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Incoming Midtown tower with ‘private sky gardens’ delayed by rent-controlled tenant

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Triangle Assets’ 41-story condo cannot move forward before the two parties come to an agreement


ODA’s futuristic Midtown condo with “private sky gardens,” is on hold on account of just one rent-controlled tenant, The Real Deal reports. Triangle Assets, the developer, has been trying to get work started on the project, but a rent-controlled tenant in an existing building at the site is refusing to part with their home.

In order to move forward with its 41-story condo building, Triangle Assets needs to demolish the four-story apartment building at 305 East 44th Street. The developers have bought out all but one of the tenants, and lawyers for the developers allege that this tenant wants “millions of dollars” to move out.

Currently, the developer’s case is with New York State Division of Housing and Community Renewal, and a lawyer for the developer told TRD that the agency has agreed to expedite the decision. If the state sides with the developer, the tenant will still get a small payout, but will have the option to appeal the decision in the state Supreme Court.

This seemingly long process will delay the project though the developers seem to be determined to move forward. The current building could also potentially be de-regulated if the developer is able to show the state that they have construction plans approved by the city’s Department of Buildings, that they have the resources to see the project through, and that they will definitely demolish the existing property.

Triangle’s plan called for a 600-foot-tall building where ODA had designed 16-foot-tall gaps between every two floors, on the upper floors, to create sculptural gardens. When it was announced in late 2015, the project was scheduled to be complete by the end of this year, but at this stage, it could be several more years before we see these “private sky gardens.”