Setback for Dunne in planned New York development
City planners told lawyers for TJD21 LLC that they required a “compelling reason” for the developers not to provide an outdoor space at the proposed apartment block which, the Dunnes hope, will be situated in SoHo at the heart of one of the most desirable neighbourhoods in New York.
The vacant lot at 74 Grand St is owned by TJD21, in which Gayle Killilea Dunne and John Dunne have “ownership interests” as was recently revealed by Sean Dunne at a meeting of his creditors in Connecticut.
Lawyers for TJD21 appeared at a New York city board of standards and appeals yesterday to discuss plans for the Soho development and contended a 10m garden would considerably slash profits for investors.
Such a compromise would severely cut down on floor space of the retail and residential development and it was stated the resultant loss of 1,000 sq ft would drastically reduce the revenue from $22m to $18.5m, dropping profits from $3.4m to $541,000.
Plans for the development comprise a ground floor retail space in a prime location along with four floors of residential apartments. The penthouse apartment under the revised plans that allow for extra yard space is thought to be potentially worth $6.2m.
Concerns were raised that tenants of this building would suffer after neighbouring sites were developed and doubt was also cast on the design of balconies at the rear that would block out light and air.
“There has to be a really compelling reason why you cannot provide the rear yard,” chairman Meenakshi Srinivasan told TJD21 lawyer Judy Gallent.
He said a smaller space could “create a real canyon for you and while right now, it looks bright and open, at some point it may be closed”.
The firm was asked to re-submit plans next week and the hearing will continue next month with a decision at the earliest expected by the end of April.
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