Andrew Cuomo

November 11, 2016

Cuomo’s revised 421-a plan will move ahead as REBNY and construction trades come to agreement

Ever since the city's 421-a tax exemption program expired in January, the Building and Construction Trades Council of Greater New York and the Real Estate Board of New York (REBNY) have been negotiating under what terms to extend and/or modify the program. Both groups took part in what the city believes were "secret talks" with Governor Cuomo over the summer, after which he released his proposal to revise 421-a with wage subsidies for construction workers. REBNY was concerned about this stipulation, claiming it would increase construction costs by up to 30 percent, but a press release sent yesterday evening reports that they've reached an agreement with the Trades Council to move ahead with Cuomo's version of the plan, which, in addition to setting a $60 hourly wage for qualifying projects in Manhattan and $45 in Brooklyn and Queens, extends the tax breaks up to 35 years (up from de Blasio's proposed 25 years) and mandates newly created affordable units be kept in place for 40 years.
More details this way

November 4, 2016

POLL: Should Cuomo’s revised 421-a plan move forward?

By Dana Schulz

The city's hotly debated 421-a tax abatement program expired in January after a 44-year run. CityRealty reports that the NYC Department of Housing Preservation & Development has seen the number of applications for tax exemption decrease by 45 percent from that time to September 2016, costing the city $1.2 billion this fiscal year. Over the summer, the Governor presented a revised version of the program that would offer wage subsidies to construction workers, but this drew concern from the Real Estate Board of New York, who say the proposal would cause construction costs to rise by up to 30 percent. Now, Politico reports that Cuomo, developers, and unions have been engaging in closed-door negotiations to bring his plan forward and extend the previous 25-year tax break up to 45 years (REBNY and the Mayor had presented a 35-year extension last summer).
Tell us if you think the Governor's plan should move ahead

October 18, 2016

Approval process for new $24 billion Hudson River tunnels fast-tracked; construction could start in 2019

By Michelle Cohen

The $24 billion plan to construct two rail tunnels beneath the Hudson River has been designated a priority, which will get it fast-tracked through environmental and permitting stages and trim development time by a year or more, the Wall Street Journal reports; with construction beginning in 2019, the tunnels could be operational as early as 2024, U.S. Transportation Secretary Anthony Foxx said at a news conference at Penn Station on Friday. Both Amtrak and NJ Transit will use the new tunnels, which are among the first steps in a broader plan by Amtrak find ways to handle double the current number of passenger trains running beneath the Hudson River.
Find out more

Transit

October 6, 2016

NYC bridges and tunnels getting $500M overhaul including LED light shows and electronic tollbooths

By Michelle Cohen

Gov. Andrew Cuomo announced Wednesday that the tolling system on the city’s bridges and tunnels owned by the MTA–that would be Robert F. Kennedy, Throgs Neck, Verrazano-Narrows, Bronx-Whitestone, Henry Hudson, Marine Parkway-Gil Hodges Memorial, and Cross Bay Veterans Memorial bridges and the Queens-Midtown and Hugh Carey (formerly Battery) tunnels–will be getting a $500 million overhaul. Cuomo also announced that the $500 million the MTA will asked to contribute to pay for the new collection system will also cover new LED lights on some of the city’s bridges.
Cashless tollbooths and disco bridges, this way

Transit

October 5, 2016

POLL: Which Penn Station scheme do you prefer, Governor Cuomo’s or Vishaan Chakrabarti’s?

By Dana Schulz

When Governor Cuomo revealed his plans for a new Penn Station-Moynihan Train Hall complex early last week, things seemed to be moving full steam towards a 2020 completion date thanks to flashy renderings and the selection of a high-profile developer-builder team. But architect Vishaan Chakrabarti was not convinced, and he and his firm the Practice for Architecture and Urbanism decided to create their own vision, one that repurposes Madison Square Garden, a facet of the plan he feels Cuomo failed to address.
Tell us which scheme you prefer

September 29, 2016

MTA board member asks who will pay for Penn Station overhaul

By Michelle Cohen

As 6sqft previously reported, Governor Andrew Cuomo announced plans early this week for a $1.6 billion overhaul of Penn Station, and further details revealed that the Metropolitan Transportation Authority would be responsible for $150 of the project's costs. Since those plans were released, questions have been raised about where that organization's share of the tab would be coming from in an already stretched budget.
So where is this money coming from?

