The next phase of Hudson Yards won’t have a casino, but could add up to 4,000 units of housing.
The City Council on Wednesday voted to approve changes to a 2009 rezoning of the Western Rail Yards, allowing for a development that could include up to 4,000 housing units, an office building, a hotel and a 6.6-acre public park.
The housing mix is not yet clear, though Related has indicated the units will primarily be rentals. On Tuesday, the Adams administration announced that the developer had committed to a minimum of 625 affordable apartments, up from 400. That pledge is likely driven by affordability requirements of the property tax break 485x.
The plan has undergone several changes since Related Companies filed an application to make the modifications. The biggest difference is a lack of a casino: Related and Wynn Resorts abandoned their bid for one of the three state licenses last month when it became clear that local Council member Erik Bottcher would not support it. Even if he had, the casino would have faced resistance from Sen. Liz Krueger, Assembly member Tony Simone and Manhattan Borough President Mark Levine in the next phase of approvals.
The City Council also approved a “home rule” message, allowing the state legislature to advance a bill needed by Bally’s to move forward with its proposal for a casino at Ferry Point in the Bronx. Bally’s needs the state to pass parkland alienation legislation that would allow part of the city-owned golf course to be used for its 3.1 million gaming complex.
Wednesday was the last day the Council could approve the “home rule message,” as the state legislative session ends this week. Casino applications are due later this month. Mayor Eric Adams issued a “Mayor’s Message” on Wednesday, which allowed the proposal to move forward with a simple majority approval, rather than the two-thirds typically required, according to Bloomberg.
Local Council member Kristy Marmorato urged members to vote against it, accusing the casino team of going around the local elected officials and the community.
“This isn’t just a bad proposal,” she said. “It has been a disgraceful process.”
A spokesperson for Bally’s defended the company’s work with members of the community.
“Since taking over operations at Bally’s Links, we have prioritized being a good neighbor and investing in our local community,” the spokesperson said in a statement. “We have spent the better part of two years hearing from and responding to our neighbors.”
What we’re thinking about: Are you an owner or broker trying to figure out how to comply with the FARE Act? Have you changed your rental marketing strategy? Is there an element to the law’s rollout that you think needs more attention? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The Brooklyn Marine Terminal is home to some decidedly non-maritime storage. Sure, there are refrigerated containers. But mountains of aggregate are also stored in the Red Hook Terminal, as well as junk cars and decades-old modular hotel units. According to the city’s Economic Development Corporation, only half, or 62 acres, of the terminal area is dedicated to maritime-dependent uses.
The city hopes to modernize the port and build some 7,700 housing units (2,695 of which would be affordable), along with commercial and light industrial space. That would take up roughly half of the terminal’s 122 acres. The other half will be the new, electrified piers, along with a new marginal pier for smaller and mid-sized ships.
Elsewhere in New York…
— With less than two weeks until the mayoral primary, former Gov. Andrew Cuomo is criticizing Assembly member Zohran Mamdani for his lack of management experience, Politico New York reports. “‘Hello, I’m applying for the job of the mayor of the City of New York.’ ‘OK, do you have management experience?’ ‘No.’ ‘Have you managed 100 people before?’ ‘No.’ ‘Have you managed 50 people before?’ ‘No, I have no management experience,’” Cuomo said during a campaign event in Harlem. “Zohran is proud not to have the experience of defunding the MTA, cutting Medicaid, empowering Republicans and resigning in disgrace after being credibly accused of serial sexual harassment,” Mamdani campaign spokesperson Andrew Epstein told Politico in response to Cuomo’s comments.
— If you saw multiple credit card charges for subway rides you didn’t take this week, you aren’t alone. Gothamist reports that some MTA riders saw multiple charges show up on their credit card statements for more trips than they actually took. The agency explained on its website: “If you use a Visa card for tap-and-go payments, you may have seen multiple authorization attempts on your card today. Please know you will be charged only for the correct number of trips.”
Closing Time
Residential: The top residential deal recorded Wednesday was $6.5 million for a co-op unit at 812 Fifth Avenue on the Upper East Side. Corcoran’s Bonnie Yaseen had the listing.
Commercial: The top commercial deal recorded was $12.3 million for a 42,750-square-foot development site at 175-05 Horace Harding Expressway in Fresh Meadows. St. John’s University sold the property to Heights Advisors. The buyer filed a zoning application for this property to build a 330,000-square-foot mixed-use development that will include 324 dwelling units (81 income-restricted).
New to the Market: The highest price for a residential property hitting the market was $17.8 million for a 3,576-square-foot condominium unit at 56 Leonard Street in Tribeca. Krista Nickols of Serhant has the listing.
Breaking Ground: The largest new building application filed was for a proposed 34,920-square-foot, eight-story, 64-unit residential property at 4212 Park Avenue in East Tremont. Nikolai Katz filed the permit on behalf of developer Joel Guttman.
— Matthew Elo
