Related Federal Loan Research For Hudson Yards


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– Related Companies, led by Trump supporter Stephen Ross, research a cheap federal loan to build the second half of its Hudson Yards mega-development.

– Lower Manhattan landlord sues Blasio administration on its plans to curb hotel development in an area just south of Union Square.

– Blasio administration refuses to support city council legislation to expand the number of city-funded attorneys for tenants in the housing court, in light of budget uncertainty in Albany.

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ON THE TRACK – A Trump ally to seek a cheap federal loan to build the second half of Hudson Yards, by Dana Rubinstein of POLITICO: Related Companies, the real estate company run by President Donald Trump supporter Stephen Ross has signed a deal with Amtrak to secure a cheap federal loan for the second half of Hudson Yards – the lavish town in the developer town of the West Side of Manhattan. . The company and Amtrak are set to file a low-cost debt request of more than $ 1 billion with the federal Department of Transportation to help fund a platform above the West Side rail yard. The platform would support the second half of a skyscraper city so golden some call it Manhattan’s Little Dubai. On February 11, Related Hudson Yards chairman Jay Cross and Amtrak COO Stephen Gardner signed an agreement to continue the loan, according to details acquired by POLITICO. If successful, the deal could pave the way for Related to begin construction on the second phase of Hudson Yards – several new skyscrapers bounded by 11th and 12th Avenues, 30th and 33rd Streets. Amtrak must co-sign the loan application because the federal funding pool requires the participation of a railroad.

TAX TALKS – “A New York problem which unites the owners and the NAACP”, by J. David Goodman of the New York Times: “… Changing the city’s property tax formula would require approval first from the mayor and city council, and ultimately from the state legislature and Governor Andrew M. Cuomo. While many of these lawmakers have said they generally support the notion of a fairer property tax system, few seem keen to deal with the potential fallout from taxing changes. The forces behind the 2017 trial, which is still ongoing, say political realities suggest the report will not directly lead to changes in the property tax system; they believe the only way to force change is through trial. “The reason for the litigation is that the political will to do it doesn’t exist,” said John Gallagher, spokesperson for the group known as Tax Equity Now New York.

FIGHT FOR LAND USE – The owner of the building is suing the city for the extension of the special hotel permit, by POLITICO ‘Janaki Chadha: A hotel developer is suing the Blasio administration over proposed zoning changes that would restrict hotel construction just south of Union Square. The town planning department put forward a plan last year to require hotel builders in the area to obtain a special permit for each project, broadening the scope of a policy that has long been promoted by the union. politically influential hotel workers since each new development would need the approval of the union-friendly city council. A lawsuit filed in the State Supreme Court on Monday by Morris Kalimian of ELK Investors alleges the city failed to conduct a proper environmental review of the Union Square proposal, which is currently underway in the city ​​land use review process. By expanding the special hotel permit in a piecemeal fashion, the lawsuit alleges the city is bypassing a city-wide comprehensive environmental review that would show the far-reaching impacts of the policy.

NOT SO QUICKLY – Mayor’s office ready to expand tenant lawyers law it touted, by Janaki: Blasio’s administration did not back on Monday popular city council legislation that would expand legal representation for tenants facing eviction, citing budget uncertainty in Albany. Council members Mark Levine and Vanessa Gibson advocate for measure that would expand the city’s “Right to a Lawyer” Act, 2017, which requires the city to provide lawyers to low-income tenants in eviction cases . The current law applies to people earning less than 200% of the federal poverty line, or $ 43,440 for a family of three. Introduction 1104-2018 would raise the income threshold to 400% of the federal poverty level and extend the law beyond the municipal housing court to other hearings and hearings where eviction cases sometimes occur.

HOUSEKEEPING – “Eviction Drop Fuels Push to Expand Free Housing Help for Low-Income NYC Tenants”, by Yoav Gonen of THE CITY: “Evictions fell nearly 20% last year in neighborhoods where low-income tenants received free city-funded legal services, according to a new analysis. The reduction came in 20 postcodes targeted by the city’s Right to Lawyer Act 2017, which is expected to expand free legal services from housing courts throughout the city by 2022. In the first two Years of the program, evictions in covered neighborhoods fell 29% – from 4,355 to 3,105, according to analysis from the nonprofit Community Service Society. Evictions have declined citywide by around 18% over the same period – to around 16,200, according to the analysis. ”

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ON THE MARKET – “Is the price right? CBS is asking over $ 1 billion for the Sixth Ave headquarters”, by Rich Bockmann of The Real Deal: “CBS is looking to reach $ 1 billion for its Eero Saarinen-designed headquarters on Sixth Avenue, aptly dubbed Black Rock. The broadcaster, which merged with Viacom late last year in a $ 25 billion deal, announced in December that the company would seek to sell the 52-story black granite skyscraper located at 51 West 52nd Street, but pricing expectations weren’t known at the time. The process of commercializing the tower recently began, sources at The Real Deal told ViacomCBS and its brokerage team at CBRE envisioning a figure above $ 1 billion.

BIG DEAL – “Apple signs lease in New York for office space near Madison Square Garden”, by Lois Weiss of the New York Post: “Goodbye Macy’s, hello Apple. Apple will move between the 11th and 14th floors of the Art Deco building and have additional options for the 9th floor, sources said about the deal, which The Post first announced would arrive in. January. The downtown Manhattan building sits along the entire East Street front along Seventh Avenue between West 31st and 32nd Streets, at the corner of Madison Square Garden and the Penn Station Rail Center. The agreement is made directly with the owner of the Vornado Realty Trust building for a portion of the floors currently leased by Macy’s.

LABOR FIGHT – “Territory Wars: Union Fighting Open Store Learning Program”, by Kathryn Brenzel of The Real Deal: “Construction unions have long argued that their apprenticeship system produces better-trained workers than non-union workshops. But now a New York construction union is fighting the efforts of a group of open workshops to replicate the way unions train their members. The Territory Wars ended the New York chapter of the Associated Builders and Contractors request to certify an apprenticeship program to train carpenters, laborers, ironworkers, sheet metal workers and other trades people. The city’s workers’ union, Local 79, is asking the state Department of Labor commissioner Roberta Reardon to deny the request.

– “Cine Magic production studio expands in Long Island City”, by The New York Post Steve cuozzo

– “Multi-family owner runs for Nassau County Town Hall”, for The real deal Georgia Kromrei

– “Co-living business The Collective moves to the penthouse in Soho”, by The New York Post Steve cuozzo

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