Page 4 - NY Cooperator June 2019

4 THE COOPERATOR —JUNE 2019 COOPERATOR.COM Industry Pulse Insurance 10-Point Webinar for Board Members and Managers Mackoul Risk Solutions will be hosting a webinar for board members and prop- erty managers at 11:00am on Wednesday, June 12th. As a property manager or board member of a community association, there are 10 critical elements of community asso- ciation insurance that you should under- stand. In this helpful webinar, we provide an in-depth look into these 10 points, cov- ering all aspects from encouraging owners to maintain insurance to knowing when a recommendation is really a require- ment. This webinar will discuss how the 10-Point Primer can be used as a guide for board members and property managers to ensure that they have the proper insurance coverages to protect their community asso- ciations. Email sgallagher@mackoul.com to register. Law & Legislation Council Passes Bill to Reduce Greenhouse Emissions in NYC Buildings As reported by Curbed , the New York City Council on April 18 passed the Climate Mobilization Act, a package of six bills that calls for the elimination of 40 percent of greenhouse gas emissions in thousands of the city’s buildings by the year 2030; land- lords who don’t comply will be fined. Sponsored by Council Member Costa Constantinides, a part of the legislation“would mandate that buildings do not emit greenhouse gases at levels high- er than the limits set in the legislation. The limits are set based on the occupancy group of the building and are calculated to require emissions reductions from the highest emit- ting 20% of buildings in each occupancy group for the first compliance date begin- ning in 2024, and the highest emitting 75% of buildings in each occupancy group for the second compliance date beginning in 2030.” Buildings that are more than 25,000 square feet, said Curbed, would be respon- sible for retrofits (such as new windows) in order to achieve energy-efficiency. In a press statement, REBNY President John H. Banks said, however, that the legis- lation falls short of achieving its goal: “The approach taken today will have a negative impact on our ability to attract and retain a broad range of industries, including tech- nology, media, finance, and life sciences, that provide opportunity and continued economic growth that is so important for our city.” Opponents to Plans for a Midtown Homeless Shelter Face Setback A judge dealt a blow to a group of homeowners opposed to the opening of a homeless shelter on midtown Manhattan’s ‘Billionaires’ Row,’ NBC New York report- ed. The city wants to open the shelter at the former Park Savoy hotel on 158 West 58th Street, which is adjacent to One57, the sky- scraper that houses luxury condos, includ- ing a $100 million penthouse. Opponents of the shelter argued that it would pose fire safety and public nuisance concerns. In his April 25 ruling, Judge Alexander Tisch wrote: “The Court finds that the decision to open a homeless shelter at the premises has a rational basis and is therefore not arbitrary and capricious.” Group Sues to Stop Development of Supertall UWS Apartment A non-profit group filed a lawsuit to pre- vent developer Extell from constructing a 775-foot residential tower at 50 West 66th Street that, if completed, would be the tall- est on the Upper West Side, Crain’s New York Business reported. The organization City Club of New York and other residents argued that Extell’s plan violates parts of the city’s zoning code, including the use of mechanical voids (large empty spaces) to increase the building’s height. Prior to the lawsuit, the city approved Extell’s revised plans after it initially threatened to pull the project if Extell did not address zoning and safety issues, according to Curbed. In its revised plans, Extell included four mechanical voids, none taller than 64 feet in height (the previous plan called for a mechanical space that measured 160 feet tall), as well as the addition of elevator stops to meet fire safety standards. But the plaintiffs alleged that the empty spaces are not being used for mechanical equipment. “Nothing in Extell’s public documents sup- ports its claim that this space is necessary to house mechanical equipment,” the law- suit argues. “Indeed, there is no mechani- cal equipment yet imagined by humans that requires a 48- or 64-foot-tall clearance for accessory use in a residential building.” Meanwhile, an Extell spokesperson was quoted in Curbed saying that the company will prevail in the suit. Transactions ‘Real Housewives of NY’ Star Lists UES Condo Ramona Singer, a star of reality series The Real Housewives of New York, wants to find a buyer for her Upper East Side condo, and quickly—so much so that she’s offering a discount. Realtor.com reported that Singer has relisted her apartment at the Richmond for $4.5 million; it was pre- viously on the market for $4.9 million last October. According to Pamela Nichols, an agent for Douglas Elliman who is handling the listing, the renovated