Pursuant to Article 15 of the General Municipal Law ("GML") 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 a proposed an amendment to the terms of sale of the following property previously owned by the City ("Disposition Area") in the Borough of Brooklyn:
Address Block/Lot
120 Fifth Avenue *943/240
*Formerly Block 940, p/o Lot 16 and Block 943, p/o Lot 5
This submission is for a proposed amendment to a project previously approved by the Board of Estimate by resolution dated June 11, 1982 (Cal. No. 18) for the development of a supermarket with on-site parking in the Disposition Area (“Original Project”). Under the Original Project, the City sold the Disposition Area to Baltic Associates (“Original Sponsor”) pursuant to the terms of a Land Disposition Agreement dated as of June 11, 1982 (“Land Disposition Agreement”). The Original Sponsor completed the Original Project in 1984.
The Disposition Area is now owned by 120 5AVE9 Owner, LLC (“Owner”). Under the proposed amended project (“Amended Project”), Owner will demolish the Original Project and thereafter construct on the Disposition Area two new mixed-use buildings containing approximately 164 rental dwelling units, approximately 93,000 gross square feet of retail space of which at least 22,000 square feet will contain a new supermarket, and approximately 186 below-grade parking spaces. At least 25% of the dwelling units in the Amended Project will be affordable at the following income levels: (i) 10% of the units will be affordable to low income households earning up to 40 percent of the Area Median Income (“AMI”); (ii) 10% will be affordable to low income households earning up to 60% of AMI; (iii) 2.5% of the units will be affordable to low income households earning up to 80% of AMI; and (iv) 2.5% of the units will be affordable to low income households earning up to 100% of AMI.
The proposed amendment to the Land Disposition Agreement is 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 27, 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 Amended Project pursuant to Section 507(2)(d) of the GML 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 seven (7) business days prior to the public hearing. TDD users should call Verizon relay services.