Real Estate

1 Comment

$13 Million Synagogue Sale Threatened by Power Struggle of Biblical Proportions

The Home of the Sages property on Bialystoker Place. Photograph: J. Oliver Conroy.

A new lawsuit is only the latest sign of an epic power struggle within the Home of the Sages of Israel, a tiny Lower East Side synagogue. The house of worship’s nondescript and rundown building on Bialystoker Place has become the subject of a ferocious real estate battle between different factions, each claiming to be the synagogue’s lawful representative.

In a suit filed two weeks ago – only the latest in a mounting pile of litigation – members of the Orthodox Jewish synagogue’s small congregation allege that Rabbi Samuel Aschkenazi, “who despite his title, is not the rabbi for Home of the Sages,” is attempting to sell the property out from under them to real estate developer Peter Fine – and then split the $13 million profit with Friends of Mosdot Goor, a Gerer Hasidic group unconnected to the synagogue.

Keep Reading »

No Comments

Despite Rapid Development, Bushwick Community Plan Won’t Happen Until Next Year

Bushwick Rezoning? Watch Here at 10:00 TODAY!

City Limits’ publisher, Jarrett Murphy, interviewing New York City Councilman Antonio Reynoso on the proposed rezoning in Bushwick, Brooklyn.

Posted by City Limits on Thursday, May 25, 2017

When we last checked in with the Bushwick Community Plan that stakeholders are formulating for the rapidly gentrifying neighborhood, Antonio Reynoso and Rafael Espinal were hoping to introduce it to the City Council sometime this year. But it now looks like it won’t happen until the end of 2018, Reynoso said in an interview with City Limits.

“Through negotiations and the work that they’re doing, we’ve noticed that we’ve had to push the timeline back a year,” Reynoso told the site’s publisher, Jarrett Murphy.

Keep Reading »

No Comments

Westminster Cares? Tenants of Trump Son-in-Law Jared Kushner Say Not So Much

One of Jared Kushner's buildings, 118 East 4th Street, where tenants have taken legal action against their landlord (Photo courtesy of Streeteasy)

One of Jared Kushner’s buildings, 118 East 4th Street, where tenants have taken legal action against their landlord (Photo courtesy of Streeteasy)

After months of pleading with Westminster City Living to restore cooking gas and address a litany of repairs in her aging East Village tenement building, Jennifer Hengen and other members of the 118 East 4th Street tenant association had reached their breaking point. “It was like waiting for Godot,” she recalled.

Not only had the building’s real-estate management company, headed by Donald Trump’s son-in-law Jared Kushner, neglected to fix problems in her building, and many more across the neighborhood, but tenants felt as if the problems didn’t really matter to management. “We’re invisible to them because we’re not millionaires,” she said. “I just don’t think we’re taken very seriously– number one, because we’re not in one of the big, shiny buildings and, number two, because we are rent-stabilized.”

Keep Reading »

No Comments

New, Upscale ‘Industrial Arts Complex’ for Bushwick Artists in Search of ‘Dynamic’ Spaces

(Rendering courtesy of Mann Group)

(Rendering courtesy of Mann Group)

We’ve known about the impending “injection of luxury” slated for Bushwick– the three- and four-story types have been popping up for a while now, and emerging residential plans are starting to look more and more like the glassy condominium buildings and fancy new high-rises of the Williamsburg waterfront and Lower East Side. The neighborhood got its very first boutique hotel earlier this year and continues to see the development of fancy-dorm-like compounds, Colony 1209 for one. Hell, Bushwick’s even getting its very own “European Village” (although not everyone’s ready to welcome the newcomers’ plans to “interrupt” the current order).

Keep Reading »

No Comments

Hoping to Revive Affordable Housing Incentive, Cuomo Appeals to Developers

Protestors (Photo: Nicole Disser)

Affordable housing advocates protesting Brooklyn Real Estate Summit last fall, 421-a was among their many greivances (Photo: Nicole Disser)

After a week of “secret talks” with leadership from one of the state’s most powerful interest groups, details are emerging regarding Governor Cuomo’s first major steps toward reviving 421-a. The New York Times broke the news yesterday evening about the first sign of a turning point for the controversial billion-dollar, affordable-housing tax abatement that was allowed to expire in January.

