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Quick Fix
— City Council Member Jimmy Van Bramer has come out against the current development plan for a swath of land on the Long Island City waterfront that includes the site once selected for the ill-fated Amazon deal.
— The de Blasio administration is postponing the city’s annual tax lien sale to September to give struggling property owners more time to address outstanding municipal debts.
— A new bill introduced by state Sen. Zellnor Myrie seeks to ban all eviction and foreclosure proceedings until at least one year after Gov. Andrew Cuomo lifts the current state of emergency.
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Policy and Politics
LAND USE FIGHT — "Van Bramer rips latest LIC development plan at old Amazon site," by Queens Daily Eagle's David Brand: “Five days after denouncing a major Astoria development plan, Councilmember Jimmy Van Bramer is ripping another large-scale project proposed for his Western Queens district, this time at the erstwhile Amazon site. In a letter to local anti-displacement groups, Van Bramer said he opposes the current plan to develop a 12 million-square-foot mixed-use complex at Anable Basin, the Long Island City location once designated for a new Amazon corporate campus. After Amazon backed out of the deal in 2019, a coalition of four developers stepped in and proposed a project that features various residential towers rising as high as 700 feet as well as parks and dedicated arts and entertainment spaces. Advocates have urged Van Bramer to reject the proposal, known as YourLIC, arguing that it would price out residents in the surrounding area. ‘There is no question that this project as proposed would cause rents to rise in the surrounding community,’ Van Bramer said in his letter.”
CAMPAIGN CASH — “Campaign Donations from Real Estate Lobby Drop Dramatically as Democrats Decline Them,” by Gotham Gazette’s Victor Porcelli: “In a few short years, real estate money has gone from the norm to 'toxic' in New York State Democratic politics, with many of those who once gladly accepted thousands of dollars from the industry now pledging to take none. While there are still exceptions — including notables such as Governor Andrew Cuomo and Brooklyn Borough President and 2021 mayoral candidate Eric Adams — the overall trend is reflected in the recent June primaries for seats in the state Legislature, where the main New York real estate lobbying group donated a fraction of what it has in past election cycles. The 2018 loss of the State Senate by Republicans, the latest campaign finance filings, and a growing list of Democratic candidates pledging to refuse donations with ties to real estate interests suggest the once-formidable Real Estate Board of New York, or REBNY, is in something of a political no man’s land.”
TAX TALKS — The de Blasio administration is postponing the city’s annual tax lien sale until September in an effort to help property owners struggling due to the coronavirus pandemic, the mayor announced Tuesday. The deadline for owners to pay outstanding municipal debts or enter into a payment agreement plan with the city to avoid the lien sale was originally May 14, and was then pushed back to August. City officials said further delaying the sale will give owners more time to work with the city to get off the list. “While New York City begins to rebound from the effects of COVID-19, many property owners continue to face serious financial challenges from the effect of the virus,” Department of Finance Commissioner Jacques Jiha said in a statement. “Postponing the sale allows property owners to better assess their situations and to apply for assistance or a payment plan, if necessary.”
LANDLORD WATCH — “Bill to nix evictions for a year after Covid-19 ends,” by The Real Deal’s Georgia Kromrei: “A Brooklyn senator introduced legislation that would place the most severe restrictions yet on evictions and foreclosures. New York state Sen. Zellnor Myrie’s bill would prevent all eviction and foreclosure filings for commercial and residential tenants until a year after any part of Gov. Andrew Cuomo’s statewide disaster emergency is still in place. That coverage period is longer than any other proposal on the table. In a dramatic departure from existing measures, the bill, called the Emergency Housing Stability and Tenant Displacement Prevention Act, would not require tenants to prove their eligibility for the protection. The bill would need to pass both the Senate and Assembly and be signed by the governor to become law.”
TALE OF TWO CITIES — “PPP loans favored wealthier city neighborhoods,” by Crain’s Brian Pascus: “ZIP code is destiny when it comes to the Paycheck Protection Program. More affluent New York City neighborhoods received more money from the federal bailout program than poorer communities, according to a report by real estate listing company RentHop. 'We saw pretty large disparities there,' said Evan Raciti, executive vice president of RentHop. 'We saw in Greenpoint, Park Slope, the Financial District, Carnegie Hill—all wealthier neighborhoods—they all received 70% or more in PPP assistance.' The listings company divided the total number of loans granted by the total eligible businesses in a neighborhood using data from the Census Bureau and the Small Business Administration.”
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Around New York
INDUSTRY MOVES — “New York Luxury Condo Developer Tries Hand at REIT Investing,” by Bloomberg’s Oshrat Carmiel: “A developer of some of Manhattan’s newest ultra-luxury condos has started a more down-to-earth project: a fund investing in real estate companies that appear undervalued. The venture by Ziel Feldman’s HFZ Capital Group will buy shares of publicly traded real estate investment trusts that have taken a hit from the pandemic, Feldman said in an interview. HFZ, Lionbridge Capital LP and other partners provided $50 million in seed money for the fund, which aims to raise as much as $500 million from institutional investors. It has already bought stakes in New York office landlord Vornado Realty Trust and senior-housing operator Ventas Inc. Both companies’ shares have slid since the beginning of March. ‘We’re in the very businesses we’re investing in,’ said Feldman, whose company also owns and develops offices, including a speculative tower under construction in Manhattan’s NoMad neighborhood.”
WHAT’S IN STORE — “Retailers Turn to Personal Shoppers, Sidewalks to Win Back Business,” by The Wall Street Journal’s Esther Fung: “New York City’s small retailers and boutique businesses are experimenting with fresh ways to engage shoppers as the city emerges from restrictions prompted by the coronavirus pandemic. Some—like Alice and Olivia LLC, a women’s designer clothing store with five locations in the city—are offering personalized shopping experiences, including allowing longtime customers to take home clothing to try on if they are uncomfortable with in-store dressing rooms. ‘Come drive into the city and I’ll handpick outfits for you to try on at home,’ said Desiree Miranda, a personal shopper at Alice and Olivia’s store near Bryant Park in Midtown Manhattan. Other retailers, like Necessary Clothing in lower Manhattan, display items on the sidewalks in front of their shops, taking advantage of the city easing regulations on public space to assist struggling businesses.”
RETAIL WOES — “Madison Avenue, The Hub, Jackson Heights could face rocky retail recoveries, report says,” by Crain’s Eddie Small: “Three major retail spots in the city face different challenges as they look to recover from the pandemic downturn, according to a new report from HR&A Advisors. The study, put together with tech startup Live XYZ, examined the strengths and weaknesses facing The Hub in the South Bronx, Jackson Heights in Queens and Madison Avenue in Midtown. Overall, the analysis suggested that The Hub would be the least resilient of the three neighborhoods, 'unfortunately no surprise, given that this is also a low-income community of color,' it said. But Jackson Heights and Madison Avenue could run into problems of their own.”
Quick Hits
— “Elliman gives in to StreetEasy’s manual listings,” by The Real Deal’s E. B. Solomont
— "Racist comment posted using name of real estate executive," by The Real Deal's Lois Weiss
— "Mayor Signs Tax Relief and Airbnb Reporting Bills," by Commercial Observer's Rebecca Baird-Remba
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