The BroadsheetDAILY ~ 9/28/21 ~ Vacant FiDi Lot with Troubled History Bought by Developer Specializing in Below-Market Rents

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Affordability Comes at a Price
Vacant FiDi Lot with Troubled History Bought by Developer Specializing in Below-Market Rents
Above: The vacant lot that has sat empty for more than a decade at 111 Washington Street (also known as Eight Carlisle Street, has remained desolate for more than a decade, while the father-and-son team of developers who own the property fought over it in court.
Below: A previous design for the vacant lot at the corner of Carlisle and Washington Streets.
A real estate development firm that specializes in building affordable housing nationwide has acquired a site in the Financial District, where it plans to erect a 50-story residential tower. Grubb Properties, based in Charlotte, North Carolina, announced Monday that it had paid $89.15 million for the vacant lot at the corner of Washington and Carlisle Streets. The company plans to build a structure enclosing 340,000 square feet on the 11,000-square-foot site, known both as 111 Washington Street and Eight Carlisle Street.
Grubb specializes in building what it calls “essential housing” for people earning between 60 and 140 percent of the “area median income” (AMI) in locations where it develops residential properties. These projects are made possible, in part, by tax incentives and government-backed loan guarantees that aim to encourage builders and landlords to accept lower-than-market rents, while still remaining profitable.
“Few places have been more impacted by the housing crisis in this country than the New York metropolitan area,” said Clay Grubb, the chief executive officer of Grubb Properties. “Our company is dedicated to providing quality rental options for those in the middle of the income spectrum.” Alluding to the sometimes-lucrative nature of affordable development, he added that “essential housing provides a unique path forward to address New York’s housing crisis, as well as a compelling investment opportunity for investors in our funds.”
The company has not disclosed how many of the building’s planned 400 apartments will be affordable, and what percentage will be market rate, but have announced that they plan to participate in the Affordable New York subsidy program, which typically requires that a minimum of 25 percent of the units meet affordability criteria. In exchange for this pledge, such a property is exempt from all property taxes for 25 years, as well as three years of construction, and then receives a further, partial exemption for an additional ten years.
For reference, according to the City’s Department of Housing Preservation and Development (HPD), the AMI for New York City ranges from $83,600 for one person living alone, to $119,300 for a family of four. Based on these brackets, affordable monthly rents within the new building planned for Eight Carlisle Street—defined as 30 percent of gross income, for tenants earning between 60 and 140 percent of AMI—would fluctuate from $956 for a studio housing one person up to $3,918 for a three-bedroom unit.
Once home to a parking garage that was demolished in anticipation of a more lucrative use during the era of fevered Lower Manhattan real estate speculation that followed the terrorist attacks of September 11, 2001, the lot at Eight Carlisle Street has remained desolate since the mid-2000s, surrounded by an unsightly green plywood fence. During the intervening decades, it has been the focus of multiple development schemes that have failed to take root.
Most recently, it was shopped for sale with an asking price of $260 million. The owners, father-and-son team Fred and Richard Ohebshalom, bought the site during foreclosure in 2011, for $57.5 million, then spent millions more assembling air rights from nearby properties on Washington and Greenwich Streets, which added more than 200,000 square feet to the parcel’s possible build-out, bringing its total zoned potential to more than 300,000 square feet.
The Ohebshaloms announced plans for a 30-floor luxury residential tower, which was to be completed by the end of 2014. When work never began on that project, they announced a grander plan, for 51-story apartment building, containing 429 apartments.
But all was not well in the House of Ohebshalom. In March, 2017, the son sued his father for trying to sell the property for $148 million, a price that the aggrieved young man described in court documents as “woefully deficient.” (This would have represented a 43 percent discount from the original asking price of $260 million.) The suit also alleged that the father had threatened to sell 111 Washington Street at the reduced price “in a bad-faith effort to extract concessions” from his son. A week later, the younger Ohebshalom filed a second suit, accusing his father of having defrauded him by draining millions of dollars from trust funds controlled by the elder Ohebshalom, but theoretically set up for the benefit of his son.
In 2020, the Ohebshaloms settled their legal battle, with the son, Richard, taking possession of the lot—and quickly taking out loans of $87 million against it. These developments occurred against the backdrop of an ongoing meltdown in Lower Manhattan real estate values, as multiple residential projects (both rentals and planned condominiums) halted construction and went into foreclosure.