Keep Reading »

No Comments

New Report Shows Housing Inventory’s Up, Brooklyn Rents Drop (Barely)

(Photo: Daniel Maurer)

(Photo: Daniel Maurer)

NYC real estate firm Douglas Elliman published a report this morning, showing that the development boom in New York City has had a significant impact on the real estate market. According to the report, the available housing stock has increased dramatically over the last year: the listing inventory for rentals in Brooklyn went up by 29.6 and just slightly more in Manhattan that saw a 30.3 percent increase in the last year.

Keep Reading »

No Comments

RIP Palisades, Long Live the Palisades Replacement

(Photo: Gustavo Ponce)

(Photo: Gustavo Ponce)

Last week, the possibility that New York City music fans feared the most became a reality: the space at 906 Broadway that since April 2014 had been known as Palisades– the DIY venue with a bar, shows almost every night of the week ranging from punk to noise and underground hip-hop, and Ariel Bitran, the co-owner/booker with a heart of gold and ears that were open to even the littlest of bands– had a “For Rent” sign placed in its window.

Keep Reading »

No Comments

With City’s Offer Expired, Sun Might Be Setting on Bushwick Inlet Park

(Photo: Matthew Caton)

(Photo: Matthew Caton)

After 60 days on the table, the city’s offer to pay the former CitiStorage site’s owner $100 million for the final parcel of the long-promised Bushwick Inlet Park has officially expired. With Norman Brodsky’s default rejection of the offer (less than half the $250 million he was hoping for) questions emerge as to whether the Williamsburg waterfront park—which was first promised in 2005 as part of a rezoning deal that allowed for more high-rise developments in the sought-after neighborhood—will ever be completely finished.

Keep Reading »

1 Comment

Report Says New York City Housing is Grossly Unaffordable; Sky is Blue

Tenants, many of them living in rent-stabilized units, rallying in Chinatown to protest construction as harassment in December (Photo by Nicole Disser)

Tenants, many of them living in rent-stabilized units, rallying in Chinatown to protest construction as harassment in December (Photo by Nicole Disser)

Given that New York City is a place where making “just” $70 to 92k a year can qualify you for affordable housing—thanks, Upper West Side condo developers—it makes sense that homeownership rates here are low. Just how low, however, is a little jarring. According to a new study published by NYU’s Furman Center and Citi, only 42 percent of homes sold on the market in 2014 were affordable even to those making as much as $114,000 a year.

Keep Reading »

No Comments

East Village Landlord’s Ice Cream Social Gets a Chilly Reception

Protestors yesterday at TK (Photo: Luisa Rollenhagen)

Protestors yesterday at TK (Photo: Luisa Rollenhagen)

It’s hard to imagine how anyone could get pissed off about ice cream. It’s pretty delicious stuff on its own, but when ice cream comes free, it’s capable of turning almost any New Yorker with a broken-AC situation into a sedated, softly smiling master of chill. But the tenants at 325 East 12th Street– owned by Brookhill Properties, a real estate company founded by notorious landlord Raphael Toledano, who’s currently under investigation by the State for tenant harassment– have been moved to a level of frustration that can’t be solved with tasty bribes. That’s why, when they started receiving invitations to attend an ice cream social bought and paid for by Brookhill, the tenants organized an ice cream protest.

Keep Reading »

No Comments

Sparkly New Condo Smells Funny? Find Out If It’s Industrial Poison With This Map

(Screenshot via ToxiCity map, Neighbors Allied for Good Growth and Pratt)

(Screenshot via ToxiCity map, Neighbors Allied for Good Growth and Pratt)

Depending on where you look, North Brooklyn is still replete with rusty reminders of its fairly recent manufacturing past, but as that history recedes farther off into the distance, pushed along by developers mining the cityscape for residential conversions (and now, slick new tech office space too), the memory of what stood there before is fading too. The area’s transformation has proceeded so quickly and dramatically that many new residents have no idea that they’re living next to an old pencil factory, or in some cases a Brownfield site.

Keep Reading »