Pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter, notice hereby is 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 Manhattan:
|
Block |
Lot |
Address |
|
1954 |
55 |
410-18 West 128 Street |
|
1907 |
8 |
157 West 122 Street |
|
1913 |
p.o.40 |
116-18 West 129 Street |
|
1913 |
p.o.40 |
120 West 129 Street |
|
1916 |
25 |
111 West 131 Street |
Under HPD's Multifamily Preservation Loan Program, sponsors purchase and rehabilitate City-owned vacant and/or occupied 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.
This submission is a proposed amendment (“Amended Project”) to a project previously approved by the Mayor on December 7, 2016 (Calendar No. 2) (“Original Project”).
Under the Amended Project, the City will sell the Disposition Area to MLG 904 Housing Development Fund Corporation (“Sponsor”) for the nominal price of one dollar ($1) per building. The Sponsor will deliver an enforcement note and mortgage to the City for the remainder of the Disposition Area’s appraised value (“Land Debt”). The Sponsor then will rehabilitate five (5) multiple dwellings in the Disposition Area. When completed, the project will provide approximately ninety-two (92) rental dwelling units.
The Amended Project (a) adds one (1) building, located at Block 1913, p.o. Lot 40 (120 West 129 Street), to the Disposition Area, (b) increases the number of buildings in the project from four (4) to five (5) and the number of units from eighty-three (83) to ninety-two (92), and (c) changes the Sponsor from MLG 904 Development LLC to MLG 904 Housing Development Fund Corporation, but otherwise is the same as the Original Project.
The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination at the office of HPD, Room 5-K1, 100 Gold Street; New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on June 21, 2017 at One Centre Street, 20th Floor Room D, 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, Room 915, 253 Broadway; 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.