September 28, 2016

REVEALED: Governor Cuomo unveils plans for new Penn Station-Moynihan Train Hall complex

By Michelle Cohen

In a presentation (pdf) Tuesday at the Association for a Better New York, Governor Andrew Cuomo announced that plans for transforming a revamped Penn Station-Moynihan Train Hall complex into a "world-class 21st century transportation hub" were back on track and ready to roll, complete with a slew of new renderings and the selection of a developer-builder team including the Related Companies, Vornado, and Skanska AB, to redevelop the Farley Building.
Find out all the details

September 13, 2016

$1B expansion of the Javits Center will commence this year

By Diane Pham

One of Governor Cuomo's biggest NYC projects will kick off construction by the end of this year. Per a press release released yesterday, the Cuomo administration has put out a request for proposals (RFP) for the first phase of the Jacob K. Javits Center's $1 billion expansion. The chosen firm will be responsible for the design and construction of a three-story building that will hold transformers, back-up generators, and other electrical equipment for the updated complex. This initial work will prepare the massive site for the larger expansion project that will increase the size of the events facility by 1.2 million square feet, bringing the total square footage to a hefty 3.3 million square feet.
more on the announcement here

Real Estate Trends

August 18, 2016

Cuomo wants to revive 421-a program with wage subsidies

By Dana Schulz

One of the biggest snags in Mayor de Blasio's ambitious affordable housing plan (to add/preserve 200,000 such units over the next decade) has been his contention with Governor Cuomo over the city's 421-a program, which provides tax breaks for up to 25 years to new residential buildings that reserve at least 20 percent of units as affordable. The program expired in January, fueling concerns that permits for new rental units would drop as developers face skyrocketing land prices and be replaced with even more luxury condos. Now, after months of uncertainty, the Times reports that the Governor "has offered developers and union officials a wage subsidy for construction workers in the hopes of reviving [421-a]." His proposal was sent out as a single-page memo to residential developers on Tuesday night, presumably unbeknownst to de Blasio. Though it doesn't require union work force or prevailing wages, it does set a $65/hour minimum for projects south of 96th Street in Manhattan with 300 or more units and a $50/hour minimum for those of the same size along the Brooklyn and Queens waterfronts, $15 of which will be paid for by the state. These projects will be required to set aside 25 to 30 percent of units as below-market rate rentals.
More details ahead

July 20, 2016

POLL: Are You Happy With Governor Cuomo’s Planned Subway Changes?

By Dana Schulz

On Monday, as 6sqft reported, Governor Cuomo unveiled the MTA's "plans to build 1,025 new subway cars, and to modernize 31 of the city’s more than 400 stations." Most of the new fleet will be of the open-gangway format, and they'll boast wider doors, Wi-fi, USB ports, better lighting, cell service, security cameras, full color digital information displays, and a new blue and gold color palette that represents New York's state colors. Since the upgrades are part of the $27 billion capital plan that was approved in May, some critics are questioning whether the changes are more cosmetic and brag-worthy, rather than functional. But the city explains that the design of the new cars will help alleviate overcrowding, thereby reducing delays. What do you think--can the MTA do better?
Cast your vote here

Transit

New High-Tech Subway Station and Car Designs Unveiled by Governor Cuomo

By Diane Pham

Straphangers rejoice! As unveiled by Governor Cuomo at the NYC Transit Museum in Brooklyn today, the MTA has announced plans to build 1,025 new subway cars, and to modernize 31 of the city's more than 400 stations. In addition to the majority of these cars taking on the globally-favored "open car end" format, they will also boast wider doors, Wi-fi, USB ports, improved lighting, cell service, full color digital information displays, security cameras for passenger safety, and interestingly, a new color palette—yes, Cuomo has also taken to branding the cars in New York's state colors, blue and gold.
Welcome to the 21st Century, new york city

Transit

June 15, 2016

LaGuardia Airport Overhaul Will Cost More Than $7B, Cuomo Releases New Renderings

By Dana Schulz

Since Governor Cuomo announced his plans last July for LaGuardia Airport's long-awaited revamp, the price tag has been set at $4 billion, but yesterday at a groundbreaking for the project, that number rose to a whopping $7 billion, reports The Real Deal. Alongside Vice President Biden, the Governor explained that phase one, which includes the replacement of the Central Terminal Building (Terminal B), will carry the $4 billion cost, while the redevelopment of Delta's Terminals C and D will require another $3 billion. And that's not all; the new AirTrain and 24-hour ferry service will require even more funds. Aside from the updated cost estimates, Tuesday's affair also brought new details and renderings.
See them all here

June 14, 2016

Construction on LaGuardia AirTrain Kicks Off This Afternoon

By Dana Schulz

Earlier this month, it was announced that work on Governor Cuomo's $4 billion overhaul of LaGuardia Airport would begin this summer, and today NY1 reports that a groundbreaking ceremony for the new AirTrain (part of the overall modernization plan) is taking place this afternoon. It will span 1.5 miles along the Grand Central Parkway, connecting with the 7 train and Long Island Railroad at Willets Point. A 2015 estimate put its cost at $450 million.
Find out more

