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Developer's Turtle Bay Holes Now $250M Richer

It's looking like cranky old man Sheldon Solow (hey, you'd be cranky too if your name was used to recruit rich folks into a huge Ponzi scheme) is about to profit greatly on his 9.2 acres of depressing pits just south of the United Nations. Solow sued the state's Department of Environmental Conservation because it capped the tax credits given to developers for cleaning up and building on contaminated sites at $35 million. But Solow's been sitting on the former ConEd land?where his on-again, off-again $4 billion mixed-use East River waterfront megaproject is currently off-again?for so long that he argued it should be grandfathered in under the old limits, set by the Pataki administration. As it turns out, there were no old limits, and Solow was seeking $250 million in benefits despite not getting to the building part just yet. The courts sided with Solow, and today the Observer's Eliot Brown reports that a state appellate court has denied the DEC's appeal. Will a resolution lead to actual progress on the First Avenue eyesores? Here's a wild guess: No.
· State Loses Big Environmental Appeal Over Solow's ConEd Site [NYO]
· Solow Fighting for $250M Payday on East River Project [Curbed]