nyls................................. cres
Center for Real Estate Studies Master Class 2010

NYC's Real Estate Crisis of the 1970's-1980's...


The City's former Executive Director of Real Estate Development Will Discuss the Landbanking of dormant Urban Renewal Sites
and the Sale of In-Rem Properties.

Tuesday, July 13, 2010
12:00 pm to 2:00 pm
Room ......
Free pizza for the luncheon lecture - tour to follow

Auction Book
Copy of one of the City's Real Estate Auction Brochures
Several times a year the City sold non-residential properties to the highest bidder.

This Lunchtime Lecture and Tour will be given by Rick Landman, Esq. AICP.,
a New York Law School Alumnus of the class of 1988.

He is also a certified Urban Planner for over 30 years, was the former Executive Director of Real Estate Development for the City of New York (1979-1982) where he oversaw the Auction (In-Rem) Procedures and disposition of surplus properties.
Vice President of one of Brazil's largest real estate development companies, and former Director of Real Estate Development at NYU (1989-2007) and was an adjunct Professor of the Land Use Law class at the Wagner School at NYU for 7 years.

He was also a former chair of Community Board #1's Landmarks, Tribeca, and Planning & Community Infrastructure Committees over the past decades, and currently is a volunteer attorney at NYC's Housing Court and the LeGal Foundation Walk-In Clinic at NYC's LGBT Community Center.

He is a licensed NYC Sightseeing Tour Guide. License No. 1281818

The Main Purpose of the Luncheon Lecture:
Rick Landman was 26 years old when he became the Executive Director of Real Estate Development for the City Of New York during the economic crisis of the 1970's. He will discuss some examples of how the City either sold in-rem properties at auction or landbanked certain urban renewal sites; both of which generated millions of dollars in sales. After a lecture on the specifics and ethics of the practices he will accompany the group on a tour of the neighborhood to see the New York Downtown Hospital's Urban Renewal site and the in-rem site at William and Beaver Streets.

Topics to be included:
  • Eminent Domain and the Urban Renewal Process
  • The In-rem process, Equity of Redemption Period, Vestings, and former City Real Property Auctions
  • The creation of the Office of Real Estate Development at the Division of Real Property (now DCAS).
  • Case Study of In-Rem Auction Sale: The corner building at William and Beaver Street- 15 William Street.
  • Case Study of Dormant Urban Renewal Sites: NY Hospital/Beekman Street and another site at West Street and Warren/Murray Streets.

    Brooklyn Bridge......... Cover wtc
    Under the leadership of Commissioner James F. Capalino the Division of Real Property created the Office of Real Estate Development. A "Developers Guide" was created to show what properties were available for disposition. This award winning brochure included buildings such as the corner of William and Beaver Streets, the Old Police Headquarters at 240 Centre Street and a West 48th Street Theater.

    William......... William 1979
    These photos show the corner of William and Beaver Streets. The black and white photo is from the Developer's Guide. The owner of the former "Corn Exchange Building" at 15 William Street stopped paying the real estate taxes and the property came in-rem to the City and was sold at public auction in 1983 for $13.1 million. It was the highest price ever paid at public auction. That building was then sold and demolished and now a 523' high, 44 stories stands on the site.

    Gehry.......... Gehry
    The photos above show one of the long dormant Urban Renewal sites which is now being built as a luxury apartment house with a school below. It lay dormant for over 40 years and sold after the non-profit deed restriction was removed.

    Urban Renewal
    This photo shows another Urban long dormant Urban Renewal site which now contains mostly luxury housing with retail stores such as the Palm Restaurant, Barnes & Nobles, Whole Foods and Bed, Bath & Beyond.


    When walking around the neighborhood see if you can find the following buildings by yourself:

    1. The Sun Building now contains the Department of Buildings, but was once the home of the Sun Newspaper and before that a Department Store. Mary Todd Lincoln used to love to shop there, while staying at the Cosmopolitan Hotel.sun
    2. Remember the movie Ghostbusters? This is where the Fire House scenes were shot. The firehouse was twice as wide (2 bays) until the subway was dug down the street. ghostbuster
    3. The sculpture on top of the building was removed in 1950, but no one knows where it is. The DA has his offices in this building. 4. Walk down Greenwich Street and look for the southern part of the Urban Renewal area. You will recognize it when you see The Palm, or Whole Foods or Bed Bath and Beyond. Do you think that was the intent of the Urban Renewal Plan when they removed the former occupants?
    5. Try to find Robert DeNiro's latest building and the legal problems associated with it. What happens when the final development on the roof is greater than what was approved in plans?�deniro�

    6. This former nursery for plants is now the Tribeca Grand Hotel. Many 9/11 refugees lived there after the tragedy until the area to the south was re-opened for habitation. stern


    infotrue by RL