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 (collectively, "Disposition Area") in the Borough of Brooklyn:
Address Block/Lot(s)
169 New Lots Avenue 3850/1
170 New Lots Avenue 3865/24
172 New Lots Avenue 3865/25
174 New Lots Avenue 3865/26
178 New Lots Avenue 3865/27
180 New Lots Avenue 3865/128
182 New Lots Avenue 3865/129
Under HPD's Extremely Low and Low Income Affordability Program (ELLA), sponsors purchase City- or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental 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 the federal government. Additional funding may also be provided from the syndication of low-income housing tax credits. The newly constructed buildings provide rental housing to low-income families with incomes up to 60% of the Area Median Income (“AMI”). Projects may include a tier of units with rents affordable to households earning up to 80% of AMI. Subject to project underwriting, up to 30% of the units may be rented to formerly homeless families and individuals.
Under the proposed project, which consists of the Disposition Area and the two privately-owned lots located at Block 3850, Lots 5 and 10 (collectively, “Project Area”), the City will sell the Disposition Area to Van Sinderen Plaza LLC ("Sponsor") for the nominal price of one dollar per tax lot. The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value. The Sponsor will then construct two mixed-use residential buildings containing 129 rental dwelling units, plus one unit for a superintendent, and approximately 19,908 square feet of commercial space on the Project Area. Sponsor will also develop approximately 3,910 square feet of passive recreational open space on the Project Area that will be located on the sixth floor roof of one building and on the fourth floor roof and at the rear of the other building.
The Land Debt will be repayable out of resale or refinancing profits for a period of at least thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven at the end of the term.
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 February 10, 2016 at 20th Floor North Elevator, Conference Room D, 1 Centre 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.