LandlordsNY Briefing for August 3rd

The New York City Economic Development Corp. and the de Blasio administration have announced that they are seeking proposals to develop and operate a 200,000-square-foot media production campus within Sunset Park’s Bush Terminal. The facility will house space for photo shoots, video production, and sound recording. There will also be space for the creation of media based in virtual reality.

This is one part of the $136 million plan to bring high-paying jobs to the area. The administration hopes that the investment will result in the creation of 1,500 jobs, as well as the continued revitalization of a part of Sunset Park that has sat virtually uninhabited for decades.

Critics say that the film industry is doing fine without the help of city, and that the millions in funding could be put to better use elsewhere.

Crain’s New York has more.


The United States Senate is proposing new sanctions on Russia that could require title insurance companies to list the owners of shell companies taking part in real estate transactions on a national scale. A law like this is already in effect in New York City, provided the deal surpasses a specific value threshold, and began in 2016 due to increasing awareness that foreign criminals were using real estate holdings to launder money. It is unclear if the expansion of the policy would apply to all transactions, or only transactions of a specific amount.

The Wall Street Journal has more.


In a Landlords New York Minute – A (Very) Brief Look Around the World

The incumbent Emmerson Mnangagwa won the Zimbabwe presidential election to extend the rule of the ZANU-PF party into its fifth decade, Nicaragua is descending further into chaos, Germany is running out of sand, Canada’s trade deficit narrowed in June as exports jumped by 4.1 percent, and China is threatening to impose $60 billion in tariffs on the United States after President Donald Trump threatened to increase the rate of tariffs on $200 billion in Chinese goods from 10 percent to 25 percent. Apple has become the first company to attain a market value of over $1 trillion, the economy added 157,000 jobs last month as hiring slowed slightly, and the U.S. trade gap widened in June at the fastest pace since November 2016. Meanwhile, Kane was elected mayor in Tennessee, the president has intensified his war with the news media, the Republican National Committee is warning donors to stay clear of the Koch political network, and the Department of Justice is arguing that the American Civil Liberties Union should be the ones responsible for reuniting deported parents with their children after first denying that any parents were separated from their children in the first place. In local news, NJ Transit is experiencing another summer of hell this year, a new study found that the nine-year-old Voluntary Cleanup Program run by the city is more efficient and operates quicker than the state’s Brownfield Cleanup Program, Lower Manhattan’s 80 Centre Street may be converted into a nine-story jail complex to house prisoners following the shutdown of Rikers Island, and subcommittees for the New York City Council voted in favor of both the city’s Inwood rezoning plan and the Union Square tech hub. The full Council will vote on the two plans this Wednesday.

Scotland finally has an official vexillologist (one who studies flags), squirrels have overrun a Bangor neighborhood, something is causing dwarfism among many of the animal species on the island of Flores, Mayan civilization appears to have collapsed because of a severe drought, temperatures in Portugal and Spain may break the European record this weekend, and the Brooklyn-based Threes Brewery won the Governor’s Excelsior Cup for the second year in a row at the New York State Craft Beer Competition with their Passing Time grisette.

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