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Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study.
In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent report prepared by the Steven L. Newman Real Estate Institute at Baruch College.
The report attributes the steep drop-off to the new law, which stipulates that 51 percent of tenants in a rental building must agree to buy their unit for a conversion to take place. Before June 2019, the required threshold was just 15 percent of tenants, or so-called “insiders.”
20 things we miss about Staten Island: Restaurants, stores and more
Today 8:00 AM
STATEN ISLAND, N.Y. If the coronavirus (COVID-19) pandemic has taught us anything, it’s that change is inevitable.
If you’re feeling nostalgic about aspects of Staten Island that no longer exist, we don’t blame you. Whether you are a teen, an adult or a senior, there is something every generation misses about “old Staten Island.”
Keep scrolling to see some of the things we miss about Staten Island.
FUN BUBBLE
The exterior of Fun Bubble on Staten Island. (Staten Island Advance/ Frank J. Johns)
The 10,000-square-foot center was dedicated exclusively to kids 12 and under, and offered four private party rooms and a three-level play maze.
UpdatedFri, Mar 12, 2021 at 11:01 am ET
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Aileen Fuchs will be coming to the National Building Museum after serving as president and CEO of the Snug Harbor Cultural Center & Botanical Garden on Staten Island. (Shutterstock/Sean Pavone)
WASHINGTON, DC The National Building Museum has named Aileen Fuchs as its new president and executive director as the museum prepares to reopen this spring with a new visitor center and new exhibits.
Fuchs will be coming to the National Building Museum after serving as president and CEO of the Snug Harbor Cultural Center & Botanical Garden on Staten Island in New York. She will be the museum s fifth executive director in its 40-year history.