A
group of neighbors, known as Housing Not Highrises, has opposed Apex Development Group's plan to construct two 13-story buildings at 441 and 467 Prospect Avenue. The buildings would have a total of 244 apartments, with 61 to 73 of them being affordable under the city's Mandatory Inclusionary Housing law. The sites currently house one- and two-story industrial buildings and a parking lot, which are owned by Arrow Linen Supply Company. The company needs to change the zoning from R5B to R7-1 in order to increase the allowable maximum floor area ratio for residential space from 1.35 to 4.6 (with MIH).
Housing Not Highrises has criticized the plan for providing only the "bare minimum" of affordable housing. They have proposed two seven- to nine-story buildings with 250 affordable units instead. However, their plan was not accepted by the owner and developer. The group has now filed a petition in state court, alleging that the Department of City Planning did not adequately account for the potential effects of the City of Yes for Housing Opportunity text amendment.
The City of Yes allows buildings in R7-1 districts to have an FAR of 5, and with the Universal Affordability Preference, they can rise up to 194 feet. For this project, this translates to a potential FAR increase of 0.41 and an additional 59 feet of height.
Housing Not Highrises has argued that pausing the land use review process until after the City of Yes for Housing Opportunity is complete would allow the community to comment on what can actually be built, rather than speculating about potential changes.
However, a Brooklyn judge ruled on Friday that the land use review process can continue for now. The Community Board 7's hearing on the proposal is scheduled for Monday night, and Housing Not Highrises' legal challenge is still pending. A hearing on its petition is scheduled for November.
Arrow Linen's spokesperson has stated that Housing Not Highrises has no interest in seeing any housing built and wants to maintain the status quo, which has only exacerbated the housing crisis for families and others who wish to live in the community.
If the project's opponents win their challenge, it could have implications for other land-use applications. Howard Slatkin, executive director of the Citizens Housing and Planning Council, has compared it to shutting down an entire train line for track repairs. A citywide zoning change could halt the city's land use process.
"That premise is quite insidious because it's not just a way to slow down this project, but it makes it pretty much impossible to update the zoning citywide," Slatkin said. "You walk and chew gum in order to keep the city running," he added.
As for Eli Karp, three of his Hello Brooklyn developments ended up in foreclosure proceedings. It remains to be seen what will happen next for him.
In other news, a Manhattan judge delayed sentencing in former President Donald Trump's hush money trial until after the upcoming election. The judge explained that this decision was made to avoid any appearance that the proceedings could affect the approaching presidential election in which Trump is a candidate.
About 900 people showed up to a recent running club outing in Washington Square Park. The Lunge Run Club, which doubles as a matchmaker, asked singles to wear black to signal their availability.
In residential real estate news, the priciest residential sale on Friday was $7.9 million for a 3,122-square-foot condominium at 225 West 86th Street on the Upper West Side. Maya Kadouri of Douglas Elliman had the listing.
In commercial real estate news, the largest commercial sale of the day was $29 million for two lots at 1482 and 1484 First Avenue on the Upper East Side. The combined properties have nine total units and 20,700 square feet. Alchemy-ABR Investment Partners plans a development there.
The highest price for a residential property hitting the market was $19.5 million for a 11,638-square-foot townhouse at 123 East 35th Street in Murray Hill. Adam D. Modlin and Andrew Nierenberg of The Modlin Group have the listing.
The largest new building application filed was for a proposed 11,728-square-foot, four-story residential building at 18 28th Avenue in Gravesend. Shiming Tam of S M Tam Architect filed the permit.
realestate
Brooklyn Project Hits a Snag: City of Yes Says "No
"Apex Development Group's proposal to construct two 13-story buildings at 441 and 467 Prospect Avenue has sparked controversy among residents. While some see it as an opportunity for affordable housing, others argue it could negatively impact the communit
Read More - realestate
realestate
Rockford Housing Market Gains Momentum with New Hispanic Real Estate Partnership
City leaders expect NAHREP to boost Hispanic homeownership rates.
Read More - realestate
realestate
Commercial Real Estate Forum Held by Southeastern Association
Sandoval Economic Alliance holds partner luncheon at Quezada's Comedy Club, focusing on commercial real estate.
Read More
realestate
Las Vegas' Leading Realtor Leslie Hoke Reveals Fall 2024 Market Insights
Las Vegas Homes By Leslie Continues Commitment to Lively Local Real Estate Market.