Projects live and die by member deference. One project approved Monday survived it. Another failed in the face of local opposition.
On Monday, the City Council approved Bruce Teitelbaum’s One45, a three-building housing project featuring 1,000 housing units.
The approval follows years of twists and turns in the project, including a brief abandonment because the developer and local Council member Kristin Richardson Jordan couldn’t see eye to eye. But after Yusef Salaam replaced Richardson Jordan, and after the state extended the construction deadline for the property tax break 421a, developer Bruce Teitelbaum relaunched the project.
Meanwhile, another project on Monday failed because of member deference. Bronx Council member Kristy Marmorato opposed zoning changes being sought by Bally’s needed to move forward with its $4 billion casino proposal.
The City Council voted to disapprove the changes. The drama of this decision dragged on throughout Monday, as the zoning subcommittee and land use committee met several hours later than originally scheduled. The final City Council vote took place after 7 p.m. (the meeting was slated for 3 p.m.).
Bally’s needed the zoning changes, which included demapping the site as city parkland and granting a zoning designation to allow a mixed-use development, to move forward in the state’s competition for one of the three downstate casino licenses up for grabs.
Ahead of the subcommittee vote, Marmorato urged her colleagues to vote down the Bally’s application and invoked member deference.
“This is how we value each other’s communities and their wishes,” she said.
The City Council has largely approved the zoning changes needed by those competing for a casino license, even as some members held their noses at the idea of a casino ultimately being built. Last year, the council approved a text amendment that allowed gaming facilities to open in commercial and manufacturing districts, which would remove an initial hurdle for those applying for a license. The idea was to level the playing field in at least one respect, as many of the applicants needed additional state- and city-level approvals.
But as we saw with Related Companies, the threat of a local member voting against zoning changes still loomed large for casino license applicants. Related dropped out of the competition and shed the casino from its plan when it became clear that local Council member Erik Bottcher would not approve its Western Railyards rezoning if a casino was part of the project.
What we’re thinking about: Are any other casino proposals on the cusp of death? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: House Democrats estimate that the elimination of the HOME Investment Partnerships Program, as proposed in the fiscal year 2026 Transportation, Housing and Urban Development and Related Agencies funding bill, would force states and private developers “to walk away” from 45,000 affordable housing units next year.
Elsewhere…
— Former Gov. Andrew Cuomo says he’s “in it to win it.” Cuomo on Monday doubled down on his plans to run as an independent in the general election, releasing a video where he apologized to supporters for failing to secure the Democratic nomination. He pledged to supporters in an email that he would “run a very different kind of campaign” leading up to November, Politico New York reports.
— Trump-linked influencers and entrepreneurs held a fundraiser for Mayor Eric Adams in Fort Lauderdale, Fla., on Friday, amNY reports. Attendees included Fort Lauderdale Young Republicans and conservative group Moms for Liberty.
— A flood watch is in effect in NYC until midnight. Stay safe out there.
Closing Time
Residential: The top residential deal recorded Monday was $5 million for a condominium unit at 30 Front Street. The Olympia Dumbo unit is 2,300 square feet and new construction. Sotheby’s International Realty has the listing.
Commercial: The top commercial deal recorded was $31 million for two commercial lots at 88-90 North Sixth Street and 169 Wythe Avenue. The main Williamsburg building on Wythe Avenue is a rental and has 23 units across 28,300 square feet.
New to the Market: The highest price for a residential property hitting the market was $11.5 million for a triplex penthouse at 10 Greene Street. The Soho condo is 4,200 square feet of new construction. The Corcoran Group’s Aditi Javeri, Paul Kolbusz and Melissa Sargeantson have the listing.
Breaking Ground: The largest new building application filed was for a proposed 59,610-square-foot, 15-story residential building at 266 East 202nd Street in the Bronx. Leandro Dickson of LND Architect is the applicant of record.
— Joseph Jungermann
