The Daily Dirt: Breaking down NYC’s office conversion options
City Must Take Long Road Due To State's Inaction On Office Conversions
That pathway requires some creative maneuvering within the legislative framework. The Adams government is striving to broaden the scope of structures eligible for transformation from office spaces to residential units, and intends to implement these modifications across the entire city.
The state lawmakers could have effortlessly accomplished this by removing the limit on residential floor-area-ratio and enhancing the already established conversion regulations for office buildings built prior to 1990. The present restriction only applies to structures constructed before 1977. These suggestions were not put up for a vote during the previous session in Albany.
In the majority of urban areas, it is not possible to transform office buildings built after 1961 into residential areas. However, the city has the power to modify this rule, just like it did for Lower Manhattan by extending the cutoff year to 1977. Now, the city aims to further update the regulations by pushing the date forward to 1990.
It is not capable of exempting office buildings built after 1977 from the FAR limit, which is ingrained in the Multiple Dwelling Law of the state. The city is also unable to alter the building code requirements specified in that law, although zoning is said to be the biggest obstacle for these conversion projects. The responsibility of establishing a tax incentive program for such conversions also rests with the state.
The city's proposed modifications would be a component of a larger revision to the text, set to commence in the coming year.
Our current pondering: What is in store for the Fortis Property Group's building located at 161 Maiden Lane? Drop a message to [email protected].
Something we have discovered: I believed my only concern was brain-consuming amoeba, but it turns out there's more to it. According to the New York Times, doctors in Australia discovered a living three-inch parasitic worm inside a woman's brain.
Other Places In NYC..
According to Gothamist, authorities responsible for public health in the city have announced the discovery of a fresh variation of the Covid virus, known as BA.2.86, in the wastewater of New York City. At present, there is uncertainty surrounding the effectiveness of the recently modified booster shots against this particular variant.
According to the Associated Press, the New York Police Department (NYPD) plans to employ unmanned aerial vehicles (UAVs) to oversee and supervise large gatherings this weekend. Kaz Daughtry, the assistant commissioner of the NYPD, mentioned in a press conference that in cases where someone calls in reporting a significant assemblage or a sizable gathering occurring in someone's backyard, the NYPD will deploy their resources and send the drones to investigate the situation.
According to the New York Daily News, Governor Kathy Hochul described her meeting with the Biden administration as an important initial move towards obtaining additional federal assistance to tackle the migrant crisis. The administration expressed their commitment to offering staff, information, and materials to aid in identifying migrants who qualify for work permits. The governor emphasized that while this is a crucial first measure, it falls short of adequately addressing the crisis or supplying the necessary support that New Yorkers require and deserve.
Housing: The most expensive housing transaction on Thursday reached a whopping $26 million for a townhouse located in Sutton Place, specifically at 7 Sutton Square.
Business: The highest-priced business deal of the day reached a staggering $9 million for a diverse-building located at 346 Maujer Street in Williamsburg.
Fresh on the Market: The most expensive home available for purchase on Thursday was a townhome located at 34 West 11th Street in Greenwich Village, with an asking price of $25 million. Sothebys holds the listing for this luxurious property.
