June 21, 2013 Real Estate, Restaurant/Bar News
••• Women’s Wear Daily has photos of King & Canvas, the new bar/club under Tribeca Canvas: “The joint is styled much like a Prohibition-era boîte. Sumptuous burgundy banquettes frame the periphery. Candelit black marble tabletops dot the cozy room. Vintage portraits and mounted faux trophy heads decorate the walls.”
••• Amy pointed out in a comment that Gotham Gazette has an article about the possible sale of adjacent air rights to help fund Hudson River Park. Addressing my question about community involvement, it says this: “Following the [Hudson River Park] Trust’s presentation, additional Trust members, largely repeating what was already said, were given the first opportunity to speak at a meeting with a limited time frame for public speakers. The Trust insisted the meeting was a culmination of six months of ‘intensive exploration’ with elected officials, community boards, and active community groups. Should the Act be amended, there will be a ‘built-in time for public feedback’ following any plan to move forward with a development proposal.”
••• “A new map released by the New York City Independent Budget Office displays via multicolored dots basically what we’ve all known all along—that the 421-a tax abatement, which was designed to incentivize developers to create more affordable housing, is taken advantage of primarily by the developers building in New York City’s richest areas. In order to obtain the 421-a, developers are required to designate 20 percent of units as affordable housing, but […] they don’t have to build those units in the same locations as their luxury towers.” —Curbed
••• “There is a staggering amount of brick in the front room of the ‘1,561 sq ft’ Manhattan loft on the 5th floor at 35 Vestry Street in northwest Tribeca that just zoomed through the market, and by ‘zoomed’ I mean first showing at January 20 open house, contract by February 7. Of course the brick helped, but my guess is that the real driver on this deal was the very efficient floor plan, fitting 2 rear bedrooms and a (not windowed) den into a 22 foot wide classic Long-and-Narrow array of a (modest for a Tribeca loft) ‘1,561 sq ft’ footprint.” —Manhattan Loft Guy
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