June 2, 2016

$4B Overhaul of LaGuardia Airport to Begin This Summer, New Renderings

By Dana Schulz

When Governor Cuomo revealed details and flashy renderings for his planned $4 billion overhaul of LaGuardia Airport, he assured New Yorkers "It’s not a plan; it’s not a sketch; it’s not a dream; it’s not a vision—it’s actually happening." And he wasn't kidding; LaGuardia Gateway Partners, a public-private partnership formed by the Port Authority of New York and New Jersey, announced yesterday that they closed on the deal to develop a "replacement to the maligned LaGuardia Airport's Central Terminal Building and operate the new facility through 2050," according to Crain's. With work expected to kick off this summer, Curbed has also uncovered a few new renderings of the plan.
More details ahead

May 25, 2016

Governor Cuomo Finally Approves MTA’s $27B Capital Plan

By Dana Schulz

Governor Cuomo and Mayor de Blasio, notorious for their icy relationship, have been squabbling for well over a year about the MTA's $27 billion, five-year capital plan. Last October, they reached an agreement where the state would contribute $8.3 billion and the city $2.5 billion, neither of which would come from increasing taxes. Seven months later, the Daily News reports that Albany has finally approved the plan, which covers track and station repairs, new train cars, new high-tech buses, a MetroCard replacement, the Long Island Rail Road's East Side Access project, and, of course, the beginning of the Second Avenue Subway's phase two into East Harlem.
More details ahead

March 31, 2016

Rent Governor Cuomo’s Former Douglaston Manor for $6,000/Month

By Emily Nonko

Last year, Governor Cuomo's former mansion in the suburban waterfront enclave of Douglaston, Queens hit the market looking like something straight out of the Great Gatsby. Cuomo lived in the sprawling home with his ex wife Kerry Kennedy, but sold it in 1993, when he joined the Clinton administration. It's a six-bedroom, Mediterranean-style manor that was constructed in the 1920s and was asking $2.7 million. In January, the home sold for a cool $2.4 million. And the new buyers have listed it for rent, asking $6,000 a month. In Manhattan, $6,000 a month could definitely get you a nice apartment, but it couldn't get you a mansion and outdoor space this impressive. It's enough to lure a person way out to Douglaston.
Take a look around

March 9, 2016

MTA Reveals Its ‘Ferrari-Like’ Buses With WiFi and Charging Ports

By Dana Schulz

Earlier in the year, Governor Cuomo announced a plan to transform the subway with free WiFi, USB chargers, and mobile payment. Though the idea sounded great in theory, skeptics were quick to question where the funding would come from, a sentiment echoed now that the MTA has revealed renderings and details for the 2,042 new buses that will come on board over the next five years. They'll include similar modernizations, including WiFi, between 35 and 55 USB charging ports, and two or three LCD information screens, according to Crain's. The Governor touted the new bus design -- "It has that European flair to it. It has almost a Ferrari-like look." -- but he still hasn't spoken about how the state will fund the MTA's five-year capital plan.
Just how much will the new bus fleet cost?

Transit

Amtrak Estimates Penn Station and Hudson River Tunnel Projects Will Cost $24B

Click here to enlarge overview map >>

January 21, 2016

Amtrak Estimates Penn Station and Hudson River Tunnel Projects Will Cost $24B

By Dana Schulz

When Governor Cuomo announced his $3 billion revamp of Penn Station earlier this month, skeptics were quick to point out that all the glassy new structures and reconfiguration of waiting rooms won't do anything to help the fact that the Hudson River rail tunnels are crumbling. Clearly on the same page, Amtrak announced yesterday a detailed overview of the entire infrastructure project, and it comes in at a whopping $23.9 billion. According to the Times, "the largest share of about $7.7 billion [will go towards] building the new Hudson tunnel and repairing the existing tunnel. The project includes a host of other elements, including expanding Pennsylvania Station in Manhattan at an estimated cost of $5.9 billion, and replacing rail bridges in New Jersey."
Find out more

January 20, 2016

Top 10 Transportation Proposals That Would Transform New York City

By Rebecca Paul

Commuting in and around NYC can at times be a daunting task, and with the all of the pending subway closures, things are about to get a bit more complicated. However, all hope is not lost, and a trouble-free ride to work right be in the near future. From a city-wide ferry system to cell-phone friendly subway cars, both Governor Cuomo and Mayor de Blasio have several new initiatives in play to improve the city's infrastructure. In addition to these ambitious government-backed measures, there are also a slew of motivated residents looking to make some changes, including a 32-Mile Greenway in Brooklyn and Queens and a High Line-esque bridge spanning the Hudson River, just to name a few. To keep your spirits high when subway lines are down, we've put together this list of top 10 transportation proposals for NYC.
See all 10 here

