PLEASE TAKE NOTICE that a public hearing will be held on May 13, 2026 at 10:00 A.M., or as soon thereafter as the matter may be reached on the calendar, at which time those wishing to be heard will be given an opportunity to be heard concerning the proposed disposition of the real property identified below. The public hearing will be held via conference call. Call in #: 1-646-992-2010 Access Code 717 876 299.
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 Brooklyn:
Address Block/Lot(s)
8 5th Street, Brooklyn, New York 471 / p/o 1 (Tentative Lot 1)
HPD has also proposed the disposition of a negative easement to transfer certain development rights associated with Block 471, p/o Lot 1 (Tentative Lots 5, 50, 55) (“Easement Area”).
Under HPD's New Construction Finance Program, sponsors purchase City-owned or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental housing. Construction and permanent financing is provided through loans from private institutional lenders and from public sources including HPD, the New York City Housing Development Corporation, the State of New York, and the federal government. Additional funding may also be provided from the syndication of low-income housing tax credits. The newly constructed buildings provide rental housing affordable to low- and moderate-income households, with at least 60% of units affordable to households earning up to 80% of Area Median Income (“AMI”) and up to 40% of units affordable to households earning up to 120% of AMI. At least 15% of units are set aside for formerly homeless households.
Under the proposed project, the City will sell the Disposition Area and convey a negative easement on the Easement Area to FAC Gowanus Green A Housing Development Fund Corporation ("Sponsor") for the nominal price of one dollar. The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Sponsor will then construct one building containing a total of approximately 190 rental dwelling units, plus one unit for the superintendent and approximately 8,729 square feet of commercial space on the Disposition Area.
The Land Debt or the City’s capital subsidy may be repayable out of resale or refinancing profits for a period of at least thirty (30) years following completion of construction. The remaining balance, if any, may be forgiven at the end of the term.
The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination by emailing Margaret Carey at careym@hpd.nyc.gov on business days during business hours.
To make a request for accommodation, such as sign language interpretation services, please contact the Mayor’s Office of Contract Services (“MOCS”) via e-mail at disabilityaffairs@mocs.nyc.gov or via phone at (212) 298-0734. TDD users should call Verizon relay services. Any person requiring reasonable accommodation for the public hearing should contact MOCS at least three (3) business days in advance of the hearing to ensure availability.