Hunters Point Condos
Apr 14 2008

Silvercup Studios putting the brakes on; CUNY stepping on the gas

Silvercup Studios planned development, Long Island City

The planned Silvercup Studios $1B development project, Queensboro Br, LIC

Interesting article this morning about stalled development projects. The reasons vary - seems hard to just blame everything on the credit crunch, but it’s definitely more of a trend now compared to a few years ago. Here’s the news about LIC:

…it has also been confirmed that the practice’s 185,000m2 Silvercup Studio complex on the Long Island City Waterfront is on hold. The $1 billion (£500 million) mixed-use development, which won approval in mid-2006, has stalled due to issues over protracted land sales and the delayed removal of power plants from the site.”

Meanwhile CUNY’s going forward with the dorm:

“The development at 5-11 47th Ave. would have 400 total residential units, half of which would be for public rent and the other half will be divided between 188 graduate units and 12 faculty housing units at street level. It would also include a 6,000-square-foot office for the QCA and an open courtyard for art displays.

CB 2 Chairman Joe Conley said the board approved the plan with some stipulations. CUNY, for example, has agreed to never sell the property, he said. Conley said the board also asked for 20 percent of the non-student residential units to be offered as affordable housing, though he was not sure if the developer would agree.”

Comments

I hope the Silvercup project never sees the light of day.

#1 Anonymous / 1 months ago

Well this is encouraging. Assume these issues can eventually be addressed and the project will get back on track. Assuming Con-Ed cooperates and removes the power plant that they said they would remove years ago.

#2 Anonymous / 1 months ago

Is there any precedent in NYC for Con Edison (or KeySpan) ever taking a power plant out of service? They'll extract their pound of flesh, you can bet on it.

#3 Anonymous / 1 months ago

I thought the power plant has been removed, but that it took much longer than expected and once they were able to test the soil, they found some problems that they first have to deal with.

#4 Anonymous / 1 months ago

Last I checked the plant was still there. Been a while since I've been in that area though.

#5 Anonymous / 1 months ago

Went by it today, they're still there.

#6 Anonymous / 1 months ago

The community board has approved Cuny, but the BSA has not voted on Cuny. THIS IS NOT A DONE DEAL! It is postponed until May 20th. If you have objections please go to the following sites and let it be known!

For the DCP: www.nyc.gov/html/dcp/home.html

Once on the page click "Contact the Chair" and fill in the form 150 wds or less.

For the BSA: www.nyc.gov/html/bsa/html/home/home.shtml

Once on the page click "Contact the BSA" and fill in the form 150 wds or less.

#7 Anonymous / 1 months ago

#7 Thanks for the update. I will go there to register my support for this project.

#8 Anonymous / 4 weeks ago

By supporting this project you are an enabling a developer who knowing full well he was purchasing a contaminated site to take advantage of the community. In the following ways. Using economic hardship as an excuse for the remedaition so that he could then turn and use Cuny and QCA as eye candy to build their luxury housing. The power broker for this was on Nixon's staff and place both sides of the coin. This give O'conner two huge tax breaks that come out of my pocket. Driving up prices of land and rents. Setting dangerous presidents for other developers to flout zoning. Adding to the already lacking sewer system, transit system and school system. This only puts money in the developers pocket, and Cuny's. By the way this is a money maker for CUNY, don't fool yourselves on that one.

This is not what they present. It may seem harmless but is not.

#9 Anonymous / 4 weeks ago

It's harmless. I don't care if its a CUNY dorm, a high end condo, retail, office, whatever. Just build it. Whatever they do can't be worse than a contaminated empty lot. If CUNY makes money in the process, good for them, but the neighborhood comes out ahead. Vacant lots serve no ones purpose. No one is flouting zoning. They are doing this by the letter of the law. Zoning variances are granted all the time. What lack of sewer? This is news to me. CUNY students don't need public schools - they already graduated.

#10 Anonymous / 4 weeks ago

It is not harmless. The issue is not about Cuny or QCA . The issue is that a developer who paid 24 million dollars for a site he new was contaminated is now crying poverty over the 3 million dollar remedial clean up, therefore seeking a variance. The community worked for over 6 years with Amanda Burden to keep the zoning reasonable. (ha) And why are we supposed to sit back and let them change zoning again? If the developer couldn't afford the remediation, he should not have bought it. He should respect the current zoning which is 5 stories. Letting him get a variance sets a dangerous precedent for the upland community. The developer gets 2 huge tax breaks and burdens the community where infrastructure is shameful. The professors who get this moderate rate apartment will be paying taxes on the difference of market rate. So while they are getting a break up front there are still hidden costs. This project should not be allowed. This about another developer taking advantage of a community. As well a CUNY making money, not form education......but from real estate.

#11 Anonymous / 3 weeks ago

Add Your Comment

Some HTML is allowed