Transit

January 11, 2016

Governor Cuomo to Transform the Subway With Free Wi-Fi, USB Chargers, and Mobile Payment

By Dana Schulz

Is there anything in NYC that Governor Cuomo does like? He started his crusade to overhaul our infrastructure back in July when he revealed renderings for a $4 billion update to LaGuardia Airport. But this past week he pulled out all the stops, starting with a $3 billion redevelopment of Penn Station, a $1 billion expansion of the Javits Center, and now, a massive undertaking to "modernize and fundamentally transform" the MTA and the subway. Curbed reports that the Governor's latest plan includes expediting the addition of more countdown clocks, adding contactless payment by 2018, equipping all stations with Wi-Fi by the end of this year and cell phone service by the end of 2017, and outfitting both subways and buses with USB chargers.
More details right this way

January 7, 2016

Renderings Revealed for Governor Cuomo’s $3B Penn Station Overhaul

By Dana Schulz

6sqft asked readers yesterday if Governor Cuomo would finally be able to get the Penn Station overhaul off the ground, after various news outlets reported that he would be announcing a plan to do just this. The majority of you said it wasn't going to happen, but it looks like the long-envisioned project has just gotten one step closer to reality. During a press conference yesterday at Madison Square Garden, the Governor revealed that he'll be heading up a major revamp of Penn Station, which he called "un-New York," according to Gothamist. The more than $3 billion redevelopment has been dubbed the Empire Station Complex, and a request for proposals will go out this week, due back in 90 days (not good news for the decade-old deal with developers Related Cos. and Vornado Realty). As expected, it includes the long-stalled Moynihan Station project that will convert the adjacent Farley Post Office into a large waiting area, similar in size to the main room at Grand Central. This will increase the size of the nation's busiest transit hub by 50 percent and will connect to the current station by a network of underground tunnels. Though several options are on the table for a redesign, the renderings released by the Governor's office show a glassy and light structure that's quite unlike the current space that Cuomo described as "dark, constrained, ugly, a lost opportunity, a bleak warren of corridors… a miserable experience and a terrible first impression."
More details and renderings ahead

January 7, 2016

$1B Expansion Planned for the Javits Center

By Dana Schulz

It seems like Governor Cuomo's had enough of ugly Manhattan buildings. Fresh off his announcement of a $3 billion overhaul of Penn Station comes another major redevelopment plan–a $1 billion expansion of the Jacob K. Javits Center, already the nation's largest meeting place. First reported by Curbed, the project will increase the building by 1.2 million square feet, adding five times the current meeting space and bringing the total square footage to a massive 3.3 million. Renderings from FXFOWLE show a glassy structure that will house a 58,000-square-foot ballroom (Cuomo says it will be the largest in the northeast), 22,000 square feet of outdoor event space, and a four-level truck garage that will supposedly get 20,000 vehicles off the streets.
See all the renderings

Real Estate Trends

January 6, 2016

POLL: Can Governor Cuomo Finally Get the Penn Station Overhaul off the Ground?

By Dana Schulz

After chatter last month that the state may reboot the plan to expand Penn Station into the adjacent Farley Post Office, the Wall Street Journal is now reporting that Governor Cuomo will announce this week a full overhaul for the nation’s busiest transit hub. It’s expected that his plan will indeed include the projected $900 million post office redevelopment […]

Real Estate Trends

October 12, 2015

State and City Finally Agree on Funding Plan for the Debt-Ridden MTA

By Dana Schulz

After months of squabbling over who's responsible for funding repairs and expansions of NYC's transit system, Governor Cuomo and Mayor de Blasio reached an agreement on Saturday to keep the MTA's $26.1 billion, five-year capital plan on track. The state will put in $8.3 billion and the city $2.5 billion (much more than de Blasio's original $657 million planned contribution). However, Cuomo was clear that their commitment won't come from increasing taxes and that he's confident the money can be found in the existing state budget. The city, too, said it would not raise taxes, but rather take $1.9 billion from city funds and the rest from sources that could include development rights or rezoning. The agreement still leaves the MTA $700 million short of its total, but the agency hopes to close the gap by finding "further efficiencies."
READ MORE

July 29, 2015

LaGuardia Overhaul Could Actually Cost $8 Billion and Take Over 10 Years to Complete

By Diane Pham

Womp womp. For those of you still flying high over yesterday's news that LaGuardia Airport would soon be getting a major revamp, here comes some unfortunate news that might bring you back down to earth. As Crain's reports, Governor Cuomo appears to have grossly underestimated his vision for the upgraded air hub. "According to several sources with direct knowledge of the project," the paper says, "a new LaGuardia could take more than 10 years to build and cost close to $8 billion"—a price that's double the Cuomo administration estimates of $4 billion, with at least another five years tacked on to the schedule.
Find out more here

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