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") to Restoring Communities Housing Development Fund Corporation (“Sponsor”):
PROPERTY ONE:
Block 2097, Lot 20 in the Borough of Manhattan, also known by the street address 615 West 150th Street, which contains one occupied multiple dwelling with 62 dwelling units.
PROPERTY TWO:
Block 2095, Lot 29 in the Borough of Manhattan, also known by the street address 601 West 148th Street, which contains one occupied multiple dwelling with 20 dwelling units and two storefront commercial spaces.
Under HPD's Affordable Neighborhood Cooperative Program, occupied City-owned residential buildings are purchased by Restoring Communities Housing Development Fund Corporation (“Sponsor”) and then rehabilitated by a private developer selected through a request for qualifications. Upon conveyance to the Sponsor, buildings will be managed by the private developers. Following completion of rehabilitation, the Sponsor conveys the building to a cooperative housing development fund corporation (“Cooperative Corporation”) formed by the building’s tenants. The cooperative interests attributable to occupied apartments will be sold to the existing tenants for $2,500 per apartment. The cooperative interests attributable to vacant apartments will be sold for a price affordable to families earning no more than 165% of the area median income.
Under the proposed projects, the City will sell each Disposition Area to Sponsor for the nominal price of one dollar ($1.00) per building. At the time of each sale, the Sponsor will be required to sign a rental regulatory agreement with HPD containing, among other things, restrictions on rents, incomes, and assets. When such Sponsor conveys the building to the Cooperative Corporation upon the completion of rehabilitation, the Cooperative Corporation will be required to sign a cooperative regulatory agreement with HPD containing, among other things, restrictions on sale prices, incomes, and assets as well as requirements for a flip tax and building reserve fund.
The appraisal and the proposed Land Disposition Agreement and Project Summary for each of the projects indicated above are available for public examination at the office of HPD, 100 Gold Street, Room 5-I, New York, New York on business days during business hours.
PLEASE TAKE NOTICE that a public hearing will be held on May 23,, 2018 at 1 Centre Street, Manhattan, Mezzanine 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 Areas pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter.
Individuals requesting sign language interpreters/translators should contact the Mayor's Office Of Contract Services, Public Hearings Unit, 253 Broadway, 9th Floor, New York, New York 10007, (212) 788-7490, no later than ten (10) business days prior to the public hearing. TDD users should call Verizon relay services.