City Panel Mulls Building Variance in Tribeca More than a dozen Tribeca residents told the city’s Board of Standards and Appeals (BSA) at a hearing last month that a nine-story structure proposed for 408 Greenwich Street would block light and air in their apartments and would alter the character of the neighborhood. The owner of the property, Samuel Ramirez, Jr., has applied to the BSA for two variances: one to allow a mixed-use commercial and residential building and a second, opposed by residents, that would allow him to exceed a six-story height restriction. Ramirez plans to move his family’s bond trading firm into the lower five floors and use the top two floors for family residences. The other two floors would be rented or sold as residences. In a resolution citing potential “severe negative impact” on Tribeca, Community Board 1 last month supported the building’s opponents. Howard Weiss, a lawyer for Ramirez, told the board that it would not be possible for Ramirez to get a reasonable return on his investment without the additional floors. Because of the lot’s narrow size, as well as soil conditions that require extensive dewatering (removing ground water), it will cost an additional $4.3 million to develop the property, he said. Opponents said Ramirez should have determined the cost of developing the site before buying it. “Is the community responsible for the owner’s failure to get an engineer or the incompetence of an engineer?” asked Jon Steinberg, who lives at 399 Washington St., next door to the site. At the hearing, BSA Chairman James Chin also questioned if Ramirez had made a bad business decision. “Why did you overpay for a small site?” he asked. Chin asked Ramirez to submit further explanation of the cost estimates for developing the property. Neighborhood residents also argued that the dewatering of the site would destabilize adjacent buildings, a charge that Weiss, in an interview, said was unfounded because the buildings would be protected. Weiss claimed that what residents really cared about was their views. But Steinberg countered that Ramirez’ request was driven by his desire to have views above the neighboring buildings. Steinberg characterized the building proposal as “one wealthy man’s desire to take an elevator from work to home.” The next hearing before the Board of Standards and Appeals is set for Feb. 24.