This past Wednesday a group of South Village neighbors testified again, this time at the New York City Office of Citywide Administrative Services, where they spoke out against the sweetheart deal that God’s Love We Deliver wants to pass along to Quinlan-Tavros Development at the expense of the city and the neighborhood. They also released a recent rendering of the impact of the GLWD-QT development on the neighborhood’s skyline.
Outlining the history and finances of the proposed development, one Sullivan Street neighbor pointed out that GLWD received an extremely favorable deal on the original purchase price of the 166 Sixth Avenue building, paying only $535,000 for the 18,000 square foot structure in 1993. The reduced price tag came with the stipulation that the air rights be held in perpetuity for community use. Specifically, the deed noted that the air rights could not be used for commercial development. Now, these same air rights are being sold for just that: a luxury condominium and retail high-rise development.
If that weren’t bad enough, GLWD is selling these air rights for less than market value to Quinlan-Tavros. The Wall Street Journal reported that GLWD will sell the valuable vertical real estate for $200-300 per square foot or for $5.5-6.5 million dollars. Comparable air rights in New York City go for $400-500 dollars per square foot, or up to $9 million dollars. Quinlan-Tavros is receiving a 30-50% discount on these air rights, saving between $3 and $4 million dollars, as GLWD passes along their sweet deal to private developers at the expense of the neighborhood and New York City’s taxpayers.
Meanwhile, the City is settling for just $765,000 as their share – taxpayer’s share, our share – of this deeply discounted deal. That’s less than the asking price for a studio apartment in the proposed condominium complex.
The neighbors have long known that the GLWD-QT scheme is bad for the neighborhood, which will lose sunlight at Vesuvio playground and at two other public spaces, but it seems it’s also a bad deal for all New York City taxpayers.