NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT
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 ("City") has proposed the sale of the following City-owned property ( "Disposition Land") in the Borough of Manhattan:
Addresses Block/Lots
538 – 548 West 53rd Street (“Project Site 1”) 1081/part of 1
530 – 536 West 53rd Street (“Project Site 2”) 1081/part of 1
and also known as Clinton Site 7 in HPD's Mixed Income Program, and has also proposed the sale of certain development rights associated with adjacent City-owned property on Block 1081, part of Lot 1, known by the street address 543-551 West 52nd Street, located in the Borough of Manhattan (“Disposition Development Rights”) (the Disposition Land and Disposition Development Rights are known collectively as the “Disposition Area”). The Disposition Development Rights consists of approximately 1,540 square feet of unused zoning floor area.
Under HPD's Mixed Income Program, sponsors purchase City-owned land or vacant buildings and construct or rehabilitate multifamily buildings in order to create affordable rental housing units with a range of affordability. Construction and permanent financing is provided through loans from private institutional lenders and from public sources including HPD, the New York City Housing Development Corporation, the State of New York, and the federal government. Additional funding may also be provided from the syndication of low-income housing tax credits. The newly constructed or rehabilitated buildings provide rental housing to low income, moderate income, and middle income families.
The City will sell the Disposition Area to Clinton West 53rd Housing Development Fund Corporation (“Sponsor”), for the nominal price of one dollar per tax lot. Sponsor will also deliver an enforcement note and mortgage to the City for the remainder of the appraised value of Project Site 1. Sponsor will then sell Project Site 2 and the Disposition Development Rights to 525 West 52 Property Owner LLC (the “LLC”) for not less than $3,097,200 (“LLC Purchase Price”), and will retain Project Site 1. Sponsor will thereafter construct a housing project on Project Site 1 and the LLC will construct a housing project on Project Site 2.
Sponsor will construct one building on Project Site 1 that will contain approximately 102 rental dwelling units plus one unit for a superintendent and approximately 11,357 square feet of commercial space, and will develop approximately 2,510 square feet of Project Site 1 as open space. The project will be partly funded with a portion of the proceeds from the LLC Purchase Price.
The LLC will construct one building on Project Site 2 that will contain approximately 404 rental dwelling units plus one unit for a superintendent and approximately 22,550 square feet of commercial space and the adjacent privately owned property at Block 1081, Lots 1001 through 1008, with financing from the New York State 80/20 Housing Program.
The appraisal and the proposed Land Disposition Agreements and Project Summaries 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 November 24, 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 five (5) business days prior to the public hearing. TDD users should call Verizon relay services.