Four neighborhood rezonings down, one more to go.
The City Council on Wednesday approved the Jamaica rezoning, which is projected to net nearly 12,000 apartments.
It also reached a deal on the Long Island City rezoning. The Adams administration pledged more than $1.5 billion in various investments to secure the local Council member’s approval. That rezoning, which must go back to City Planning for review before going to a full City Council vote, is expected to result in 14,700 apartments.
The commitments made in these rezonings will be the purview of the next mayor, of course. As will those made as part of the other three neighborhood rezonings approved during the Adams administration.
The power dynamics around such rezonings may change considerably next year as well if three housing-related ballot proposals are approved. In a world where these rezonings are still pending and the ballot measures are approved, only one of the three questions would apply to these neighborhood rezonings. That measure would create a three-member appeals board that could reverse the City Council’s rejection of a land-use action.
Council leaders argue that this removes the chamber’s ability to fight for the types of investments and concessions won as a condition of approval of rezonings like the ones in LIC and Jamaica. The board doesn’t bar the Council from pushing for investments. The board could arguably decrease the Council’s leverage in negotiations over investments because the Council members couldn’t dangle rejection of a rezoning as effectively. At the same time, an administration that wants to have a good relationship with Council members is not just going to outright dismiss demands for funding to improve their districts. We will probably never know if the final version of these rezonings would look the same if the appeals board were in existence.
On Wednesday, the City Council also approved the redevelopment of the Kingsbridge Armory, a plan that calls for a 17,000-seat arena and the demolition of two buildings used by the state National Guard to make way for a new 16-story building that will net 500 affordable housing units.
What we’re thinking about: Are you going to the “United for NYC” fundraiser for Andrew Cuomo on Thursday? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The City Council’s Committee on Consumer and Worker Protection will hold a hearing on Thursday on a bill introduced after the deadly shooting at 345 Park Avenue in July. The Aland Etienne Safety and Security Act, named for one of the security guards killed, would set minimum wage and benefits for non-government security guards.
During a press conference on Wednesday, City Council Speaker Adrienne Adams, one of the bill’s sponsors, said she expects the bill to pass.
“The cost of living for folks who would literally die for you and me needs to be addressed,” she said.
The Real Estate Board of New York believes the measure undermines wage negotiations between the Realty Advisory Board on Labor Relations and 32BJ SEIU and that the city’s ability to set minimum wages is preempted by state law.
Elsewhere in New York…
— MTA Chair Janno Lieber estimates that the cost of Democratic mayoral nominee Zohran Mamdani’s pledge to make city buses free would cost $1 billion, Gothamist reports. Lieber told reporters on Wednesday that in the coming years, assuming the MTA cracked down on fare evasion, the agency would need to make up for $1 billion in lost revenue. Lieber also said the policy could add costs for the additional buses and depots that would be needed to accommodate higher demand.
— My colleague Lilah Burke reports that Joseph Chetrit was indicted on Wednesday on felony charges of tenant harassment.
Closing Time
Residential: The top residential deal recorded Wednesday was $20.1 million for a 4,492-square-foot, sponsor-sale condominium unit at 111 West 57th Street in the Plaza District. The Field Team at Sotheby’s International Realty had the listing.
Commercial: The top commercial deal recorded was $26.4 million for a 5,612-square-foot vacant lot at 140 Fulton Street in FiDi. Bank Hapoalim sold the property after taking it over with 142 Fulton Street in July for $36.9 million. The new buyer was Rivington Company.
New to the Market: The highest price for a residential property hitting the market was $20 million for a 4,300-square-foot co-op at 990 Fifth Avenue on the Upper East Side. Christine Miller Martin, Kimberly Church and Hunter Hulshizer from Compass have the listing.
Breaking Ground: The largest new building permit filed was for a proposed 10,383-square-foot, four-story residential building at 1013 Adee Avenue in Bronxwood. Jakov Saric filed the permit on behalf of Alex Stanaj.
— Matthew Elo