four-bedroom unit has 9-foot 3-inch ceilings, oak floors, and oversized windows. The amenities at the Richmond include a roof garden, a bike room, and a 24-hour door attendant. Architect Selling United Nations Andrew Kikoski, an architect who owns a United Nations Plaza co-op that he also designed, has listed the apartment for $2.39 million, the New York Post reported. The unit’s features contain an eat-in kitchen, hardwood floors, and a foyer, while a golf simulator and residents lounge are just some of the building’s amenities. Kikoski has worked on the luxury rental building One Hudson Yards. DUMBO Project Makes Condos Affordable Those who want to live in Brooklyn’s Dumbo neighborhood but are iced out by the area’s median sales price of about $2 million might catch a break. The New York Times reported on a new 165-unit condo development at 98 Front Street, spearhead- ed by Hope Street Capital, in which prices for a studio start at $595,000 and range up to $795,000 for a one-bedroom. Apartment highlights include appliances and nine-foot tall windows, while the building’s amenities will feature a fitness center and a rooftop ter- race. Sha Dinour of project developer Hope Street Capital told the Times : “What we’re doing is intentional. We looked at what’s underserved in Dumbo, and it’s homes available for under $1 million.” The build- ing is scheduled for completion next year. Jackie O. Sister’s Co-op Goes on the Market An Upper East Side co-op that was once the former home of the late socialite Lee Radziwill was listed for $5.7 million, Curbed reported, citing a Wall Street Journal report. The only apartment on the building’s 15th floor, the three-bedroom residence contains a 31-foot-long living room, a dining room, a foyer, and a private vestibule. Radziwill, the younger sister of Jacqueline Kennedy Onassis, had called the co-op home for over 30 years; she died earlier this year at the age of 85. Lena Dunham Re-Lists Williamsburg Condo Former Girls star Lena Dunham’s Williamsburg condo is up for sale again. Architectural Digest reported the three- bedroom, two bathroom apartment was re- listed at $2.65 million, a discount compared to the previous price of $3 million when it was first listed last November. The unit sits in a former music instrument factory called The Gretsch, and contains such features as an open-plan kitchen, a raised platform bed, and 13-foot ceilings. Dunham now spends time between her West Village apartment and Los Angeles home. CAL EN D AR June 2019 CALENDAR/PULSE continued on page 18 Every Tuesday NYC DOB: Homeowners Night Brooklyn, Bronx, Manhattan, Queens or Staten Island Borough Office 4:00 p.m. - 7:00 p.m. If you are a homeowner, tenant, small busi- ness owner or building manager, we encourage you to visit your local borough office where Department of Buildings staff can answer your questions and provide the information you need. Permits, construction codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations, and civil penalties are just a few of the things we can assist you with. Our plan examiners, inspectors and staff are here to help you build and live safely in New York City – no appointment needed. Thursday, June 13, 2019 Anderson Kill’s 17th Annual Directors and Officers Liability Insurance Conference D&D Building, 979 3rd Ave., 14th Fl., New York, NY 3:00 p.m. - 5:00 p.m. During Anderson Kill’s 17th Annual Directors & Officers Liability Insurance Conference, we will provide a review of 2018 and an overview of D&O liability and insurance “hot topics” for 2019. In two hours, our panel of attorneys, brokers and risk managers will discuss the intricacies of insurance protection for direc- tors and officers and the companies for which they’re responsible. For information, visit www.andersonkill.com. Tuesday, June 18, 2019 Home Insurance Workshop: Sheepshead Bay Office of Councilman Chaim Deutsch, 2401 Avenue U, Brooklyn, NY 6:00 p.m. - 8:00 p.m. In this FREE, small-group workshop, an insur- ance specialist from nonprofit NHS Brooklyn will: provide an overview of homeowner’s insurance and flood insurance, and how to calculate them properly; look at your property insurance policy and let you know if you’re over-insured (and so paying too much) or under-insured (and so at risk of an ugly sur- prise if an uncovered event occurs); look up your address on the new FEMA flood maps to determine if your property’s flood insur- ance requirements have changed; mcheck that the amount being escrowed for homeowner’s insurance by your mortgage lender is correct; let you know if you may wish to contact your insurance agent to request a policy adjustment; provide fire safety information. For infor- mation, visit https://www.nhsbrooklyn.org/ upcoming-events. Wed., June 19, 2019 IREM-NY: Annual Rooftop Cocktail Party 230 5th Ave., New York, NY 5:30 p.m. - 7:30 p.m. Cocktails. Hors d’oeuvres. Great views. Even better people. On the rooftop of 230 FIFTH. Tickets: $65.00 member/$75.00 non-member. For information, visit www.iremnyc.org.