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I'm beginning to wonder if this 529 building was just a ploy, bargaining chip that Related used to get the City to agree to let them have the majority of the Contracts in Hudson Yards, in exchange for building this "affordable housing" building. Ie: make nice with the Mayor so he'd "ok" their other building plans???
And the building can be "tied up" in fixes and they can, tax-wise, take a loss on it. Who knows. They don't seem to be in a rush to get it ready.
There is no impending inspection. Which probably means they have not made the necessary fixes to have a C/O inspection. We know now though that they have not scheduled anything as of yet, meaning... it isn't the Dept. of Building holding them up.
After speaking with an agent at Related this week, I gathered that they are very near lease offers. I came to this conclusion because I'm due to update my financial information. Instead of setting up an appointment my Related contact informed me that I will be hearing from another agent who is part of the final phase. I should hear from this person in the next week to month. My agent has been very attentive to my application; although they have been very careful not to give me any leading information. Let us hope that this is accurate; as I have been couch surfing since June and am close to just getting an apt before the season kicks into high gear.
this is just my opinion, and of course i dont work in the dept of buildings or in construction so i dont really know, but looking at the remaining list of requirements, I don't think an inspection is what is required to get the final c/o. It looks like what is required include things such as "sign-offs", verifications, and certificates. It's not clear who has to make these "sign-offs". I would assume these are items that the contractor needs to acquire independently and deliver to the DoB. Only one of these items is required to be delivered to a plan examiner, the rest can be given to the clerical staff.
It's even possible that all these items have already been delivered, and it just takes some time for them to move from the clerical desk to be processed.
I still don't think there is anything unscrupulous going on. It's hard to tell who is really at fault in this delay.
Ok, wait. Wasn't the 500 w. 30th building constructed AFTER the 529 building? And it has more than 14 floors, right? And apparently leases have been offered at 500 Building already. And it's a 80/20 building, right? Hmmm, so 80% is at Market Rate, so they can make more $$$ in rents in that building. So...yeah, why not put 529 Building on the "back burner", since it's the only 100% Affordable building in the Hudson 'Hood....
This is precisely what has been happening here. RELATED is not a rookie developer, they are a seasoned company perfectly aware of the ramifications of their actions, i.e. amended blueprints. 529 W 29 building is a pawn, a red herring meant to put both the human face on those operators, as well as a smoke screen for what has been happening legally at their masterpiece the Hudson Yards. Adjournments mean reaping more abatements. Their legal team probably negotiated a city contract that stipulates the occupancy restrictions lifted when not enough eligible tenants are found. All that would explain why they are bleeding the lottery winners off the list with this excruciating delay.
Last edited by Sidd Hartha; 08-31-2014 at 08:32 AM..
Yeah Sidd Hartha, I hear you. But one Variable that the Related Big-Wigs didn't factor in is....the said Lottery Winners are Performers (well, 70%). We are Strong, we are Resiliant, we are in a Profession that deals with things the normal common Joe doesn't have to. And We are passionate pro-active creatures. So you know what Related? You've messed with the wrong group! Everyone stay Strong...and write some anonoumous (spelling?) letters to the Mayor, and heck, maybe we should call a Reporter---maybe they'd do a "human interest" story on this whole debacle.
Stay Strong, Mumze. Lets see what September brings us. If we don't get in by Oct 1, I say we all write to the Mayor. He's got his reputation to uphold with his supposed support of Affordable Housing. Remember, "the pen is mightier than the sword."
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