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first_img Email Address* Share via Shortlink Message* Full Name* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink A photo illustration of the original 960 Franklin Avenue proposal with Continuum Company’s Bruce Eichner (iStock, 960 Franklin)A developer who proposed two Crown Heights apartment towers, only to be shot down by the mayor because they would shadow the Brooklyn Botanic Garden, has shrunk the project.The new plan from Bruce Eichner’s Continuum Company, however, proposes far less affordable housing, The City reported.Eichner’s website now pitches a project peaking at 17 stories, which he pits against a 34-story project that Mayor Bill de Blasio recently said would not be approved because it would be out of scale with the neighborhood and deprive the Botanic Garden of crucial sunlight.Read moreDe Blasio’s Crown Heights flip-flop was no Garden-variety reversalIn stunning reversal, de Blasio opposes Eichner’s Crown Heights towersJudge overturns contested Franklin Avenue rezoning But the newly proposed towers,  at 960 Franklin Avenue, would come with far less affordable housing. The project first submitted for city review would have 1,578 rental apartments, half of which would be affordable, with 40 percent of the affordable units reserved for households earning half of the area median income.The shortened project would contain 279 affordable rentals, amounting to 25 percent of the 1,170 units. The plan would still require approval from the City Council and mayor.The developer also floated an as-of-right project, meaning it could be built with no political approvals, containing 518 condominiums and no affordable housing. It is not clear if Eichner would use union labor for that development, as he had pledged to do for his 34-story, dual-tower project.Adrian Benepe, the Botanic Garden president and former city parks commissioner, told The City that developers did not consult him on the latest proposal.“That’s been the modus operandi of this developer the entire time,” Benepe said. “They developed a plan in a vacuum without contemplating the impacts not just on the garden but on the entire community.”Project details are often negotiated with the local City Council member, in this case Laurie Cumbo, during the seven-month public review. Cumbo also objected to Eichner’s original proposal.[The City] — Sasha JonesContact Sasha Jones Tags Affordable HousingBill de Blasiobrooklynbruce eichnerlast_img read more

first_img TVBET passes GLI test for five live games in Malta and Italy August 25, 2020 StumbleUpon Ray Wilson, AMLGS: Industry deserves praise for its reaction to a new normal July 23, 2020 Share Submit Genesis to appeal UKGC’s ‘disproportionate suspension’ July 23, 2020 Related Articles Issuing a corporate update, Stockholm-listed Cherry AB has confirmed that it has completed the outright acquisition of Malta-based online gambling operator ComeOn (ComeOn.com) purchasing 100% of its shares.Cherry governance informs that it completes its 100% takeover of all ComeOn related assets for a total consideration of €280 million, from which the firm’s initial €80 million payment has been deducted.Moving to acquire ComeOn outright, Cherry governance has detailed that the remaining €200 million will be paid via a 60% cash + 40% new shares combination, which will see the gambling group commit to a €125 million payment.In order to finance the cash contribution of its acquisition Cherry governance has secured a €200 million bond under Nasdaq Stockholm terms which will mature from 11 July 2020.In its December 2016 corporate update, Cherry governance detailed that it would move to purchase ComeOn remaining shares outright seeking to boost the firm’s assets and footprint within the lucrative Scandinavian online gaming market.Last March, Cherry indicated that it would move to consolidate all igaming B2C assets under the ComeOn brand, stating that the decision would ‘re-emphasise its operational independence, aligning with other business areas owned and built up by Cherry AB.’ Sharelast_img read more