Pursuant to Section 695(2)(b) of the General Municipal Law 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 (the "City") has proposed the sale of the City-owned reversionary interest (the “Reversionary Interest”) in the following property (the “Premises”) located in the Borough of Brooklyn:
Address Block/Lot
611 Pennsylvania Avenue 3840/3
The above Premises is owned by HPENY Housing Development Fund Company, Inc. (“Sponsor”) and contains a multiple dwelling with 15 affordable rental units. New York State Urban Development Corporation (predecessor to the Empire State Development Corporation) (“UDC”) had previously acquired the Premises through condemnation from the City, and the condemnation order gave the City the Reversionary Interest under which title to the Premises would revest in the City upon certain circumstances. An affiliate of East New York Urban Youth Corps, Inc. acquired the Property from UDC in 1991 and rehabilitated the Property with financing from HPD and the New York State Housing Finance Agency and thereafter conveyed the Property to 611 Housing Development Fund Company, Inc. (“Prior Owner”). The Sponsor acquired the Property from the Prior Owner on December 27, 2013.
HPD has designated the Sponsor as qualified and eligible sponsor and proposes to sell the Reversionary Interest to the Sponsor at the nominal price of one dollar ($1.00) to ensure that the Premises is free of such encumbrance. The Sponsor will rehabilitate the Premises and when completed, the project will provide 15 rental dwelling units. The Premises is subject to a regulatory agreement by and among the Sponsor, HPD, and the New York City Housing Development Corporation providing for long-term affordability of the rental dwelling units.
The appraisal and the proposed Quitclaim Deed and Project Summary are available for public examination at the office of HPD, 100 Gold Street, Room 5-O8, New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on June 25, 2014 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 695(2)(b) of the General Municipal Law 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 seven (7) business days prior to the public hearing. TDD users should call Verizon relay services.