Real Estate

In the News: Developer Battle Imperils Clocktower Conversion

••• El Ad and Peebles Corporation are fighting in court over the conversion of the Clocktower Building at 346 Broadway: “Elad claims Peebles ‘never intended to redevelop the property’ and is being unreasonable in refusing to sign off on the condo offering plan and get the project moving in time avoid losing it back to the city. Peebles, on the other hand, claims Elad sandbagged his option to exit the property, and said that ‘if anything is unreasonable, I submit that it is El Ad’s demand that’ he sign a questionable offering plan ‘under penalty of perjury.’ […] The developers said their lenders require them to sell at least 35 units by August 2 2018, and the deed allows the city to take the property back if they haven’t completed the project within five years of the sale.” (El Ad/Elad refers to itself with both spellings.) —Real Deal (photo courtesy Brett)

••• “Action Carting, the private trash hauling company whose driver killed cyclist Neftaly Ramirez, 27, in Greenpoint on July 22 holds five active contracts with city agencies totaling more than $74 million. Ramirez was the fifth person struck and killed by an Action Carting driver in NYC in the past decade, yet the city government has no protocol for penalizing or otherwise holding the company accountable.” The photo shows an Action Carting truck going against traffic on Greenwich Street. —Streetsblog

••• The argument to collect tolls on the East River bridges; introduce congestion pricing below 6oth Street; and add a taxi/livery surcharge below Harlem. —New York Times

••• “The Soho neighborhood of Manhattan once was a retail juggernaut, with hip boutiques battling national luxury retailers for scarce storefronts whose rents only went up. Then the retail storm that is buffeting malls across the U.S. slammed into this once impenetrable shopping fortress. Storefront availability has spiked to 23.1% in the second quarter of this year, up from 4.7% at the end of 2011. Meanwhile, asking rents for ground-floor retail spaces have fallen 12% to $478 a square foot in the second quarter, down from $541 at the end of 2015, according to real estate services firm Cushman & Wakefield.” —Wall Street Journal

••• Daytonian in Manhattan looks into the history of the 1893 building at 57 Laight: “In 1913 the maker of a salve [based there] promised it would cure everything from inflamed breasts to boils.” Photo by Daytonian in Manhattan.

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