"Be careful what you wish for, you just may get it"

From DNA Info:

The building housing a long-time and prominent Rego Park synagogue is slated for demolition, raising fears that the congregation, which has more than 1,000 people, will have no place to go.

The worries came despite assurances from new landlord Rudolf Abramov of Trylon LLC that the displacement of Ohr Natan Synagogue would be temporary and the congregation will be allowed back once the new building is completed.

The news also comes after the congregation poured more than $2 million into a 4-year-long renovation of the historic former Art Deco Trylon Theatre.

The group's rabbi, Nahum Kaziev, said he fears that despite the developers' pledge, the congregation may not be allowed to return.

Kaziev also said the displacement during the construction period would last a couple of years.

"Where are we going to be in the meantime? On the street?," said Kaziev. “It’s unbelievable, it’s a shame."

The 25,000-square-foot property, located on a triangle-shaped lot between Queens Boulevard, 99th Street and 66th Avenue, was sold in December 2012, for $9 million, according to Eugene Kim from Massey Knakal, a real estate company, which facilitated the sale.

It was sold in 2012? I found a blog post about it, but no press release. Interesting that all media outlets would fail to pick up this February news story about such a controversial property. Who exactly did Massey Knakal send it out to...or did they "forget" to send it out?

Anyway, I don't feel sorry for the congregation at all. They could have had a permanent home. But they instead chose to lobby Melinda Katz for funding to destroy historical aspects of it as well as to deny landmark status for the building. Why couldn't preservation be part of the plan? Because they just HAD TO destroy the historic mosaics in front of the place and cinderblock up the entrance. So they are about to get exactly what's coming to them.

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Kids' community garden being sold out from under them

From the Queens Courier:

Residents and volunteers are asking the city not to squash their community garden.

Until last year, the vacant lot at Kneeland Avenue and Manilla Street in Elmhurst was growing weeds as tall as the average resident, attracting illegal dumping and unwanted vermin. After taking a look at the site, Young Governors, a teen community organizing program, got together and turned the lot into a community garden that is verdant with fruits and vegetables today.

But the garden the teens created side-by-side with residents is at risk of becoming a multi-family house since the property’s owner put it up for sale.

“What we need here in Elmhurst is a garden, not another high rise development,” said Senator Toby Ann Stavisky. “We need a place for children to play. We need gardens where people can till and nourish and eventually eat the produce.”

The community hopes to get the opportunity to save the garden — or relocate it another area — with the help of the city.

“These volunteers literally have turned what has been an eyesore in Elmhurst into a project that is productive, into an area that is not only beautiful and prevents it from being a blight on our society, but has literally turned into a productive project that feeds people,” said Councilmember Grace Meng.

Volunteers go week after week to care for the crops. They have donated fruits and vegetables from the garden to the New Life Community Development Corporation, a local organization that helps people in need in the community.

Well then I'm sure Grace Meng and Toby Stavisky will find a way for the city to purchase the lot so that the kids can keep on farming and feeding people. It's not like there's any place left in Elmhurst that's undeveloped that it can be relocated to. The current lot has been empty and abandoned for DECADES, so it's interesting that the owner, Queens Blvd attorney John Blaha, suddenly resurfaced and is taking an interest in selling it now. Here's what's next door and what they have to look forward to:


Except it will be worse, since it's a corner lot that allows for more density.

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1930s Jamaica nightclub for sale

From Massey Knakal:

The building was formally the La Casina nightclub which opened in 1933 at the end of the Prohibition Era. The building, with its distinctive Streamlined Moderne style, was restored in 1994/1995 and became landmarked in early 1996. This property is one of only 68 individual landmarks in the entire borough of Queens, making it a truly unique prospect.

If landmarking is so bad, why do realtors use it as a selling point? And why would an organization like Greater Jamaica Development Corporation have pushed for the designation if landmarking actually hinders development as opponents always argue?