In the meantime, the site has remained empty. The only activity at 111 Washington Street for several years appears to have been its use as a storage facility for portable toilets that the Port Authority needed for construction workers on the nearby World Trade Center site, along with other equipment.
Matthew Fenton
Ars Gratia Artis
Church Street School Designates a New Leader
A Lower Manhattan cultural mainstay has new leadership. The Church Street School for Music and Art has named Piruz Partow to be the School’s executive director, where he has succeeded co-founder and longtime executive director Dr. Lisa Ecklund-Flores, who stepped down in August, after 30 years at the helm.
The School’s board chose Mr. Partow after a four-month nationwide search. He comes to Church Street from the renowned Brooklyn Music School, where he spent eight years as executive director, following a decade as a music instructor. To read more…
The Winds of Change
Sustainable Schooner, Carrying Comestibles, Makes Port in Lower Manhattan
On Saturday, September 25, the South Street Seaport Museum welcomed the Apollonia, a traditional gaff-rigged schooner, capable of carrying 20,000 pounds of cargo.
The Hudson River’s only carbon-neutral, wind-powered merchant freighter docked at Pier 16 and offloaded a shipment of New York State cider, maple products, wool, and other sustainable goods, for sale at the Fulton Stall Market.
The Apollonia sails regularly between New York Harbor and Hudson Valley towns such as Yonkers, Kingston, Ossining, Newburgh, and Albany as part of an emerging, regional eco-friendly supply chain.
The Annual Battery Park City
Blessing of the Animals
Sunday, October 3, 2021, 11 a.m.
Sirius Dog Run, Kowsky Plaza
at the end of Liberty Street, Battery Park City
A non-denominational service.
All people and pets are welcome.
This is a great opportunity to welcome the fall season with a show of love and appreciation for our beloved pets.
BPC Dogs
THIS WEEK’S CALENDAR
Tuesday September 28
10:30AM
Irish Hunger Memorial
Exercise in disguise! Join in on the fun featuring easy-to-follow Latin dance choreography while working on your balance, coordination and range of motion. Come prepared for enthusiastic instruction, a little strength training, and a lot of fun. Participants are expected to bring their own equipment: weights, water bottle, hand towel, etc. Masks required. Participants must maintain six feet of physical distance between households. All programs will be held in accordance with New York State reopening guidance. Free Battery Park City Authority
6PM
Community Board 1 Waterfront, Parks & Cultural Committee
Live Remote Meetings – https://live.mcb1.nyc
AGENDA
1. Brooklyn Bridge Manhattan – Report by Rosa Chang, Member of Community Board 1
2. Canal Park accessibility and homeless – Update by Jamal Patterson, Department of Parks & Recreation
3. City Hall Park conditions, repairs, and closures – Update by Jamal Patterson, Department of Parks & Recreation and Brian Nelsen, Community Affairs, 1st Precinct, NYPD
4. Peck Slip Park horticultural maintenance – Update by Jamal Patterson, Department of Parks & Recreation
5. Capital and Expense Budget Items for FY 2023 – Discussion https://budget.mcb1.nyc
Wednesday September 29
9AM-6PM
SING FOR HOPE PIANOS
29 Liberty St Fosun Plaza
The highly regarded Sing for Hope Pianos program returns to 28 Liberty Plaza (Fosun Plaza) today, September 29, from 9 am. to 6 pm.
10 artist-designed pianos are available for anyone and everyone to play as a one-day-only special event.
Each of the vibrantly colorful pianos were made by local artists, and celebrate a past collaboration from across the entirety of the Sing for Hope Pianos program. Presentation of Art for All Award to Daphne Ruben-Vega will be at 12:30pm.
