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History Lessons

Waterside Plaza on the Kips Bay riverfront is celebrating its 40th anniversary this year.Even though it doesn't look all that special today, when it first launched sales in 1974, the collection of four 37-story buildings on six acres of concrete plaza was a bold experiment in real estate development, rewriting the rules of affordable housing and waterfront construction. None of this was easy, of course, and it was an act of Congress that allowed the city to seize the land and sell it to a young Richard Ravitch, who then proceeded with development. [NYDN]