Build The Station: West 41st & Tenth

As work proceeds on a $2-billion extension of the No. 7 subway line, which currently bypasses a station previously planned for West 41st Street and Tenth Avenue, the Real Estate Board of New York has brought together a coalition to restore the subway stop.

The group is seeking federal funds to give the 7 line two stops west of its current terminus at Times Square, and has launched a website,www.buildthestation.com, to help publicize the campaign.

Currently, the only station planned for the 7 extension is slated for 34th Street and Eleventh Avenue, near the Jacob K. Javits Convention Center. The West 41st stop was scrapped in 2008 after the Hudson Yards Development Corp. said the funding wasn’t there to build two stations.

The station is a shovel ready, green transportation infrastructure project that would take three years to complete.

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related posts:
First Phase of No. 7 Subway Extension Completed

Dec 22, 2009

nyc's first subway expansion in half a century

Feb 21, 2009

hudson yards development update

May 09, 2008 by Mitchell Hall

new deal for hudson yards

May 20, 2008 by Mitchell Hall

Grand Central Terminal

Chairman Appointed to NYC Rent Guidelines Board

Mayor Bloomberg announced the appointment of Jonathan Kimmel as Chairman of the New York City Rent Guidelines Board. The Board is mandated to establish rent adjustments for the nearly one million dwelling units subject to the Rent Stabilization Law in New York City.

The Rent Guidelines Board consists of nine members appointed by the Mayor. Two members are appointed to represent tenant interests, two members are appointed to represent owner interests, and five members – including the chairperson – are appointed to represent the general public.

Kimmel has served as a member of the board representing the general public interest since 2006.

Loan on West 86th St. Townhouses on the Market

iPhone photo: courtesy of Mitchell Hall

According to the Real Deal the $25.1 million first mortgage secured by three adjacent buildings at 272-276 West 86th Street is on the market.The loan was used to refinance 272 West 86th Street and aquire 274 and 276 West 86th Street, as well as fund tenant buyouts and pre-development costs at the properties. The pre-war walk up buildings are each 5 stories and have a combinred 18,645 square feet spread out over 30 units. The lot allows for 61,290 buildable square feet.

At the same time, community efforts are underway to Save the West 86th Street Townhouses. A petition to NYC Landmarks Preservation Commission was created by West End Preservation Society.

These four West 86th Street Gilbert townhouses are built in the French Neo-Renaissance style with delightful details worked into their stone facades. These buildings exhibit rounded bays running up three stories of the buildings, petite balconies, intricate floral swags atop the tall windows and mirror-image placement with respect to one another. This unique architectural design allows each of the four structures to be differentiated from the other yet at the same time exhibits a smooth, sensuous curve when viewing the four together. West 86th Street was once all townhouses from Central Park West to Riverside Drive. There are community efforts to designate all of West 86th Street a historic district.

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Gov Wants to Impose Mortgage Tax on Co-ops

Governor Patterson wants to impose the NY state mortgage recording tax on Coops. Coops have been exempt from the state mortgage tax because coops are not considered "Real Property" they have been considered personal property.

Prior to 1989 coops were exempt from transfer taxes. Until a few years ago coop sales were private and not in the public records.

Financing a coop is technically not a mortgage but a coop loan. Coop owners purchase shares in a corporation that owns the building. Coop shareholders have a proprietary lease.

Current mortgage tax on condos and houses are between 2% and 2.175% depending on the mortgage amount. Below $500,000 or above $500,000. All purchases above $1 million are also subject to a 1% mansion tax.

If this new tax is approved most of the revenue will go to NYC. It may have an adverse effect on the value and sale prices of coops.

If you've been thinking about buying a coop and need financing, Now Is the Time before this new mortgage recording tax for coops is implemented.

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