A consortium of landlords and developers has formed to advocate for major zoning changes in SoHo and NoHo. More here.
The Fix SoHo NoHo Coalition is comprised of seven firms, including a number of large property owners such as Himmel + Meringoff, Vornado, Aurora Capital, Crown Acquisitions and Olmstead Properties, along with attorney Margaret Baisley,
They claim the zoning is not working. For them.
From Himmel+Meringoff’s website: Himmel + Meringoff Properties is a privately held New York real estate investment company dedicated to the acquisition and creation of value in opportunistic equity investments. At least they are honest: opportunistic.
Vornado is a real estate investment trust, a REIT publicly traded on the New York Stock Exchange. It owns scores of properties across the country. Some of its New York holdings include One Penn Plaza, Hotel Pennsylvania, and the lease on the World Trade Center. The Real Deal, a real-estate news site, describes Crown Acquisitions as “a major owner and developer of retail properties focusing on large redevelopment projects where it helps to add value before the company and its partners sell the assets.” In other words, take the money and run.
Aurora Capital obliterated an entire block face in the Gansevoort Market Historic District to capitalize on its investment there. It is invested in 600 Broadway at Houston Street, where it rents 38,000 square feet to Hollister. However, zoning laws only permit a maximum of 10,000 square feet of retail there. The law doesn’t seem to deter Aurora.
Margaret Baisley is a Brooklyn real estate lawyer who filed a friend-of-the-court brief on behalf of SoHo landlord with interests in several SoHo properties. The landlord tried to evict a certified working artist, Robert Seidman, his wife Patti, and their two daughters, the last rent-stabilized tenants in his building, on the grounds that he wanted to give their apartment to his family, a loophole the law permits. Forget the fact the family was not living in the United States.
The judge sided with the Seidmans, saying he could not evict a conforming tenant, the artist, for a non-conforming tenant, the businessman.
The attorney who would have this family of four evicted onto a Broadway sidewalk is the same attorney belonging to the Fix SoHo NoHo Coalition. Nice.
These real estate investors are not what SoHo/NoHo has traditionally witnessed; that is, small building owners, longtime family-owned real-estate businesses, shareholders in small retail stores, or condo/coop property owners. No. These are behemoth real-estate investment firms, whose sole purpose is to create wealth for their principals and who have no roots or interest in a community’s well-being or future prosperity.
These opportunists have been compared to predatory strip-mining companies that come into some small Appalachian town, strip the land bare, and, after plundering the community, move on to some other town to ravage. These are the last people who should have a say in SoHo/NoHo’s future. Will the city agree to their demands?
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