CityRealty Insider > New Developments in the News

New Developments in the News

FEBRUARY 9, 2009

The public gets more say in new building plans with online review; Luxury apartment sellers vie for last year's bonus dollars

New York City announced yesterday that it will become the first U.S. city to put diagrams of proposed new buildings or major enlargements online for the public. There will be a 30-day "public challenge period," intended to give those affected by new developments a greater voice in the process and help to determine whether a project is in compliance with zoning regulations. Architects and engineers filing applications for new buildings and major enlargements will be required to submit diagrams, which will be available at www.nyc.gov.

The $18.4 billion in bonus money the securities industry reportedly provided its employees in 2008 could come as very good news to some pessimistic real estate brokers. According to a report issued by New York State Comptroller Thomas P. DiNapoli, "Some bankers…took home millions last year…"This may also be good news to Russian financier Andrei Vavilov, who, according to an article by Max Abelson of the New York Observer, has put the penthouse apartment that he recently purchased at the Plaza Hotel for more than $11 million back on the market for $12.5 million, hoping for a profit.

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