The city is moving toward greener buildings with a new law expected to be approved today by the City Council that requires energy retrofits and other measures for larger properties.
The powerful Real Estate Board of New York worked with the council to adopt measures that were acceptable to the owners.
“The problem was with mandated retrofits and audits,” said REBNY President Steven Spinola of the four measures’ earlier versions.
Under the new scheme, offices with more than 10,000 square feet will be required to install electricity meters for each tenant and install lighting retrofits by 2025, providing enough time for the majority of leases to turn over.
Buildings will have to benchmark electrical and water use by May 1, 2011, but certain buildings like data centers and TV studios will be exempt.
The New York State energy code will be adopted and applied to new construction, alterations and additions.
“There will be tougher standards, but we could agree on them,” said Spinola.
Larger residential buildings will also need to meet criteria that are “easily met,” said Spinola, noting that the rules will require energy audits on items like boilers.
“That should be done anyway,” Spinola added.
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Hotelier Richard Born has transferred his old Travelodge development site at 510 W. 42nd St. to Parkview Developers through a lease that ends Sept. 29, 2058.
Born wouldn’t reveal the terms, and while Parkview’s Ian Reisner is out of the country, he told us he will reveal plans for the site early next year.
Reisner and partner Mati Weiderpass own about one-quarter of 230 Central Park South’s condos and previously developed the 505 at 505 W. 47th St. in Hell’s Kitchen, where, as is typical these days, buyers are suing to get out of their deals.
We wouldn’t be surprised if between the ground lease and those pesky buyers the new project was turned into a rental property or a hotel.
The site on West 42nd Street is an irregularly shaped lot that sits over railroad tracks and goes through to 515 W. 41st St.
Born has owned the site for years and tried to sell it for $100 million a few years ago.
According to Curbed, a 37-story building was being explored by Albanese Development prior to the market meltdown.
Meanwhile, minor repairs have been made on the cur rent three-story building and a sidewalk shed just received a permit.
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Howard Mi chaels‘ Carlton Advisory Services is handling $1 billion in loan sales including a 600-acre plot by Universal Studios in Orlando and Florida condo projects.
City bits include a $32 million loan on 119 W. 25th Street, which is being foreclosed on by Cathay Bank and will naturally trade at a discount. The whisper pricing is under $200 a foot.
Investors are targeting this loft office building because it will be delivered with vacancies and has 15,000 feet of retail near Sixth Avenue.
City records show the Brooklyn owners also owe almost $315,000 in back real estate taxes, with another $207,000 due at the end of this year.
Another loan garnering interest is the performing mezzanine loan secured by a retail condo that is owned by RFR — Aby Rosen‘s company — at the base of the Wellington apartment house at 82nd Street and First Avenue that they developed and sold about a decade ago.
The more than 43,000-foot condo is occupied by medical offices and retail, including a CVS.
The entire first mortgage on the condo is $26 million and includes the mezzanine piece that is valued at $3.5 million and has seven years left at a fixed rate.
In other loan news, we hear Harry Macklowe is working on recapitalizing his beautiful but empty 510 Madison Ave. office tower.
The construction loan is held by Union Labor Life. No comments all around.
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Louise Sunshine called from California to say Alexico’s condo development, The Laurel, finally dropped asking prices on a “few lines” from $1,800 a foot to $1,600 a foot.
The new pricing instantly generated another 11 signed sales contracts just last week.
Among those buying is Sunshine’s husband, Martin Begun, who is selling his One Beacon Court unit to move to the amenity filled Laurel, which houses a triathlon training center and pool.
Alexico’s other development, The Mark at East 77th Street and Madison Avenue, will start closing on units once the restaurant, Jean Georges at The Mark, opens on Jan. 15, Sunshine said.
