VORNADO REFINANCES AT INDEPENDENCE PLAZA
The folks at the Community First Development Coalition, which is fighting the tower for IPN, sent this link, from the real estate newsletter Multi-Housing News (the Commercial Observer had it first) reporting that Vornado Realty Trust and Stellar Management just secured a five-year refinancing of their $675 million loan on Independence Plaza.

BUT WAIT, THERE’S MORE
Crain’s reports that the cost of waiting to develop the tower Vornado and Stellar have proposed for the end of Jay is rising $15 million this year. AND the property was just appraised in March at under $1.2 billion, an 11 percent drop since 2018. From Crain’s: “The transaction demonstrates that Independence Plaza is a riskier property than before. One reason is that 40% of its apartments have regulated rents. Rent increases are set by a mayor-appointed board and haven’t come close to keeping up with overhead.”

Crain’s also had some good detail I had never compiled: a breakdown on the units. They report that 60 percent are market rate at an average of $6,000 per month; 20 percent are Section 8 housing, for which the federal government pays 70 percent of the rent; 20 percent fall under the city’s landlord assistance program — or rent stabilized.

MORE ON LET THERE BE NEON’S MOVE
Gothamist has a story on Let There Be Neon’s move to Sunset Park. From Gothamist: “As much as it’s sad to leave the neighborhood, it’s exciting to go to Brooklyn,” said Dave Waller, who is taking over Let There Be Neon as owner Jeff Friedman retires, and who owns the 91-year-old Boston studio Neon Williams. “A lot of creative people live and work there already. In time, people will find us in the new location.”

BRONX VERSION OF THE WHITE STREET JAIL
As per usual, the South Bronx gets screwed with municipal uses. Thought it was worth sharing this story from Dezeen (thanks to A. for sending), since in this rare case, we share their pain. The renderings for the Bronx Detention Center, to be built at 745 East 141st Street, were designed by architecture studios CetraRuddy, Lumen Architects, Urbahn Architects and Transformative Reform Group.