City Council passes bill targeting landlords who illegally subdivide homes

A new bill aimed at curbing illegal home conversions and subdivisions passed City Council this week with unanimous support. Under Intro 1218, proposed by City Council member Vincent Gentile, landlords who convert property into illegal apartments will be fined $15,000 for every unit above the property’s certificate of occupancy, Brklyner reported. If the fine goes… Read More City Council passes bill targeting landlords who illegally subdivide homes

Chinese investment abroad falls by 67% amid capital controls

Chinese outbound investment fell by 67 percent in the first four months of 2017, according to Bloomberg — the biggest decline since 2009. The drop comes after a record year in 2016, when Chinese firms bought $246 billion worth of foreign assets. Tighter capital controls, designed to shore up China’s currency and promote investment within… Read More Chinese investment abroad falls by 67% amid capital controls

New bill would require city to publish annual report on Mitchell-Lama developments

A new bill seeks to require the city to provide an annual report on waiting lists for each Mitchell-Lama housing development. The report would take stock of how many new residents applied for this type of affordable housing each year and were not selected. The proposed measure would also require the city to publish the… Read More New bill would require city to publish annual report on Mitchell-Lama developments

Lightstone Group seeks EB-5 funds for $700M FiDi condo project

David Lichtenstein’s Lightstone Group is seeking EB-5 funds for its 228-unit Financial District condominium tower, which will be designed by noted architect David Adjaye and is expected to be valued at $701 million. The developer recently launched a teaser site for the 800-foot building at 130 William Street, which it is calling the Wall Street… Read More Lightstone Group seeks EB-5 funds for $700M FiDi condo project

Related nearing deal for $2.5B financing package at 50 Hudson Yards: sources

Related Companies, which is developing what’s slated to be New York’s most expensive office building at 50 Hudson Yards, is in advanced talks to secure a $2.5 billion financing package for the property, The Real Deal has learned. The financing would include a roughly $700 million equity injection and a $1.8 billion senior loan from… Read More Related nearing deal for $2.5B financing package at 50 Hudson Yards: sources