CityRealty Insider > New Developments in the News

New Developments in the News

NOVEMBER 23, 2009

Group acquires $40 million note on crane crash site tower; A new rental building will ban smoking even in apartments; Shrinking FHA reserves lead to tighter lending standards

HFZ Capital Group has acquired a $40 million note on the planned apartment tower at 303 East 51st Street from Arbor Realty Trust. The Department of Buildings revoked the building permit for the tower in June, 2008, after a crane crashed and killed seven people several months earlier. Work has been stopped at the site since the collapse.

Amid debate over whether smoking should be banned inside residents' homes in apartment buildings, developers of a new rental apartment building at 1510 Lexington Avenue—due to open next month—have announced that smoking will be prohibited everywhere in the building. The 18-story tower is seeking LEED Silver certification, and the smoking ban fits with what the developers feel is "a growing demand for a healthier lifestyle at home as well as in the workplace."

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