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 Area") in the Borough of Manhattan:
Address Block/Lot
236 Broome Street 409/56
Under HPD's Multifamily Homeownership Program, sponsors purchase City-owned land or vacant buildings and construct or rehabilitate multifamily buildings in order to create affordable cooperative or condominium housing. 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/or the federal government. The newly constructed or rehabilitated buildings provide homeownership housing for income eligible families.
Under the proposed project, the City will sell the Disposition Area to New York City Economic Development Corporation (“Sponsor”) for the nominal price of one dollar ($1.00) per tax lot. Sponsor will then convey the Disposition Area to Site 1 DSA Owner LLC (“DSA”) for the total consideration of $15,800,000 (comprising the purchase price and other payments). DSA will also deliver an enforcement note and mortgage to the City for the remainder of the appraised value (“Land Debt”). DSA will construct one building containing a total of 55 condominium dwelling units, a community facility space of approximately 23,083 gross square feet, commercial space at ground level of approximately 41,187 gross square feet, and a bowling alley or other commercial use acceptable to Sponsor of approximately 16,685 gross square feet at the cellar level. The community facility space will be used as a cultural facility or other community facility use acceptable to Sponsor for a period of at least twenty (20) years.
After a minimum of twenty (20) years following completion of construction, any remaining balance of the Land Debt may be forgiven.
The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination at the office of HPD, 100 Gold Street, Room 5-A4, New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on September 9, 2015 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.
Publication Date: August 7, 2015