What is the air worth? An average of $181 per square foot, according to a Furman Institute study of arms length air right sales in the five boroughs. Seventy percent of the transactions were for less than 20,000 square feet, and were accomplished by zoning lot mergers rather than the vaunted sale of landmark or special district rights — perhaps demonstrating the complexity of those deals that make them less attractive. Prices varied widely, thought Manhattan averages were higher. Even mid-Manhattan sales had a wide range, from well under $100 per foot to almost $700.
Dogs may be a lawyer’s best friend. The New York Law Journal (subscription required) this week highlighted two decisions on service animals that will keep heads scratching and property owners litigating. In Kovalevich vs. Rhea, a State Supreme Court judge ruled that a Housing Authority tenant could keep her Pit Bull service animal even though it bit another tenant. The Authority wasn’t protesting the tenant’s need for an emotional companion, just wanted her to get a tame one. The judge said a leash and muzzle would suffice. In Housing Court, however, a judge ruled for a co-op that wanted a tenant to get rid of her dog which they said violated their no pets policy. In East River Housing Corp. vs. Aaron, the court found that the doctor’s testimony saying that the dog helped the tenant cope with her problems didn’t say she required it.
Mayor Bloomberg this week signed legislation creating the SOHO Business Improvement District, the City’s 68th local tax district for the provision of sanitation and snow removal services, pedestrian and public safety services, capital improvement projects , and neighborhood marketing. There are 130 retail business in the district between Houston and Canal Streets.
Join ABO members and other industry leaders at the Massey Knakal MultiFamily Summit November 20th and 21st. Use the code MP-25ABOGNY for a 25 percent discount. http://mkmultifamilysummit.com/