6PM
Community Board 1 Executive Committee
Live Remote Meetings – https://live.mcb1.nyc
AGENDA
1. Capital and Expense Budget Items for FY 2023 – Discussion
2. WTC Site 5 Project – Update by Empire State Development Corporation
3. Virtual vs. Hybrid meetings in October – Discussion
4. 1 Fulton Street, application for alteration and method of operation change of liquor license for HHC Fulton Retail LLC d/b/a 10 Corso Cosmo – Resolution
5. 88 West Broadway, application for liquor license for HBM Tribeca LLC d/b/a Homemade by Miriam – Resolution
6. 114 Franklin Street, application for liquor license for Casa Carmen LLC d/b/a TBD – Resolution
7. 135 Reade Street, application for liquor license for Tribeca Hospitality Group LLC d/b/a 135 – Resolution
8. 184 Duane Street, request for waiver of SLA two (2) restroom rules for LM Cafe, LLC d/b/a Laughing Man Cafe – Resolution
9. 5 Beekman Street, application for liquor license for Dinex Beekman Street, LLC d/b/a TBD – Resolution
10. 100 Church Street, basement, application for liquor license for a Private Members Club for 100 Church Street Club, Inc. d/b/a TBD – Resolution
11. 133 Greenwich Street, application for liquor license for 133 Greenwich LLC d/b/a TBD – Resolution
12. 399 Greenwich Street, application for renewal of liquor license for GST 399 Inc d/b/a Greenwich Street Tavern – Resolution
13. Committee reports
Thursday September 30
12:30PM
Meeting of the BPCA Audit Committee
Battery Park City Authority
Notice is hereby given that the following virtual meeting will take place today. It will be livestreamed at: bpca.divacommunications.com/bpca-live/ and video recordings made available for post-meeting access via the Battery Park City Authority website.
An agenda will be made available in advance of the scheduled Meeting. There will be no public comment period scheduled at this meeting. The next public comment period will be scheduled during the October 2021 Meeting of the Members of the Authority. For more information visit: bpca.ny.gov/about/board-committees/
5:30PM
Brookfield Place
The Food for Thought series continues its pursuit of three goals – to restart, revive, and reconnect. Join the conversation on Thursday, September 30 at 5:30 PM with guest speaker and communication expert Caitlin Harper, founder of communication consultancy Commcoterie, who will discuss how to best communicate and collaborate effectively to strengthen your relationships and succeed. Free
6PM
Community Board 1CB 1 Monthly Meeting
 Live Remote Meetings – https://live.mcb1.nyc
CB 1 records all meetings and posts them to YouTube for unlimited public access.
All documents relating to the above agenda items are on file at the Community Board 1 office and are available for viewing by the public upon written request to man01@cb.nyc.gov
7PM
Museum of Jewish Heritage
Since the first Superman comic was published in 1938, there has been a persistent fascination with superheroes. Today, we see them everywhere: television, movies, comics, toys, and anywhere else one can think of. Jews have played an important role in superhero culture, both as characters and creators. Join the Museum for a program exploring Jewish superheroes with comic book writer Marguerite Bennett (DC Bombshells) and editor Danny Fingeroth (Marvel’s Spiderman Comics Line). They will be in conversation with journalist Abraham Riesman, author of True Believer: The Rise and Fall of Stan Lee. $ 10
7PM
ART HOUSE CLASSICS: 7 BOXES
Battery Park City Authority VIRTUAL PROGRAM
In celebration of Hispanic Heritage Month, Paraguayan thriller 7 Boxes (2012, Juan Carlos Maneglia and Tana Schémbori) follows the adventures of wheelbarrow courier Víctor who receives an unusual proposal: to carry boxes of unknown content through Mercado 4 in Asunción, but things get complicated along the way. Registration required, click here.
Click to watch some Squirrels play
‘A Modern Debtor’s Prison’
Nadler and Niou Lead Protest Over Court Fees That Hit Hardest Against the Poor
On Monday, two elected officials representing Lower Manhattan led a rally at Foley Square for a criminal justice reform proposal, which aims to alleviate a penal burden that weighs most heavily on the poorest New Yorkers.
State Assembly member Yuh-Line Niou is sponsoring the End Predatory Court Fees Act, which would roll back the surcharges and extra costs that courts and government agencies attach to every conviction, from traffic tickets to felonies. To read more…
More Cappuccinos, Less Broccoli
Lower Manhattan Retail Landscape Sends Mixed Signals
Three indicators paint an equivocal portrait of the economic outlook for Lower Manhattan. The most upbeat of these is the so-called Pret Index, a metric created by Bloomberg News, which tracks the sales of lattes at various outposts of Pret A Manger, a chain of sandwich shops that largely serves office workers in urban business districts.
