UPDATE: Judge Rules Removal Of 20 Floors

As you may recall my previous article about the latest drama surrounding 200 Amsterdam, State Supreme Court Judge W. Franc Perry ordered the city to revoke 200 Amsterdam Avenue‘s building permit. He is demanding that the building remove its upper floors (up to 20) to comply with the zoning limits. The City came to the rescue (sort of) that puts the judge's order on pause. If Judge Perry’s dramatic February decision is overturned, the developers will have to deconstruct the $650 million tower, including the penthouses which are listed for $40M. Yep, you read it right -- Tear down a $650M building that took years to build who has been marketing sales.

The appeal came one day after the Department of Buildings clarified that zoning lots can no longer be comprised of partial zoning lots, as was allowed with the 668-foot condominium tower, which is nearly complete.

The de Blasio administration now finds itself in the unusual position of defending a permitting decision that its new policy would prohibit. “To retroactively apply a never adopted proposed new rule on a legally constructed building would have been incredibly unfair and would have violated the owner’s legal rights,” a spokesperson for SJP Properties and Mitsui Fudosan America said in a statement.

Next, the case will move to an appellate panel and might face a review by the Court of Appeals, the state’s highest court. If you were a buyer how would you feel about signing a contract there? What an emotional roller coaster the developer must be experiencing. My bet still remains with zero floors being removed by the way.

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