Capalino Clients Secure Real Estate Wins
Renderings: Hill West Architects
With historically low vacancy rates and climbing rents, New York City is facing its worst housing crisis in nearly 50 years. While the state legislature and City Council consider a variety of innovative proposals aimed at increasing housing supply, Capalino is proud to partner with clients who are advancing projects that will help to address this critical issue. Two Capalino clients achieved significant milestones last month, which will collectively facilitate the creation of over 500 residential units, advancing the City’s goal of providing more housing for all New Yorkers.
Capalino client Friedland Properties and Chapman Group celebrated a significant achievement last month when the New York City Council voted to approve their application to rezone a portion of East 94th Street between Second and Third Avenues. This rezoning marks the first Mandatory Inclusionary Housing application in Community Board 8. The rezoning will update the existing zoning from manufacturing to a C4-6 and C2-8 district, which will allow for the development of a mixed-income residential building. The proposed development intends to utilize 421-a or a successor program which would allow the project to advance and finance 487 units of housing, with 30% of the units designated as permanently affordable through MIH, space for a community facility, and quality building service jobs with SEIU Local 32BJ.
Read more about this project here: Manhattan borough president fast-tracks apartment tower in first test of pro-housing pledge
Another Capalino client celebrating a recent win is Kent Riverview LLC, which obtained approval from the New York City Council for a rezoning at 230 Kent Avenue in Williamsburg. The former manufacturing site, which is currently vacant, has undergone significant remediation under the NYS Brownfield Cleanup Program (BCP), which encourages private-sector cleanups of under-used property where known or possible pollution makes redevelopment complicated. The approval will facilitate the construction of an 8-story, 40-unit residential development with ground floor retail. In addition to activating a vacant site for much needed housing, including 12 affordable units, this project will deliver important environmental benefits to the Williamsburg community and activate the corner of North 1st Street and Kent Avenue.
As detailed by the Real Estate Board of New York’s (REBNY) recent Brooklyn Retail Report, Williamsburg continues to lead the borough with high rents and stiff competition for space. By unlocking another retail opportunity in the corridor, this project brings more investment to Brooklyn and its residents.
Since 1981, Capalino has provided land use planning services to many of the largest real estate development companies in New York City. These include the developers of Hudson Yards, the West Side Railyards, the former St. Vincent’s campus in Greenwich Village, and Chelsea Market, in addition to countless small and mid-size projects. Our land use experts specialize in helping our clients quickly and successfully secure City and State zoning and land use approvals, and we have a strong track record achieving favorable recommendations and determinations by community boards, borough presidents, the City Planning Commission and the City Council.
