Melvin Felix 505 LaGuardia

New York University has reached an agreement with the co-op board at 505 LaGuardia that will prevent dramatic rent hikes at the building. The new agreement extends the current lease in perpetuity, as long as the building remains part of the Mitchell-Lama affordable housing program.

The building’s previous lease was due to expire in 2014 after standing for 50 years. Terms of the new lease became a sticking point in the negotiations surrounding the university’s expansion, even though the building itself would not be affected. Politicians including Borough President Scott Stringer, Congressman Jerrold Nadler, and State Senator Thomas Duane had repeatedly called for the university to come to an agreement with 505 LaGuardia that would avoid rent hikes at the 30-story towers designed by James Freed and I.M. Pei.

Today, N.Y.U. described the agreement, the specific terms of which were not released, as a reflection of the university’s commitment to affordable housing. Read more…

Photos of the march across the Williamsburg Bridge, Sara D. Roosevelt Park, and the Wildcat March by Jared Malsin.

As documented on The Local’s liveblog, demonstrations and arrests took place across the city today as anarchists, union members, Occupy Wall Street supporters, employees of The Strand, residents of public housing in Alphabet City, and even banjo players used May Day as an occasion to protest the status quo.

The proceedings were for the most part orderly, but scuffles broke out when approximately 200 demonstrators, many dressed in black and some covering their faces, assembled in Sara D. Roosevelt Park, at Second Avenue and Houston Street, at 1 p.m. for a pre-planned, unpermitted “Wildcat March.” Read more…

Ian Duncan The site BFC will develop, 11-17 Second Avenue – the current home of Mars Bar – is squeezed in among the much larger Avalon Bowery Place development

For Donald Capoccia, the developer behind 11-17 Second Avenue — the new apartment complex to be built on the current site of Mars Bar — the project is a return, after a decade away, to the East Village — the neighborhood where he launched his career and where he left his mark during the gentrification of the late 1990’s.

BFC Partners, Mr. Capoccia’s company, was responsible for the construction of hundreds of units of affordable housing in the East Village at a time when property values in the area were taking off. But the firm also became mired in a bitter dispute with residents over the destruction of community gardens to make way for Eastville Gardens, a mixed income development on Avenue C between East Seventh and East Eighth Streets.

Despite some rumblings over the loss of Mars Bar, a relic of the rough-and-tumble East Village of the 1980’s, the reception for the current project could hardly have been more different. In the past decade, the neighborhood has changed dramatically: when the 12-story building rises, it will stand among the much larger Avalon development on East Houston and Bowery. So far, BFC’s plan is going smoothly and Mr. Capoccia stands by his record.

“Housing production of that type in a neighborhood that was changing so rapidly is a great asset,” Mr. Capoccia said in a recent interview. Referring to low-income owners of units at the co-op he added, “community gardens are also a good asset but what was going on in the East Village then and where we are today, clearly a lot of these people wouldn’t be able to afford to live in the neighborhood.”
Read more…