Did you learn John Catsimatidis’ wild interview with the New York Editorial Board?
Earlier than I get to that, some historical past:
Catsimatidis has clashed with me a few instances — as soon as as a result of I supported a invoice to ban supermarkets from gifting away plastic baggage (which handed and has labored properly), and later as a result of I doubted he would observe by means of on an concept to run for mayor once more (he didn’t).
Cats is a self-made billionaire. That doesn’t occur accidentally. It’s honest to say he’s a enterprise savant, particularly at shopping for corporations dirt-cheap out of chapter (oil refineries, gasoline stations/comfort shops) and making them worthwhile. He’s greatest identified for Gristedes, however that’s not the first supply of his wealth.
He has additionally developed some massive buildings in New York Metropolis, offering housing in a metropolis that desperately wants it.
However his talent set doesn’t prolong to insurance policies and politics, that are necessary for any mayor. That’s why I discovered him an odd selection for an interview by a board targeted on these matters.
The transcript was painful to learn, as Cats rattled off fake-news speaking factors and conspiracy theories from the right-wing propaganda machine. I typically write about socialist fantasies and propaganda, so you understand my objection right here isn’t rooted in partisanship. I simply want actuality.
However ultimately the board requested Cats concerning the grocery enterprise, a topic he is aware of properly, and he stated one thing I discovered fascinating: Gristedes’ unionized workforce has performed nothing to guard his supermarkets from nonunion competitors.
He appeared bitter about that. He didn’t point out that unions kept Walmart out of New York Metropolis, however that was long ago. At present, a number of nonunion supermarket chains are expanding aggressively right here (a boon to the true property trade).
In contrast, the Resort Trades Council stopped nonunion hotels’ expansion cold by passing a special permit requirement in 2021. This was a pure transactional association with Invoice de Blasio and the Metropolis Council. Unionized accommodations and their landlords had been additionally winners in that deal.
Champions of capitalism hate that sort of factor. Catsimatidis is definitely a capitalist. However I can perceive why he desires the retail employees’ unions to restrict competitors from nonunion chains. That’s a part of their job, and he’s paying them. Who might blame him for questioning, “What am I getting in return?”
What we’re interested by: A Metropolis Council invoice to permit housing exclusive to artists looks like a foul concept. Artists-only housing in Soho was not properly enforced, and the rule was routinely ignored. And the precept appears improper: The invoice would create an exception to discrimination regulation to discriminate in opposition to non-artists. Ship your ideas to eengquist@therealdeal.com.
A factor we’ve realized: Any vetoes by Mayor Eric Adams of payments handed Thursday by the Metropolis Council won’t be topic to overrides till subsequent month, when the Council can have a bunch of recent members and, extra importantly, a brand new speaker in Julie Menin. The speaker controls the agenda, so if Menin doesn’t desire a vetoed invoice to change into regulation, she will be able to forestall a vote to override from even being held.
Elsewhere…
The Kingston metropolis council voted to maintain lease stabilization by maintaining its “housing emergency” standing regardless of its housing survey final spring discovering a citywide emptiness fee above 7 percent.
Emptiness beneath 5 % has all the time been obligatory for declaring a housing emergency. And a housing emergency is important to have lease stabilization.
Kingston’s emptiness fee is simply below 5 % within the subset of buildings eligible for lease stabilization. What usually issues, nevertheless, is the citywide fee, though the regulation is a bit obscure. Landlords will certainly sue if lease regulation continues. Is the council pushing the envelope within the hopes {that a} court docket will bless this strategy?
Closing time
Residential: The highest residential deal recorded Thursday was $46.8 million for a 6,942-square-foot, sponsor-sale condominium unit at Gary Barnett’s 50 West 66th Street in Lincoln Sq..
Industrial: The highest business deal recorded was $16 million for 144-32 and 144-36 Northern Boulevard in Flushing. The latter property, a 1,500-square-foot business area, fetched $11.2 million and 144-32, a single-family home, went for $4.8 million. An LLC tied to Century Growth Group bought the property.
New to the Market: The very best value for a residential property hitting the market was $3.85 million for a 3,120-square-foot home at 176-12 Kildare Highway in Jamaica Estates. Leah Musheyeva with Exit Realty First Alternative has the itemizing.
Breaking Floor: The biggest new constructing allow filed was for a proposed 315,325-square-foot, 156-unit challenge at 136-48 thirty seventh Avenue in Flushing. Frank Fusaro of Handel Architects filed the allow on behalf of Richard Siu of F&T Group.
— Matthew Elo
