Rent regulation laws are what developers face when wanting to turn their apartment into condos. The only solutions are to buy tenants out or wait for the building to be deregulated which could take years. This is no different for those that live in the building on 711 West End Avenue, New York. Thus, Paul Boardman came up with a daring yet innovative solution by planning to make a 711 West End Ave. to become a concrete hovercraft.
Paul Boardman partnered with SJP properties and the Miller family in pursuit of the 711 West End Ave. to become a concrete hovercraft as reported by the NY Times. The Millers own the 7-floor-145 apartment and actually have family living in the building. Boardman is a real estate entrepreneur and former lead designer for all Equinox gyms. He pointed out that residents cannot be evicted due to rent regulation laws which give them the right to stay. Thus the existing real estate property will be surrounded a thread of intersecting steel columns that will support the entire 10 storey condominium structure above. A 6 foot gap is the only thing that separates the top most part of the building and the bottom of the new structure.
Real Deal states that the 711 West End Ave. to become a concrete hovercraft is a plan that got heavy flak especially from a group of its own residents. Councilwoman Helen Rosenthal and co-op boards from nearby apartments have already joined in on opposing Boardman's plan. Arguing safety as their primary concern during construction and that steel structures surrounding the building will cast shadows on their windows.
NY Times adds that the 2 year project that has already been approved by the Department of Buildings of the city in June. Deputy Commissioner for the department, Thomas Fariello, reassures the tenants that safety always comes first before development. The department deployed its own independent engineer and high-rise investigations team prior to Fariello's statement. Jesse M. Keenan, research director of the Center for Urban Real Estate at Columbia University, says that the implementation of this genius idea is not impossible but will surely be challenging.
Putting into consideration all the surrounding factors that may hinder it from progressing, we are yet to find out if Paul Boardman's plan will work to completion. If it does, rent regulation laws will no longer be an issue for other developers that would want to turn old building for future progress.
