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"Jackie O" by Aggie Kenny and "The Times Square Bomber: Faisal Shahzad" by Elizabeth Williams, part of a show called "Courtroom Illustrations" at the World Trade Art Gallery,
74 Trinity Place, through May 2. (Photo: Terese Loeb Kreuzer)

Bits & Bytes  

$1.2 WTC DEAL TABLED; SILVER SUPPORTS $$$ FOR SILVERSTEIN; TELEPAN LOCAL PANNED; AFFORDABLE HOUSING CRISIS; J&R

There are now a record number of homeless people in New York City, according to a report just released by NYC Comptroller Scott Stringer. (Photo: Terese Loeb Kreuzer)

"Port Authority tables $1.2B WTC deal," Crain's New York Business, 4/23/14. The latest on 3 World Trade Center is that the Port Authority board voted today to defer a decision about the building. "Locked in an unusually contentious and public debate about whether to commit more than $1 billion to back the construction of a soaring new office and retail tower at the World Trade Center site, the Port Authority of New York and New Jersey Wednesday postponed its vote on the project to May," says Crain's New York Business. "The delay puts off by another month a decision by the Port Authority whether to pledge $1.2 billion as a financial guarantee that would allow developer, Silverstein Properties, to raise the financing necessary to proceed with construction of the 53-story, 2.8 million-square-foot building known as 3 World Trade Center. The vote was postponed because negotiations with Silverstein Properties were not finalized, according to Port Authority Executive Director Pat Foye." For the complete article, click here.

"Powerful pols urge green light for 3 WTC," Crain's New York Business, 4/22/14. As discussion rages over whether the Port Authority should subsidize developer Larry Silverstein so that he can build 3 World Trade Center, New York State Assembly Speaker Sheldon Silver weighed in. "Assembly Speaker Sheldon Silver (D., Manhattan), sent letters to the Port Authority Executive Director Pat Foye in recent days, as well as governors Andrew Cuomo and Chris Christie, who control the bi-state agency, and Port Authority board members. Mr. Silver urged all to back the new tower," says Crain's New York Business. According to Crain's, Silver co-authored the letter with Councilwoman Margaret Chin, whose district encompasses the downtown area. State senator Daniel Squadron also signed the letter. For the complete article, click here.

"One Plate, Two Plates, Small Plates All," New York Times, 4/22/14. If you're a fan of ascerbic food writing, you will probably enjoy Pete Wells' take on Telepan Local in The New York Times. Bill Telepan, the chef/owner of the Tribeca restaurant, probably didn't enjoy it. "Telepan Local, which Mr. Telepan opened on Greenwich Street in early January with Joel Javier as chef de cuisine, offers most of the drawbacks of small-plates eating and almost none of the advantages," says Wells. "As at so many of these restaurants, the dishes at Telepan come out whenever, they land wherever, and you have no idea if you're going to get too much food or too little. The meal unfolds, or unravels, on tables built in Nicaragua from dark and white slats of wood approximately cobbled together. They are the size of the ones in cocktail lounges where, in another era, people had Manhattans and mixed nuts while waiting to be moved to the dining room." Wells goes on from there, among other things, comparing Telepan Local unfavorably with Red Lobster. For the complete article, click here.

New data on affordable housing crisis: New York City Comptroller Scott Stringer released a report on April 23 indicating that the median apartment rent in New York City increased by 75 percent since 2000 while real incomes declined by 4.8 percent. According to the report, housing affordability decreased for renters in every income group during this period, with the harshest consequences for poor and working New Yorkers earning less than $40,000 a year. Nearly 360,000 apartments renting for $400 to $1,000 per month (in 2012 dollars) disappeared during the 2000 to 2012 period. The real median rent jumped from $839 to $1,100 in that same period, a 31 percent increase. The report addresses what Stringer calls "the crushing affordability squeeze on low-income working families" and "the alarming increase in homelessness." It also addresses the "special housing needs of the elderly and disabled." For the complete report, click here.

"Eataly to 'ciao down' at 4 World Trade Center," New York Post, 4/23/14. Question: Will there be enough plump pocketbooks in Lower Manhattan for all the high-ticket restaurants and stores now on their way? "Eataly is taking a bite out of the World Trade Center," the New York Post reports. "The Westfield Group, which controls all the retail space at the WTC, has lined up the famed Italian marketplace for the base of 4 World Trade Center, along with a host of big names.
Apple, Canali, Hugo Boss, John Varvatos, Mont Blanc and Breitling have all signed deals for the WTC's main hall, according to sources. The John Barrett Salon, Tiffany's, Tom Ford and Armani have either signed or are close to signing leases for other space in the complex. Westfield, which completed its $1.4 billion purchase of the retail spaces, is now likely to move its '3/15/15' opening to later that summer, sources said." Meanwhile, Brookfield Place, just across that eight-lane alley called "West Street" is also awash in food stores and pricey, name-brand retailers. For the complete article, click here.

