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 Manhattan
Address Block/Lot(s)
107 W. 105th Street 1860 / 27
981 Amsterdam Avenue (aka 161 W 108 St) 1863 /1
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, 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 project, the City will sell the Disposition Area to Sponsor for the nominal price of one dollar ($1.00) per building. When completed, the project will provide 28 affordable cooperative dwelling units and 1 storefront commercial space at 981 Amsterdam Avenue.
At the time of 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 the 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 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 June 13, 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 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/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.