PLEASE TAKE NOTICE that a public hearing will be held on November 23, 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: 2330 155 3512
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
516 Bergen Street Block 1143 Lot 25
Under HPD's Extremely Low and Low Income Affordability 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 to low-income families with a range of incomes from 30% to 80% of the Area Median Income (“AMI”). Projects may include tiers of units with rents affordable to households earning up to 100% of AMI. Subject to project underwriting, up to 30% of the units may be rented to formerly homeless families and individuals.
Under the proposed project, the City will sell the Disposition Area to 516 Bergen Green Housing Development Fund Company, Inc. ("Sponsor") for the nominal price of one dollar per tax lot. 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 approximately 111 rental dwelling units, plus one unit for a superintendent and community facility space on the Disposition Area. The Sponsor will provide approximately 23 replacement parking spaces for HPD.
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.