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Trylon Theater & Tower Diner block advertised as hi-rise development site

Trylon Portfolio

A special thank you to former City Council Member and current Queens Machine-backed Queens Borough Presidential candidate Melinda Katz for making sure the LPC rejected the landmarking application.

Quote: In an interview with the Daily News, Katz explained that she was not disappointed in Tierney's decision, and thanked him for taking a "very careful look" at the Trylon issue. She added that the Trylon had been modified too much from its original look, with the theater's interior and marquee having been redone in 1984 and 1994, respectively. "I never thought that this was a building suitable for landmarking," Katz said. "I guess I'm just happy that he [Tierney] made a decision, and now we move on.

Actually, the facade of the building was what activists sought for landmarking, and that's the only part of a building the LPC can designate, unless it's open to the public, which this wasn't. As for the marquee, it's very unlikely that it would not be replaced over time. It hasn't stopped countless other landmark designations of theaters. The facade was 100% intact. Melinda knows this. She'd rather have development on Queens Blvd than preservation. Enjoy much more of this type of behavior should she enter Borough Hall and make the entire borough the Katz litter box.

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Developer looking to bail on St. John's project

The site has been "gutted to the steel and concrete" - but at least they put in new windows.

This can be yours for the low, low price of only $55 million!

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Developers love Weiner the most

From Crains:

Mayoral hopeful Anthony Weiner won the most financial support from contributors with real estate ties than any of his opponents — and even all the candidates for every other city office, a review of the latest campaign records filed yesterday reveals.

The former congressman took in $85,011 from 66 real estate-related donors from May 12 to July 11, just over 10 percent of the $828,886 he received during the two month-period, records with the New York City Campaign Finance Board show.

Weiner’s donors included Ralph Sitt, a principal at Sitt Asset Management, and Jed Garfield, president of residential brokerage Leslie J. Garfield Real Estate, who each gave $2,500. Ben Ashkenazy, CEO of Ashkenazy Acquisition, Harold Fetner, CEO of Durst Fetner Residential and Julien Studley, the retired founder of the commercial brokerage that bears his name, each gave $2,475.

Other contributions came from Robert Knakal, chairman of Massey Knakal Realty Services, who wrote a check for $2,000, and Joseph Sitt, CEO of Thor Equities, who ponied up $400, the records show.

Christine Quinn, City Council Speaker, took in $22,585 in real estate related contributions, making up about 5 percent of her total of $463,400. Her contributors included Douglas Elliman agent Eric Friedberg and DDG Partners CEO Joseph McMillan, who each gave $2,475, the records show.

Nearly 450 individuals involved in the real estate industry contributed $369,023 to campaign coffers of candidates for all city offices — including mayor, borough president and City Council. The real estate-related dollars accounted for about 8.6 percent of the $4.28 million that was contributed in the filing period, the review of the city records show.

Taxi owners love him, too.

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Pinsky leaves EDC

From Crains:

Seth Pinsky, the long-time head of the city Economic Development Corp., will be leaving his post at the agency to join the real estate investment firm RXR Realty, the company announced on Tuesday morning.

The city said Kyle Kimball, currently an executive director at the agency, will serve as as Mr. Pinsky's successor. Mr. Pinsky will stay at the agency until August.

"Seth Pinsky has been an exceptional public servant," said Mayor Michael Bloomberg in a statement. "We're going to be counting on [Kyle Kimball] as we sprint to the finish over the next 168 days, and I have no doubt he will succeed in managing some of our most important projects."

Mr. Pinsky, a stalwart of Mr. Bloomberg's economic development agenda for the past five years, will lead a new arm of RXR Realty that the company said will focus on investment in developing New York markets.

He leaves behind a big list of failed legacy projects.

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Yes, this is the year!

From DNA Info:

Brooklyn’s overheated real estate market is pushing house hunters into Queens, said Rick Rosa, a Douglas Elliman real estate agent who has been working in Long Island City since 1999.

