Will the City Council say yes to the City of Yes?
Last Thursday, City Council Speaker Adrienne Adams said the Council was still figuring out what to do with the City of Yes for Housing Opportunity.
“It’s complicated,” she said when I asked her on Thursday about the status of the negotiations. “We are working through a range of concerns that we heard from a 14-hour hearing, and we are still putting that all together.”
She went on to say that the City Council is working to incorporate its own plan, City for All, alongside the text amendment. She pointed to ensuring affordability for renters and homeowners, and mentioned the Council’s call for more capital investments in infrastructure to help accommodate City of Yes’ new housing.
We can probably expect talks to continue up until the zoning subcommittee votes on Thursday.
Based on the speaker’s comments, and the number of times this issue came up during the October hearing, the Council seems eager to add affordability requirements to transit-oriented and “town center” developments, which respectively allow three- to five-story apartment buildings near transit and two- to four-stories of housing above businesses in low-density commercial districts.
The big question is how far the Council will go to appease other concerns, including how eliminating parking minimums for new residential projects will affect transit deserts. The Council could keep parking requirements in some neighborhoods and make other concessions, such as take out provisions that legalize accessory dwelling units.
The text amendment is expected to go to a full City Council vote on Dec. 4.
What we’re thinking about: How much of an effect will the vote on City of Yes for Housing Opportunity have on the re-election chances of City Council members next year? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The three types of tears are: basal, which keep your eyes moist; reflexive, which kick in to protect against irritants such as dust; and emotional, the kind that start flowing during basically any Pixar animated short. This New York Times story gets into the different reasons humans cry.
Elsewhere in New York…
— New York officials on Monday announced that the city, and 10 other counties, are now under a drought warning, Gothamist reports. The change means that local and state governments must implement water-use restrictions, though those do not apply to the public. The rest of the state is under a drought watch.
— The board of the MTA on Monday approved the updated congestion pricing plan, the New York Times reports. The program is expected to go into effect in January.
— The Diocese of Brooklyn has relieved a pastor of his duties after finding that he provided nearly $2 million in unauthorized loans to entities owned by Frank Carone, former chief of staff to Mayor Eric Adams, the New York Daily News reports. The diocese started investigating Monsignor Jamie Gigantiello after he permitted singer Sabrina Carpenter to film a music video in his church.
Closing Time
Residential: The priciest residential sale Monday was for a condo unit for $7.9 million at 100 11th Avenue, the Nouvel Chelsea building in Manhattan. The unit is nearly 9,500-square-feet with seven bedrooms. Serhant’s Talia McKinney Team is the listing broker on the transaction; the unit was marked down from a listing price of $12 million.
Commercial: The largest commercial sale of the day was $59.8 million for 232 West 29th Street. Private Equity firm Prospect Ridge bought the Holiday Inn Express from KSL Capital Partners.
New to the Market: The highest price for a residential property hitting the market was $19.9 million for a co-op unit at 211 Central Park West. The unit is 6,000-square-feet and located at The Beresford. Sloane Square NYC’s Vivian Fisher has the listing. Breaking Ground: The largest new building application filed was for a 42,219-square-foot, eight-story residential building at 32 Skillman Street in Brooklyn. Architect Daniel Condatore was the applicant on file. — Joseph Jungermann