"Brookfield's $250M development rocks downtown," New York Post, 4/21/14. In an article that is mostly accurate, the New York Post describes the 37,000-square-foot food venue coming in the fall to Brookfield Place. "HPH restaurant group partners Peter Poulakakos and Paul Lamas will soon launch Le District, a French-themed marketplace and eating zone adjoining the Winter Garden's south side at the foot of 225 Liberty St. (the previous 2 WFC), with a mind-boggling 1,000 seats indoors and outdoors," the article says. "And the ground floor of Le District sits directly beneath a second mammoth venue, Hudson Eats - a 35,000- square-foot noshing zone that landlord Brookfield is racing to complete. Its 14 high-end 'fast-casual' counters of such foodie faves as Blue Ribbon Sushi and Dos Toros Taqueria will serve 600 diners. In addition, there will be five freestanding restaurants along Brookfield Place's northern Vesey Street boundary." For the complete article, click here.

"J&R finds partner to redevelop sites next to closed store," The Real Deal, 4/21/14. J&R, the iconic computer and music store, is moribund but not dead. "L+M Development Partners is pairing up with the owners of J&R Music and Computer World to redevelop the retail properties on the same block as the iconic but now-closed electronics store," says The Real Deal. "The Ron Moelis-led L+M committed to a joint venture that will put together a proposal for the future development of 31 Park Row, and likely 23 Park Row, in Lower Manhattan. The store at 1-15 Park Row was shuttered last week after 43 years in business. J&R founders Joe and Rachelle Friedman plan to seek retail partners to redevelop that site. At this time, L+M's role will not extend to the main site of the flagship store." At the present time, J&R's electronics are sold online via Amazon.com and the J&R website. For the complete article, click here.

"Tribeca Mixed-Use Building Sells for $8.5M," Commercial Observer, 4/22/14. Apparently, years of construction on Chambers Street have not been good for property values. "Claude Castro LLC has acquired 90 Chambers Street in Tribeca from 90 Chambers Street Realty LLC for $8.5 million," according to Commercial Observer. "The building traded for $1.25 million less than its initial asking price in a 1031 exchange. The property is located between Broadway and Church Street and includes five free-market residential units and a ground-level retail unit. One of the building's four-bedroom apartments last rented for $7,795 last year, according to StreetEasy. The building's retail unit, which was occupied by Jerry's Cafe until last September, is currently vacant." For the complete article, click here.

To the editor:
(Re: "Southbridge Towers finally getting offering plan," DPNYC, 4/21/14): If Southbridge Towers privatizes, it will be because the residents (most of them, long term) who live there decide to do so.

New York State law passed by our representatives in Albany allows occupants by a two-thirds vote to determine their destiny and live the American dream of owning your home, with all the rights and advantages of owning real estate equity.

Among these new rights will be: Leave ownership to heirs; sell the apartment at market conservative value from approximately $350,000 to $800,000;  if 62 years old, obtain a reverse mortgage and not only live there free but possibly obtain income till deceased; use the equity for a low-cost home-equity loan; invest or pay off  high-interest debts; renovate the desperately old kitchens and baths as an investment allowed; remove the power of the state agency to control the fate and management of the co-op; remove the Mitchell-Lama limitation of profits the co-op may earn from its rented commercial space (80-20 regulation);  eliminate the notarized affidavit of occupant's tax return information mandated yearly; eliminate illegal, unsupervised sublets by allowing them and charging a monthly sublet fee, freeing owners from facing legal action.

Privatization will eliminate graft and corruption in the transfer of apartments to outsiders. It will represent for the current tenants, who have through their support and efforts for over a half century modernized their development to be proud of  inside and out with many social and support services, an  opportunity to simply own with pride.

If the other Mitchell-Lama (type) co-ops that privatized are an example, the cost of doing so was minimal in the final analysis considering the huge gift we will be choosing by only a positive vote. My financial advisor with more degrees than a thermometer said, "It's like winning the lottery without a ticket."

Downtown bulletin board   

BPC AND BATTERY CONSERVANCY NEED GARDEN VOLUNTEERS;
PANEL, WHO OWNS THE WATERFRONT? COMMUNITY AWARDS DINNER

From May to October, volunteers help to maintain Battery Park City's gardens. (Photo: Terese Loeb Kreuzer)

Gardening volunteers wanted: 

Poem in Your Pocket Day on April 24 celebrates New York City landmarks such as the Statue of Liberty.  (Photo: Terese Loeb Kreuzer)