Public Hearings · Property Disposition · Housing Preservation and Development
Disposition
- Agency
- Housing Preservation and Development
- Published
- 2015-04-23T00:00:00.000
- Event
- 2015-05-27T10:00:00.000
Notice text
<div> <p align='center'> <strong>CITY OF NEW YORK</strong></p> <p align='center'> <strong>DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT</strong></p> <p> </p> <p> Pursuant to Section 695(2)(b) of the General Municipal Law 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 proposed the sale of the following City-o<u> </u>wned property (collectively, "Disposition Area") in the Borough of Manhattan:</p> <p> </p> <p> <u> Address </u> <u>Block/Lot(s) </u></p> <p> 115 Delancey Street 352/1 (formerly Lots 1 and 28)</p> <p> </p> <p> and the subsequent reacquisition by the City of a portion of the Disposition Area to be known as the Essex Street Market Condominium as described below.</p> <p> </p> <p> Under HPD's Mixed Income Program: Mix & Match<strong> (“</strong>Mix and Match Program”) sponsors purchase City-owned land or vacant buildings and construct or rehabilitate multifamily buildings in order to create affordable rental housing units with a range of affordability. Construction and permanent financing is provided through loans from private institutional lenders, the New York City Housing Development Corporation, the State of New York and/or HPD. Additional funding may also be provided from the syndication of low-income housing tax credits. The newly constructed or rehabilitated buildings provide rental housing to income eligible families.</p> <p> </p> <p> HPD has designated Site 2 DSA Owner LLC ("Sponsor") as qualified and eligible to purchase and redevelop the Disposition Area under the Mix and Match Program. HPD proposes to sell the Disposition Area to Sponsor at the nominal price of one dollar per tax lot. Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). Sponsor will construct a 25-story building with approximately 195 rental dwelling units (98 affordable units and 97 market rate units), approximately 179,707 square feet of commercial space, an indoor garden at the mezzanine level of the building above the retail base and an urban farm on the roof of the building. The commercial space will consist of a retail marketplace of approximately 43,028 square feet to be known as the Essex Street Market, a movie theater or other commercial space acceptable to the New York City Economic Development Corporation (“EDC”) of approximately 95,408 square feet, and a below grade retail space of approximately 41,271 square feet which is a portion of the space to be known as the Market Line that will complement the Essex Street Market.</p> <p> </p> <p> In addition, Sponsor will create two condominiums for the affordable rental units and separate condominiums for the market rate rental units, the urban farm and each of the non-residential spaces. Upon completion of the proposed project, the condominium comprising the Essex Street Market (“Essex Street Market Condominium”) will be conveyed to the City for $1.00 subject to a long term lease with EDC.</p> <p> </p> <p> The Land Debt will be repayable out of resale or refinancing profits for a period of sixty (60) years following completion of construction. The remaining balance, if any, may be forgiven in the 60th year.</p> <p> </p> <p> The appraisal and the proposed Land Disposition Agreement and Project Summary are available for public examination at the office of HPD, 100 Gold Street, Room 5-A4, New York, New York on business days during business hours.</p> <p> </p> <p> PLEASE TAKE NOTICE that a public hearing will be held on May 27, 2015 at Second Floor Conference Room, 22 Reade Street, Manhattan 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 sale of the Disposition Area pursuant to Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the Charter.</p> <p> </p> <p> 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 five (5) business days prior to the public hearing. TDD users should call Verizon relay services.</p> </div> <p> </p>