VOLUME 28, NUMBER 1
JUNE 18-JULY 1, 2015
A route to better rent deals Downtown BY D U SI CA SU E M A LE S E V IC hat does a rent stabilized building look like? If it’s in the Financial District, it could look like 37 Wall St. — a stately building that also houses Tiffany & Co. and is across from a Trump tower. Over five years ago, a housing court decision centered on 37 Wall St. could have opened the floodgates of rate-stabilized apartments in Lower Manhattan — instead a trickle happened. “That ruling had the potential of regulating about 5,000 apartments in the Financial District,” said Serge
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Joseph, a lawyer with Himmelstein McConnell. “Since then, unfortunately, not much has happened.” Today, thousands of Downtown units — at least 3,400 — may still be eligible for stabilization but whether tenants take advantage is another matter. (Some buildings that are under the 421-g program are in the chart that accompanies the article.) In the 2009 case, Maverick Scott, a tenant at 37 Wall St., refused to pay his $4,920 rent due to the condition of his apartment, which he told Continued on page 12
Smaller tower, bigger uproar at the South Street Seaport B Y J O SH RO GE R S ou win some, you lose some, but when it comes to development plans at South Street Seaport, there’s always frustration. That was the overriding feeling at two Community Board 1 meetings this month to talk about recent action on a project that has stalled on and off for 18 months. The delays tend to be welcomed — but never by opposing sides at the same time. The news: The developer Howard Hughes Corp. is reducing the proposed size of its much-criticized 500-foot tower by a “significant,” unknown amount. And then on Tuesday, a city official gave little hope that the New Market Building — the 1939 Fulton Fish Market structure on the tower site — or its older landmark neighbor, the Tin Building, would be standing on their decaying pier much longer.
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Demolition of the city-owned buildings’ non-back cooler areas — added later in the ‘50s — is expected to begin early in August and finish in September. At that point, engineers hired by the city’s Economic Development Corp. will “take a better look at the rest of the building and see what we have to do because this isn’t the end,” said the official, Rich Cote, senior vice president of asset management. “The piles are continuing to deteriorate. It’s just a matter of time. Mother Nature is gonna take its course.” Cote, the agency’s construction manager, acknowledged there were plans in April to demolish both vacant buildings. Crain’s reported in May about April’s demolition plans. City officials staunchly refused to confirm or deny the article’s accuracy until Cote’s Continued on page 6
Rendering by DBOX/Courtesy of BIG
The Bjarke Ingels Group’s design for 2 World Trade Center.
The new 2 W.T.C. BY JOSH ROGERS he plans of Rupert Murdoch and sons’ to move their film and media empire to Lower Manhattan is not yet a done deal, but the project’s high-profile architect last week released an eye-catching
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video showing what the new 2 World Trade Center will look like. The news was mostly welcomed Downtown, particularly because Two is in danger of languishing undeveloped Continued on page 3