CityRealty Insider > New Developments in the News

New Developments in the News

MARCH 1, 2010

A vintage carousel fails to amuse some Brooklyn residents; The city boosts its affordable housing budget; An investment fund challenges Stuy Town foreclosure action

The possibility that a vintage 1920s carousel could become a permanent part of a planned Jean Nouvel-designed glass pavilion in the Empire State-Fulton Ferry Park has caused some concern among park and neighborhood activists who would rather see it live elsewhere in the park. The antique, which was purchased from an Ohio amusement park in 1984 by Jane Walentas—wife of developer David Walentas—was recently installed in the park on a temporary basis.

The Mayor has added $1 billion to his New Housing Marketplace plan for creating affordable housing, with the largest share of the additional cash to come from the City’s housing finance agency. In addition to the budget bump, recent efforts by the Mayor’s office to create and preserve affordable housing include offering low-cost financing to owners of Mitchell-Lama developments and creating a $750 million fund for the rescue of distressed apartment buildings. According to a recent New York Post article there are 100,000 apartments in the city in danger of falling into disrepair as housing values collapse and funds for repair dry up, and the rescue fund would be used to protect the health and safety of tenants in those cases.

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