PLEASE TAKE NOTICE that a public hearing will be held on September 9, 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 The Bronx:
Address Block/Lot(s)
501 West 174th Street 2131/50
511 West 171st Street 2128/55
522 West 174th Street 2130/39
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 per building. When completed, the project will provide 50 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 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 business days in advance of the hearing to ensure availability.