A court decision to toss a signature rezoning plan of the de Blasio administration in New York City had immediate repercussions for a development proposal that would have added hundreds of new affordable housing units.
"The biggest developer in Inwood said the economics for a 730-unit affordable housing development his firm had been planning to raise may have just been upended by a surprise court decision that nullified a 2018 rezoning of the neighborhood," reports Daniel Geiger.
"Charles Bendit’s real estate development firm, Taconic Investment Partners, had been planning to build a large residential project at 450 W. 207th St. that it had purchased in 2015 in anticipation of the rezoning," according to Geiger.
Ryan Deffenbaugh reports on the court decision, made just a few days prior to the announcement about the development project.
"Judge Verna L. Saunders sided with local opponents to the land-use changes, agreeing that the city failed to take the required 'hard look' at the environmental concerns of residents," according to Deffenbaugh.
FULL STORY: Inwood's biggest developer says scuttled rezoning will upend huge affordable housing project
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