Public Hearings · Property Disposition · Housing Preservation and Development
Disposition
- Agency
- Housing Preservation and Development
- Published
- 2017-05-19T00:00:00.000
- Event
- 2017-06-21T10:00:00.000
- Address
- 1 Centre Street
Notice text
<p align='center'> <strong>PUBLIC NOTICE</strong></p> <p align='center'> </p> <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> </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-owned property (collectively, "Disposition Area") in the Borough of Manhattan:</p> <p> </p> <p> <u>Address</u> <u>Block/Lot(s)</u></p> <p> </p> <p> 1461 Park Avenue 1635/1</p> <p> </p> <p> Under HPD's Mixed Income Program: Mix and Match, sponsors purchase City-owned or privately owned land or vacant buildings and construct multifamily buildings in order to create affordable rental housing units with a range of affordability in which at least half of the units are affordable to low income households earning up to 60 percent of the Area Median Income (“AMI”) and the remaining units are affordable to other low income households. 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.</p> <p> </p> <p> Under the proposed Project, the City will sell the Disposition Area to Lex Gardens II TP4 Housing Development Fund Company, Inc. ("Sponsor") for the nominal price of one dollar per tax lot, and the Sponsor will convey beneficial ownership to Lexington Gardens Owners LLC (“LLC”). The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (“Land Debt”). The Sponsor and the LLC (collectively, “New Owner”) will then construct one building containing a total of approximately 399 rental dwelling units plus one unit for a superintendent, approximately 3,842 square feet of commercial space, approximately 37,461 square feet of community facility space, and approximately 26,253 square feet of parking (approximately 17,056 square feet of which is NYPD replacement parking) on the Disposition Area and the adjacent private parcels located on Block 1635, Lots 7 and 16. The project also includes approximately 10,822 square feet open space that will be located only on the private parcels.</p> <p> </p> <p> The Project would also receive a tax exemption for the Disposition Area and the adjacent private sites. In accordance with the recent amendment of the Zoning Resolution, the Project will be subject to Mandatory Inclusionary Housing.</p> <p> </p> <p> The Land Debt will 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.</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-I, 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 June 21, 2017 at 1 Centre Street, Manhattan, 20th Floor Room D, 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>