City's Most Awesome Tax Breaks Clustered in Richest Areas

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Surprise! The vast majority of residential buildings that get the city's lavish 421a property tax breaks are located in the wealthiest districts.

So says a map provided by the Independent Budget Office. Per the IBO, in all, the tax breaks cost the city $1 billion a year in uncollected revenue. More than 150,000 units of housing get the break.

The 421a law exempts certain residential buildings for terms of 10 to 25 years. The payoff is that the developer often has to build affordable housing, either into the development or elsewhere.

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Queens Official Responds to the Voice Over Plan to Officially Change Long Island City's Name to 'LIC'

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Google Images
Original Post: We get it, but the term 'Long Island' shouldn't carry this much of a stigma. Because it doesn't make any sense whatsoever.

Over the weekend, the Post reported that the powers that be in Queen's newest "New Williamsburg" are a bit ticked off by the fact that Long Island City . . . is called Long Island City. With more and more business on its way to the up-and-coming tech-centric neighborhood, business owners and officials have complained that the name hints to visitors who are unable to search on Google that Long Island City is nowhere near Manhattan.

Side note: Long Island City is one of the closest neighborhoods to the island fortress.

And, because of this, the municipality is losing money -- one hotel owner said 5 percent (give or take) of the hospitality business there is lost to misidentification. So, the proposal: change Long Island City officially to "LIC" -- it's three letters, it's hip, it's catchy and, hey, who doesn't love a good real estate nickname change? ProCro, TriBeCa, DUMBO -- why not LIC?

Well, you can't really change the name of a neighborhood through City Hall. Those aforementioned nicknames are started by hasty brokers and then filtered into the public sphere via Robert De Niro or the way-too-trendy. That means that Long Island City is here to stay; you can call it "LIC" to your clients on the phone. Or just tell them to buy a map before they come.

[UPDATE, February 21st, 4pm]

Rob MacKay, an official at the Queens Economic Development Corporation, responds to the Voice's original post after the jump.


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Why Oligarchs Need Not Despair About Those Dirt Cheap Manhattan Rents

Categories: Real Estate

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Manhattan rents declined for a fifth straight month in January! "Renting in Manhattan may not be out of reach, after all," reports today's New York Business Journal. "Renters who have given up the dream of an affordable Manhattan apartment may have a second chance," concurs the Wall Street Journal's Josh Barbanel. "The sizzle is coming out of Manhattan and Brooklyn's rental market" is the assessment of the New York Daily News.

The average rental in New York in January cost its lucky tenant a mere $3,794 a month. Would you believe that is actually less than the gross monthly income before taxes of the median American household? And at $2,663 the average Manhattan studio is so obscenely affordable that a minimum wage earner will only have to work 74 hours a week to cover the rent if Robespierre Hussein Obama succeeds at strongarming Congress into going along with his $9 minimum wage. Shit's gotten so freaking "affordable" in the Upper East that leading slumlord Steve Croman is converting a 20,000 square foot apartment building he owns on 72nd into a single family home for his household of five and perhaps a few privileged servants.

But don't throw in the towel yet, landlords/speculators/tax shelterers/etc. Obama has a big treat coming your way, he just had to couch it in the usual PC loser lingo of liberating huddled masses etc. "Comprehensive Immigration reform"...turns out to be code for "giving out permanent visas to anyone anywhere who can cough up a half million dollars cash on a cockamamie property venture."

Tens of thousands of foreigners have gotten green cards in exchange for ill-advised property ventures since the 2008 crisis under the EB-5 visa program, which awarded a record 7,641 EB0-visas last year.

But while 23 years old, the EB-5 program is supposed to be temporary, and you know what kind of existential torment that kind of "uncertainty" inflicts upon the oligarchs! This is why President Obama last week not only went out of his way to assure an audience of real estate speculators gathered in Las Vegas that he was dedicated to making permanent the Visas-For-Condominiums regime, he's been working with the legislative branch on a pilot program to lower the price of a visa to $100,000 for "entrepreneurs" who promise to hire employees of their own within a year.

All of which raises the question of what the hell all those Chinese and Thai sucker-entrepreneurs are expecting to do with their high priced green cards. I think the implication of this story is that they often find employment as valets and concierge staffers at the very developments they are financing? Which if I know anything about real estate developers pays just enough to cover the rent...

Trinity Church Has Its Way With Planning Commission Approval of Hudson Square Rezoning

Categories: Real Estate

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Trinity Real Estate
Trinity Real Estate's map of its holdlings in the Hudson Square area.
As we wrote in December's cover story More Money Than God, Trinity Wall Street is a lot more than just a church -- it's a real estate company sitting on something like $1 billion dollars in New York property -- a dual role that sometimes brings it into conflict with its neighbors.

Now it appears that Trinity's real estate holdings are about to become even more valuable, and once again critics say the church's pursuit of profit is coming at a high price. Yesterday the City Planning Commission approved a contentious rezoning proposal brought by Trinity for Manhattan's Hudson Square neighborhood, where Trinity owns some 40 percent of the buildings.