“With a hot neighborhood comes increased pricing and low inventory. It pushes people into buying in areas they would not have considered,” Rosa said.

“Now their eyes are much more open to coming to Long Island City.”

Rosa had never witnessed the crossover of house hunters from Brooklyn to Long Island City before this year, he said, adding that the area's new buildings that are full of amenities have been a big draw for many young families.

“The development of the waterfront is really attracting a lot of people,” Rosa said. “The waterfront from Williamsburg to Greenpoint to Long Island City: it's all one track…and Long Island City has the best view of Manhattan, not to put down Brooklyn.”

As Brooklyn has become a “destination” rather than a “cheaper alternative” to Manhattan, the Queens' market is experiencing growth, Miller said.

The median sales price in Queens increased 9.9 percent to $390,000 and the average sales price rose 10.6 percent to $441,417, according to the Elliman report. Listing discounts also fell, from 6.9 percent to 5.8 percent.

“Queens really is coming into its own this year,” Miller said. “Markets like Long Island City are certainly thriving and are the direct beneficiaries [of] the search for affordability in Brooklyn."

Haven't we been hearing how hot the LIC real estate market is for the past 10 years or so? "Queens really is coming into its own this year." You mean that whole time, it really wasn't all that?

Is it actually now or is this yet more hype?

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Queens Plaza luxury condo failure, take 2

From Crain's:

Real estate investor Charles Dayan is buying a 130-unit apartment building in Long Island City, Queens, for roughly $85 million, according to sources. He will acquire the Crescent Club from a partnership between Simon Development Group and Meadow Partners, which took control of the building after it fell into distress in 2012.

The property, which is located at 41-17 Crescent St., was originally built by a company called NCF Equities. That firm, however, fell into default before finishing construction on the project. Subsequently, lender Citibank sold the mortgage to Simon and Meadow Partners in 2011 for $51 million.

Simon and Meadow Partners finished the building and converted it into rentals from its original intended use as a condo building and fully leased the property.

Perhaps the condo market is hot. But it's Queens Plaza. Come on.

I recall blogging about this place for Curbed back 6 years ago when it was new. Damn.

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Huge Rego Park apartment building sold again

From Crains:

Teaneck, N.J.-based Treetop Development, which three years ago began snapping up residential buildings across the Hudson River in northern Manhattan, has now jumped across a second river, the East.

The developer has acquired Saxon Hall, a 16-story rental apartment building located at 62-60 99th Street in Rego Park, Queens, for $85.25 million.

The purchase is Treetop's first in the borough. It's all part of a strategy to acquire "rental properties in emerging and undervalued New York City neighborhoods," according to a press release.

"Some of the strengths Queens has over Manhattan and Brooklyn is that tenants can get a significantly cheaper apartment, oftentimes a larger apartment, in a nicer building," said Adam Mermelstein, general partner at Treetop. "There's strong value in Queens."

Saxon Hall currently has 417 apartments ranging in size from studios to three-bedrooms and penthouse units, all of which have balconies.

It was last sold in 2008 for $74M.

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Whitestone Cinemas to become mall

From Jeremiah's Vanishing New York:

The Whitestone multiplex cinema has shuttered after 30 years in business. It was purchased for $30 million last year by real estate development company the Lightstone Group, who will be turning the site into New York City's first outlet mall.

The Lightstone Group is best known these days for its massive luxury development of Gowanus, but they have developed a number of outlet malls--full of typical mall chain stores. The one at Whitestone will be a chain itself--in the Paragon Outlets chain of outlets--and will "feature an open-air racetrack design and showcase over 100 global brands."

Whitestone Cinemas opened in 1983, when its owner, media magnate Sumner Redstone, decided that an indoor cinema, with lots of screens, would be more lucrative than his father's old drive-in. Mr. Redstone credits himself with inventing the word "multiplex," which he trademarked it in 1973.

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