Stuyvesant Town One-off

Details of the $5.3 billion sale of Stuyvesant Town – Peter Cooper Village to Blackstone Group were released this week, including a report this morning that the City will support Blackstone’s bid to transfer 700,000 square of air rights off site. The deal also includes a $144 million city loan and relief from about $77 million in mortgage recording taxes in exchange for keeping 4500 of the 11,200 units to families of three making about $128,000 a year….or a two bedroom for about $3,200.  The full regulatory agreement has not been published yet, but appears to be another case of the de Blasio administration negotiating a one-off plan.

The State Court of Appeals tried to define trivial this week, giving property owners some direction in defending against slip and fall cases. Bring a ruler and sharp photographs to Court or go home seemed to be the message in Hutchinson v. Sheridan Hill House Corp. and two other tripping cases where the issue was if the hazards were significant enough that the owner should have seen and corrected them.

Airbnb is upset that the City Council is holding a hearing next week on a bill that would triple the minimum fine for renting a class A apartment for less than 30 days to at least $10,000 and up to $50,000. The company is concerned that poor people renting out their apartments could be bankrupted, but sponsors pointed out that the bill is targeted at landlords.

One bedrooms are on the rise nationally and in the Northeast according to an NAHB analysis of multifamily construction trends. The percentage of one bedroom units in new buildings is up to 42 percent, from 29 percent ten years ago, while the percentage of two bedrooms declined from  69 to 53.

Join us Thursday, November 12th, from 9 to 11 a.m. at the CUNY Graduate Center, 365 Fifth Avenue, for a seminar on the “Ins and Outs of Construction Issues at Adjoining Properties.” This seminar will address the various issues arising from construction activity occurring in adjoining properties from the perspective of both the owner performing construction and the owner of the adjoining property. Topics will include negotiating license agreements, seeking enforcement of agreements, code compliance, and insurance. Free for members. $50 for non-members RSVP: Call the CHIP® office and ask for John or email

Attendees at NAHB’s International Builders Show in Las Vegas in January can enter a lottery for tickets to a Presidential Candidates Forum on housing issues, set for the evening of January 20th.

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