Data released by Bloomberg on Tuesday indicates that, among Pret A Manger locations in the Financial District and Tribeca, sales of cappuccino drinks, “set a new pandemic high last week,” recovering to 45 percent of sales levels from January, 2020—just before the advent of COVID-19.
More sobering is data from Cushman & Wakefield, a global commercial real estate services firm, whose Marketview report for Manhattan retail in the second quarter of this year finds that fully 25 percent of ground-floor storefront spaces in Lower Manhattan are now vacant, and awaiting tenants. To read more…
Sufficient Unto the Dey
Lottery Opens for New Affordable Apartments in Financial District Building
Lower Manhattan’s meager inventory of affordable rental apartments will soon swell by 63 units, thanks to a new development nearing completion at 185 Broadway, at the corner of Dey Street. The building, which will be known by its branding address of 7 Dey, will contain a total of 206 apartments (the remaining 143 units will be market-rate rentals), along with several floors of retail and office space. In exchange for committing to affordability protections on the 63 units, developer S.L. Green received tax incentives worth many millions of dollars, which helped to build the $300 million project. To read more…
CLASSIFIEDS & PERSONALS
Swaps & Trades, Respectable Employment, Lost and Found
To place a listing, contact editor@ebroadsheet.com
2 Twin-Size Loft Beds,
Light Color Wood,
Good Condition,
Great for Kids Room,
917-650-1525 Gateway Plaza
AVAILABLE
NURSES’ AIDE
20+ years experience
Providing Companion and Home Health Aide Care to clients with dementia.Help with grooming, dressing and wheelchair assistance. Able to escort client to parks and engage in conversations of desired topics and interests of client. Reliable & Honest
FT/PT Flexible Hours
References from family members. Charmaine
NOTARY PUBLIC IN BPC
$2.00 per notarized signature.
Text Paula
@ 917-836-8802
PERSONAL TRAINING,
REFLEXOLOGY,
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NANNY WITH OVER 15 YEARS EXPERIENCE
Reliable, nurturing and very attentive. Refs Avail.
Full or Part time
Maxine 347-995-7896
TUTOR AVAILABLE FOR HOMEWORK SUPPORT
Stuyvesant HS student available for homework help. All grades especially math. References available upon request
PERSONAL ASSISTANT
with Apple experience needed for filing, packaging/mailing items, and computer work and spreadsheets.
Handyman skills helpful.
$25/hour, approx 12 hours/week.
ARE YOU LOOKING
FOR A NANNY?
Reliable, trustworthy and caring Nanny looking for full time position preferably with newborns, infants and toddlers. I have experience in the Battery Park City area for 8 years. I will provide a loving, safe and nurturing environment for your child. Refs available upon request. Beverly 347 882 6612
HOUSEKEEPING/ NANNY/ BABYSITTER
Available for PT/FT. Wonderful person, who is a great worker.
Refs avail.
Worked in BPC. Call Tenzin
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SEEKING LIVE-IN ELDER CARE
12 years experience, refs avail. I am a loving caring hardworking certified home health aide
Marcia 347 737 5037
MAHJONG GAME
WANTED IN BPC
9/11 Victim Compensation Fund Report
More Survivors than Responders Now are Submitting Claims
The September 11th Victim Compensation Fund (VCF) has released its annual report for 2020, which documents some significant developments.
Over the course of its ten years of operation thus far, the VCF has awarded $7.76 billion to more than 34,400 individuals who have suffered death or personal injury as a result of the terrorist attacks of September 11, 2001 and their aftermath. The vast majority of these injuries take the form of illness caused by exposure to toxic materials that were released by the destruction of the World Trade Center.
