CORRECTED PUBLIC NOTICE
PLEASE TAKE NOTICE that a Real Property Hearing will be held on July 15, 2020 at 10:00 AM. The Public Hearing will be held via Conference Call. Call-in #: 1-646-992-2010, Access Code 129 537 9770.
Pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter, 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)
311-313 Pleasant Avenue (B: 1710 ; L: 27)
51-55 East 129th Street (B: 1754 ; L: 26)
1263 Park Avenue (B: 1625 ; L: 72)
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 64 affordable cooperative dwelling units.
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 by contacting HPD at pearsona@hpd.nyc.gov on business days during business hours.
In order to access the Public Hearing and testify, please call 1-646-992-2010, Access Code: 129 537 9770 no later than 9:55 AM. If you need further accommodations, please let us know at least five business days in advance of the Public Hearing via e-mail at DisabilityAffairs@mocs.nyc.gov.