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In the Future, All Our Apartments Will Have Magical Folding Furniture

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When I first started apartment hunting in New York, a dear friend warned me that it wasn't possible to find a place in Manhattan with cheap rent, decent closet space, and privacy. (He was right. I moved to Brooklyn.)

Everyone who lives in this city has had a similar experience, and many of them have settled for paying exorbitant rents on studio apartments in the East Village. But! One man in SoHo has figured out how to solve the space conundrum with magical folding furniture (see the link for a video). Manhattanites, rejoice, for in the future, your single-room apartments will be able to transform into ten (twenty? thirty?) different setups, including a fancy dining room!

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The Domino Sugar Factory Deal: $160 Million and a Waterfront View

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The Domino Sugar Factory: the closest thing we have to Willy Wonka in Williamsburg
If you've ever drove/ran/biked across the Williamsburg Bridge, you have probably seen the Domino Sugar factory. 

The pre-Civil-War industrial building used to be the largest sugar refinery in the world; now, its worn-down streaks are covered with bright graffiti and its drabness is reminiscent of some weird byproduct of the Industrial Revolution from a Charles Dickens's novel. And it might be the newest property to be chewed up by an ever-expanding Waterfront.

According to the New York Daily News, a DUMBO company called Two Trees Management Group - known for its emphasis on the start-up tech scene in the Brooklyn enclave - might be buying the property for $160 million in a deal that blows the hinges off the Williamsburg craze.

What's better than one towering condo on the East River? 

(Here's the answer: many, many more).
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Weathermen Bomb Factory Can Be Yours for $11 Million

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We're not sure how we didn't notice this before, but the building that housed a clandestine Weather Underground bomb factory, located at 18 West 11th Street, is now on the market for some $11 million. (Thanks to our man Sietsema, for bringing this to our attention!)

The quiet, tree-lined street in the heart of Greenwich Village -- which Mark Twain and Thornton Wilder once called home -- was thrust into international spotlight on March 6, 1970, when an accidental detonation of dynamite killed three Weathermen: Theodore Gold, Diana Oughton, and Terry Robbins. Subsequent F.B.I. reports indicate that had the rest of the dynamite detonated, there would have been enough T.N.T. present to raze the entire block.

Kathy Boudin and Cathlyn Wilkerson, who also spearheaded The Weather Underground's revolutionary activities, survived and immediately fled the scene. They were on the lam for more than 10 years before being captured by cops, according to media accounts of the incident.

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Brooklyn Heights House Where Truman Capote Wrote His Breakfast Sells

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Well, there goes your dream of living like Truman Capote, or at least in his former dwelling. The Brooklyn Heights home where Capote wrote his novella Breakfast at Tiffany's sold for about $12 million, an amount that constitutes what the Daily News calls the "highest price for a single-family home in borough history." Holly Golightly must be impressed.

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City Looks to Sell Three Lower Manhattan Properties; Scott Stringer Says He Has the Power To Stop It

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As part of his State of the City speech yesterday, Mayor Mike Bloomberg -- in a discussion about revenue -- said the city plans to sell three Lower Manhattan properties. It was just a few sentences, but it gave Manhattan Borough President Scott Stringer a chance today to remind us all that his position, often seen as somewhat nebulous, does in fact matter.

Bloomberg broke the news while discussing how he would finance the many initiatives he outlined in his speech. He said that this year he will put up for sale three city-owned buildings (22 Reade Street, 49-51 Chambers Street, and 346 Broadway), which he anticipates will bring more than $100 million next year for the capital budget, $100 million in private sector tax revenue, and cost savings over the next 20 years. The properties are currently occupied by city agencies, including Corrections, City Planning, Parks and also Community Board 1, all of which would be relocated.

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Following Private Patti Smith Concert for Developers, a Flash Mob Is Planned at the Chelsea Hotel in Support of Tenants [Updated]

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via @maydersen
Last night Patti Smith was at the beleaguered Chelsea Hotel, playing what appears to have been a new-hotel-management-planned event to which tenants were not invited, but the architect and others were. New hotel management, for the record, is King & Grove, "a new lifestyle hotel brand defined by modern luxury with eclectic influences" (the photo at right is from last night's event). Tonight, Smith is scheduled to perform for the tenants, a move evoking a flurry of criticism from none other than her intended audience. "It's like a chocolate-covered cow pie," said Arthur Nash, 39, an archivist and writer who has lived at the hotel since 2005, to the New York Times. "It's momentarily sweet, but then you get right back to the cow pie."

Smith has outlined the reasons for her involvement on her website, but her performance at the apparent behest of new hotel management does seem a hard pill to swallow. As Jeremiah's Vanishing New York puts it, it's still "hard to accept that Patti Smith is working with the developers who are gut renovating the Chelsea and evicting its tenants."

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