Pursuant to Article 15 of the General Municipal Law ("GML") and Section 1802(6)(j) of the Charter, notice is hereby given that the Department of Housing Preservation and Development ("HPD") of the City of New York ("City") has proposed the sale of certain real property in the Brooklyn Center Urban Renewal Area ("Area") to BAM GO Developers LLC, the sponsor designated by HPD ("Sponsor"), for redevelopment in accordance with the Fifth Amended Brooklyn Center Urban Renewal Plan ("Plan") for the redevelopment of the Area.
The property to be sold is located in the Borough of Brooklyn, City and State of New York, and known as:
Address Block/Lot(s)
590 Fulton Street 2107/15
600 Fulton Street 2107/24
on the Tax Map of the City ("Disposition Area").
The City proposes to sell the Disposition Area to the Sponsor at the nominal price of one dollar per tax lot pursuant to Section 507(2)(d) of the GML. The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Sponsor will thereafter be required to construct 1 new multiple dwelling on the Disposition Area to provide 585 units of low income and market rate rental housing, plus one unit for a superintendent, approximately 15,500 square feet of commercial space and approximately 8,000 square feet of cultural office space.
The Land Debt will be repayable out of resale or refinancing profits for a period of thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven in the 30th year.
The proposed Land Disposition Agreement and the Plan are available for public examination at the office of HPD, 100 Gold Street, Room 5-A1, New York, New York during its regular hours on weekdays from 9:00 a.m. to 5:00 p.m.
PLEASE TAKE NOTICE that a public hearing will be held on November 25, 2013 at Second Floor Conference Room, 22 Reade Street, Manhattan at 10:00 a.m., or as soon thereafter as the matter may be reached on the calendar, at which time and place those wishing to be heard will be given an opportunity to be heard concerning the proposed sale of the Disposition Area pursuant to Section 507(2)(d) of the GML and Section 1802(6)(j) of the Charter.
Individuals requesting sign language interpreters should contact the Mayor's Office Of Contract Services, Public Hearings Unit, 253 Broadway, Room 915, New York, New York 10007, (212) 788-7490, no later than five (5) business days prior to the public hearing. TDD users should call Verizon relay services.