T
he Brodsky Organization is pushing forward with plans to convert the Flatiron Building's vacant office space into high-end residential units, likely condos. To make this happen, they're seeking zoning approvals that would waive a rule requiring at least half of the building's floor area to be non-residential. The City of Yes for Housing Opportunity (COY-HO) plan, which the developer is referencing, eliminates these requirements altogether.

    However, during a recent City Planning Commission hearing, a representative for Brodsky expressed concerns about the project timeline being "sensitive" and hinted that they can't wait to see how the City Council modifies COY-HO. The commission is expected to vote on the text amendment this week, after which it's up to the council.

    The proposed conversion could create up to 60 apartments, but Brodsky plans to build only 39 units on the second through 22nd floors, with a maximum of two units per floor due to the building's unique floor plates. In other City of Yes news, the City Council recently held a hearing on Speaker Adrienne Adams' bill that would require a certain percentage of city subsidies to go towards homeownership projects.

    This got me thinking about COY-HO's proposal to legalize accessory dwelling units (ADUs), which can provide an additional income stream for homeowners or serve as a place for elderly relatives. A spokesperson for Adams pointed out her previous support for legalizing basement apartments, citing their potential to provide needed housing and opportunities for homeowners.

    The team handling Steve Cohen's plans to build a casino near Citi Field has initiated the city's land use review process for map amendments it needs. However, this would be moot if the state legislature doesn't pass parkland alienation legislation. The average length of environmental impact statements for new energy projects under the National Environmental Policy Act was 1,214 pages in 2023.

    In other news, the city's Department of Investigation is looking into Sheriff Anthony Miranda and his office, while City Health Commissioner Ashwin Vasan will step down early next year to spend more time with his family. Nassau County Rep. Anthony D'Esposito may have violated House ethics rules by hiring his fiancée's daughter and a woman he was having an affair with.

    Residential sales included a $18.5 million penthouse at 1295 Madison Avenue, while the largest commercial sale of the day was $40.5 million for 321 West 44th Street. A new penthouse unit at 1110 Park Avenue hit the market for $29 million.