In The Face Of A Housing Crisis, Have NIMBYs Lost Their Edge?
What You Need To Know
As the city attempts to find creative ways to create housing, those controversial housing projects that officials have spent years stalling don’t seem so bad after all.
Last week, after a seven-year battle, Ian Bruce Eichner finally struck a deal to build apartments across from the Brooklyn Botanic Garden. Over the years, he’s pitched two different versions of the project — and has faced intense backlash from Brooklyn Borough President Antonio Reynoso, former Mayor Bill de Blasio and now-Mayor Eric Adams.
The issue, activists claimed, was that the shadows from his building would threaten rare plant species in the greenhouses across the street.
Eichner threatened to give up after being forced to shrink the project by 30 feet. But after adding workforce housing as part of a city subsidy program, Eichner is moving forward with a 355-unit building.
Over in Manhattan, Bruce Teitelbaum is reviving his One45 project now that a friendlier city council has come into power. The 34-story mixed-use complex plans to have 968 units, 291 of which would be affordable, according to the latest zoning application, filed this month.
Teitelbaum first proposed his development in 2021 but was forced to stand down after former Council Member Kristin Richardson Jordan refused to support the project, stating it should be 100% affordable housing. In protest, Teitelbaum has been operating a truck depot on the site to showcase the alternative to his proposal.
Even the city knows the consequences of NIMBYism, and patience has run out.
Last month, the Department of Housing Preservation and Development served an eviction order to the Elizabeth Street Garden in Little Italy. On the site, the city wants to build more than 100 affordable housing units for seniors, with nearly a third being formerly homeless seniors.
But neighbors want to preserve the garden, which is one of the few green spaces in the area.
The garden was established in 1991, opened to the public in 2005 and identified as a spot for affordable housing in 2013. The garden’s operator, who used the space as an extension to his art gallery, had a lease that expired in 2018, allowing the city to move forward on development plans.
Community advocates postponed development with a lawsuit. The courts ruled in favor of development in 2021.
That hasn’t stopped the activists. They’ve tapped elementary school children to write letters to Adams to save the garden. Celebrities Robert De Niro, Martin Scorsese and Patti Smith have also joined the fight.
It seems like that’s worked, somewhat. Earlier this month, a judge delayed eviction until an appeal is heard in February.
Meanwhile, the affordability crisis rages on. Last night, more than 87,000 people — including 33,000 children — slept in a shelter, according to city data.
Beyond that, in Manhattan, the multifamily market remains tight, with a vacancy rate of 2.78%, according to Douglas Elliman and Miller Samuel’s monthly report.
The construction pipeline remains at a trickle in the five boroughs, with just 3,129 units across 67 buildings proposed in the second quarter, 28% lower than the overall average since 2008, according to a report by the Real Estate Board of New York.
— Sasha Jones
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What I Want To Know
Congestion pricing is the roach that drivers just can’t kill.
The toll for cars driving below 60th Street would provide funding for the Metropolitan Transportation Authority, which is in desperate need of rehabilitating its century-old subway system. It was supported by New York Gov. Kathy Hochul up until she halted it less than a month before it was set to take effect.
Now she’s brought it back, reducing the rate from $15 to $9. The new plan was approved by the MTA board Monday and is expected to take effect before President-elect Donald Trump takes office.
Trump slammed the toll as bad for business. But New York’s business leaders, including REBNY, have been on board with the proposal since 2021.
The thought process is that the toll will funnel more customers to the streets and subways, forcing them to pass by stores, restaurants and offices. It is assumed that those who drive into the city can either afford the toll or switch to using other forms of public transportation, including the Metro-North, LIRR and PATH trains.
Now that we’ve had some time to either mourn or celebrate congestion pricing, how do you feel about its return? Could it be good for business after all?
First Look
BLDG Management Co.’s 70-story residential tower, called The Orchard, has topped out at over 823 feet to become the tallest building in Queens.
It occupies a whole block in Long Island City between Orchard Street and Jackson Avenue, with 824 rental units, 248 of which are designated as affordable housing. Additionally, it will have 13K SF of retail, a two-story, 200-space parking garage and over 100K SF of amenities.
The top of the tower is set to have a sky lounge with a terrace and private dining. Inside, the building is packing in the typical luxury wellness amenities, including a pool, basketball court and spa.
The building’s base is where things get deluxe. The Orchard’s 60K SF backyard features an outdoor pool, three pickleball courts, running track, outdoor movie theater along with several green spaces, which includes — as the name infers — an orchard grove.
Can I Give You My Number?
14.5%
The percentage of C-suite executives in the real estate industry who are people of color. Additionally, women make up 27.2% of top leadership, according to Bisnow’s fifth annual (and award-winning) report tracking diversity of senior management and boards of the biggest companies in the industry.
They Said What?
“Whatever you hire or order, you pay for,” Council Member Chi Ossé said at a press conference shortly after 42 of City Council’s 51 members voted in favor of the Fairness in Apartment Rental Expenses Act. The bill passes all broker costs onto the hiring party, which Ossé called “common sense.”
Hang Out With Me
Drop The Hot Goss
The Slice is produced by Bisnow Senior New York City Reporter Sasha Jones and is edited by Deputy Managing Editor Ethan Rothstein. Got an answer to my questions or info that you think I’d be interested in? I’m always happy to chat, on or off the record. Reach me at sasha.jones@bisnow.com or @SashaJones.06 on Signal, an encrypted messaging app.