More MCI Proof Required

DHCR’s latest Operational Bulletin 2017-1, Major Capital Improvements, Confirmation of Costs, indicates that multiple forms of proof of payment will now be required with all MCI applications, and large cash payments will have to be supported by bank withdrawal records.

Mayor de Blasio, Monday, signed legislation requiring energy scores to be posted in apartment buildings. Not only the industry questions the wisdom of the plan.

New York Yimby reported this week that multifamily construction applications stabilized at around 19,000 units in 2017, after two years of massive drops. But Cushman & Wakefield warned of a potential glut in new office space ahead.

It could all wash out if controversial new flood maps are right. The City and the Federal Emergency Management Agency are in critical discussions over where it is safe to build, and who will have to pay higher insurance costs. Short term, winners and losers will be negotiated. Long term, Mother Nature will decide.

How did RXR get shovels in the ground in New Rochelle in eleven months, after spending eleven years getting to the same point for a similar project in Glen Cove? Scott Rechler explained in a Real Deal interview this week, that also points to 6 million more square feet of potential development in New Rochelle that could be approved in 90 days from an application.

The scoop from NY1 this week is that Robert Cornegy  is likely to be named chairman of the NY City Council Housing Committee and Rafael Salamanca will chair Land Use.

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