibly with hotel space, will rise where the casino was once slated. Alan van Capelle, executive director of Friends of the High Line, previously among the project's loudest critics, offered cautious support: 'The latest plans appear to address many of our concerns. However, the devil is in the details.' A zoning vote is set for Thursday, and full Council approval is expected on May 28. If passed, the development could be shovel-ready by 2026, assuming no further delays in platform construction over the 13-acre active rail yard. Jay-Z's Times Square Caesars Palace and Steve Cohen's 'Metropolitan Park' next to Citi Field
Bloomberg
21-05-2025
- Business
- Bloomberg
Property Powerhouses on Growth, Demand & What's Next
H.E. Abdullah bin Hamad bin Abdullah Al-Attiya, Minister of Municipality, State of Qatar & Chairman, Qatari Diar Real Estate Investment Company; Jeff T. Blau, CEO, Related Companies; and Chee Koon Lee, Group CEO, CapitaLand Investment Ltd. discuss global real estate horizons and how the sector is adapting to shifting demand and new growth opportunities with Bloomberg's Jennifer Zabasajja at the 2025 Qatar Economic Forum, Powered by Bloomberg. (Source: Bloomberg)
Yahoo
21-05-2025
- Business
- Yahoo
Wynn Resorts, Limited (WYNN) Drops Bid for New York City Casino License
Wynn Resorts, Limited (NASDAQ:WYNN) has decided to withdraw its bid for a casino license in New York. The company, a publicly traded hospitality and gaming firm based in Paradise, Nevada, announced that the ongoing rezoning process revealed more effective ways to allocate its capital. Wynn Resorts, Limited (NASDAQ:WYNN) had joined forces with Related Companies to propose a luxury casino resort in Manhattan's upscale Hudson Yards, an area already known for its high-end retail and dining. This marks the second major casino operator to abandon efforts to secure a New York gaming license this spring. In April, Las Vegas Sands revealed during its first-quarter earnings call that it would no longer pursue its proposed site at the Nassau Coliseum on Long Island, citing concerns over potential competition if New York were to legalize online casino gaming (iGaming). Behind the scenes, executives from several casino companies have voiced frustration with the licensing process, describing it as politically charged, costly, and subject to repeated delays, with little transparency or focus on the actual strength of the proposals. Wynn Resorts, Limited (NASDAQ:WYNN) stated that it plans to redirect its capital toward stock repurchases and ongoing as well as future development projects. Among these is the construction of the first casino resort in the Middle East, located in the United Arab Emirates. The company stated the following in its statement: "The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers." Wynn Resorts, Limited (NASDAQ:WYNN) has delivered an over 15% return since the start of 2025. While we acknowledge the potential of WYNN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WYNN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure. None.
