Week in Review

By CATHERINE BILKEY, Special to the Sun | July 17, 2008

1. Rangel Draws Criticism Regarding Apartments

Rep. Charles Rangel is under fire for owning four rent-stabilized apartments in Harlem, including one that he used as a campaign office, the New York Times reported. Rent-stabilized apartments are only to be used as primary residences, according to state and city regulations. A complaint was filed with the Federal Election Commission against Mr. Rangel on Monday for using one of his rent-stabilized apartments as a campaign office, charging that it is an illegal campaign contribution because Mr. Rangel would pay $1,000 more on the free market. Mr. Rangel's spokesman said he will give up the apartment. All of Mr. Rangel's apartments are in Lenox Terrace, a luxury development owned by the Olnick Organization.

2. Real Estate Industry Builds Paterson Warchest

Real estate developers are contributing generously to Governor Paterson, who has raised $3 million since he took office in March, The New York Sun reported. Mr. Paterson received hundreds of thousands of dollars from the real estate industry during this time period, including at least $25,000 from Frederick, Henry, and Kamran Elghanayan of Rockrose Development Corp. The developer of the World Trade Center site, Larry Silverstein, gave Mr. Paterson $50,000, while the chairman of Newmark Knight Frank, Jeffrey Gural, gave at least $27,500. The industry may be opening its wallets because, if Senate Democrats become the majority in the next election, they could vote to expand New York City rent regulation laws, a concern for many developers, officials said. Mr. Paterson's is vital position in rent regulation decision making.

3. Price Cut At Julian Schnabel Penthouse

The price of the penthouse triplex in filmmaker/painter cum developer Julian Schnabel's Palazzo Chupi was cut to $29.5 million from $32 million, according to real estate Web log Curbed.com. The three-bedroom, 3.5-bath apartment is 3,713 square feet and is represented by broker Maria Pashby of the Corcoran Group. The Palazzo Chupi, a nine-story addition to a three-story former stable, caused a stir in the West Village for its size and color: hot pink.

4. Crane Company Refuses To Release Documents

New York Crane and Equipment Corp., owner of a crane that collapsed on the Upper East Side this spring, will not hand over maintenance documents to the families of the deceased unless a confidentiality agreement is reached to ensure the information is not made public, The New York Sun reported. Five claims have been filed with the city regarding the collapse, and the plaintiffs want the crane company's maintenance records before they file their civil action. The New York Crane and Equipment Corp. also owns a crane that collapsed on March 15.