ERFA News: WSJ Covers Bauhouse Bankruptcy/Foreclosure Clash

By Team ERFA,

Once again, ERFA’s President, Alan Kersh, was featured in the news: this time, in The Wall Street Journal. The WSJ looked into the bankruptcy/foreclosure battle between the developer Bauhouse and its lenders, and spoke with him about the project.

WSJ: Bankruptcy Is Bellwether of New York’s Condo Market

Controversy over the project started as soon as its existence became public in March 2015…

The Sutton Place tower’s sheer scale—with 78 floors it would reach far higher than surrounding buildings—and location in the middle of a narrow residential street not far from Billionaire’s Row, drew immediate backlash from the community.

“It caught everyone by surprise,” said Alan Kersh, president of the East River 50s Alliance, which has been fighting the tower since it was first proposed last year, calling it “wickedly out of character and out of scale with our neighborhood.”

ERFA News: ERFA President Featured in National Article on Megatowers

By Team ERFA,

megatower supertower overdevelopment

ERFA’s president, Alan Kersh, was recently featured in an article on Creators.com It looks at the response to megatowers in cities across the country and why it is so important for communities to be in charge of the future of their neighborhoods.The article was also picked up under another headline by HeraldNetHere are a few snippets:

CreatorsDon’t Bury Our Cities in Megatowers

Michael Mehaffy, an architectural critic based in Portland, Oregon, has likened super-tall residential buildings to vertical gated communities cut off from the neighbors far below. Furthermore, the buildings are often half empty.

That’s because these ultra-expensive spaces are being marketed to a global elite seeking a safe place to stash their money. Billions are pouring in from Russia, China, Saudi Arabia and Latin America.

Here’s how Alan Kersh, president of the East River Fifties Alliance (a group fighting the Sutton Place megatower), sums up the raw deal: “The neighborhood is being ripped up for foreign owners who may fly in for a couple of days and just want to have a safe deposit box in the sky.”

Much of the money flowing into this super-expensive real estate is dirty — all-cash deals using shell companies. The buyers’ identities are hidden. A concerned U.S. Treasury Department is starting to track these purchasers.

Developers look for “soft” building sites. In older residential areas, such as Sutton Place, that means demolishing the tenements and five-story walkups where people of modest means still live. When the Sutton 58 developer is done, 80 families will be displaced.

The theme this campaign season is ordinary Americans’ wanting their power back. That should extend to politics on the very local level. Residents have a right to determine the destiny of their neighborhoods.