Lower Manhattan
Greenmarkets are open
Tribeca Greenmarket
Greenwich Street & Chambers Street
Every Wednesday & Saturday, 8am-3pm
Food Scrap Collection: Saturdays, 8am-1pm
Bowling Green Greenmarket
Broadway & Whitehall Street
Every Tuesday & Thursday, 8am-5pm
Food Scrap Collection: Tuesdays only, 8am-11am
Greenmarket at Oculus Plaza
Church & Fulton Streets
Tuesdays starting August 31st, from 8 am to 5pm
Farmers Attending:
Samascott Orchard Orchard fruit, strawberries from Columbia County, New York
Francesa’s Bakery Breads and baked goods from Middlesex County, New Jersey
Meredith’s Bakery Baked goods from Ulster County, New York
Riverine Ranch Water Buffalo meat and cheeses from Warren County, New Jersey
1857 Spirits Handcrafted potato vodka from Schoharie County, New York
SNAP/EBT/P-EBT, Debit/Credit, and Farmers Market Nutrition Program checks accepted
Silverstein Envisions Breaking Ground Within Months on New Skyscraper at Two World Trade Center
After two decades years of rebuilding, there remains one significant missing piece in the World Trade Center complex. It is marked by the placeholder “podium” of a building at the west side of Church Street, between Vesey and Fulton Streets, which houses entry points for the underground shopping and transit facilities beneath the plaza, along with some ventilation equipment.
Formally designated at 200 Greenwich Street, this site is slated to someday be the home of Two World Trade Center. But 20 years of false starts may soon give way to actual construction. In a development first reported by the Commercial Observer, builder Larry Silverstein says that his firm is close to securing a deal with a corporate anchor tenant, and may start construction soon, even if such a rent does not commit to the building.
TODAY IN HISTORY
September 28
1928 – Sir Alexander Fleming notices a bacteria-killing mold growing in his laboratory, discovering what later became known as penicillin.
48 BC – Pompey the Great is assassinated on the orders of King Ptolemy of Egypt after landing in Egypt.
235 – Pope Pontian resigns. He and Hippolytus, church leader of Rome, are exiled to the mines of Sardinia.
1066 – William the Conqueror invades England beginning the Norman conquest of England.
1538 – Ottoman–Venetian War: The Ottoman Navy scores a decisive victory over a Holy League fleet in the Battle of Preveza.
1787 – The newly completed United States Constitution is voted on by the U.S. Congress to be sent to the state legislatures for approval.
1791 – France becomes the first country to emancipate its Jewish population.
1871 – The Brazilian Parliament passes the Law of the Free Womb, granting freedom to all new children born to slaves, the first major step in the eradication of slavery in Brazil.
1924 – First round-the-world flight completed.
1928 – Sir Alexander Fleming notices a bacteria-killing mold growing in his laboratory, discovering what later became known as penicillin.
1970 – Egyptian President Gamal Abdel Nasser dies of a heart attack in Cairo. Anwar Sadat is named as Nasser’s temporary successor, and will later become the permanent successor.
1973 – The ITT Building in New York City is bombed in protest at ITT’s alleged involvement in the September 11, 1973 coup d’état in Chile.
1994 – The cruise ferry MS Estonia sinks in Baltic Sea, killing 852 people.
2008 – SpaceX launches the first private spacecraft, the Falcon 1 into orbit.
Louis Pasteur, French chemist and microbiologist (1822 – 1895)
Births
551 BC – Confucius, Chinese teacher, editor, politician, and philosopher of the Spring and Autumn period of Chinese history. (d. 479 BC)
1852 – Henri Moissan, French chemist and academic, Nobel Prize laureate (d. 1907)
1901 – William S. Paley, American broadcaster, founded CBS (d. 1990)
1901 – Ed Sullivan, American television host (d. 1974)
1905 – Max Schmeling, German boxer (d. 2005)
1909 – Al Capp, American author and illustrator (d. 1979)
1924 – Marcello Mastroianni, Italian-French actor and singer (d. 1996)
1925 – Seymour Cray, American computer scientist, founded the CRAY Computer Company (d. 1996)
1967 – Moon Zappa, American actress and author
Deaths
48 BC – Pompey, Roman general and politician (b. 106 BC)
1891 – Herman Melville, American author and poet (b. 1819)
1895 – Louis Pasteur, French chemist and microbiologist (b. 1822)
1964 – Harpo Marx, American comedian, actor, and singer (b. 1888)
1966 – André Breton, French author and poet (b. 1896)
1970 – Gamal Abdel Nasser, Egyptian colonel and politician, 2nd President of Egypt (b. 1918)
1978 – Pope John Paul I (b. 1912)
1991 – Miles Davis, American trumpet player, composer, and bandleader (b. 1926)
2003 – Elia Kazan, American director, producer, and screenwriter (b. 1909)
2016 – Shimon Peres, Polish-born Israeli statesman and politician (b. 1923)
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