Notice · Property Disposition · Housing Preservation and Development
Disposition
- Agency
- Housing Preservation and Development
- Published
- 2018-04-20T00:00:00.000
- Event
- 2018-05-23T10:00:00.000
- Address
- 1 Centre Street
Notice text
<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>Blocks</u> <u>Lots</u> <u>Addresses</u></p> <p> </p> <p> 399 24 230 East 4th Street</p> <p> 372 12 280 East 3rd Street</p> <p> </p> <p> In 1991, the City conveyed the Disposition Area, together with seven other properties, to the People’s Mutual Housing Association of the Lower East Side, Inc., which changed its corporate name in 1995 to The Lower East Side People’s Mutual Housing Association, Inc. (“Current Owner”), for an affordable housing project in the Lower East Side Cross Subsidy Program, pursuant to Board of Estimate Resolution dated August 16-27,1990 (Cal. No. 21). The Disposition Area contained two multiple dwellings with a total of 36 dwelling units. HPD provided mortgage financing for the rehabilitation of the two multiple dwellings, and the Current Owner entered into a regulatory agreement with HPD for the provision of housing for persons of low income and the homeless.</p> <p> </p> <p> However, significant tax arrears have accrued on the two properties which endanger the affordable housing project. The properties were expected to receive J-51 tax exemptions, but the exemptions never took effect due to delays in obtaining permanent certificates of occupancy. In order to eliminate the arrears, the Current Owner will deliver a deed of the properties to the City in lieu of foreclosure. The City, in turn, will convey the properties to Two Buildings Tenants United Housing Development Fund Company, Inc. ("Sponsor"), free and clear of taxes. The Sponsor will assume a portion of the City’s mortgage and Sponsor and Cooper Square Housing Development Fund Company Community Land Trust, Inc. (“CLT”) will enter into a new regulatory agreement establishing certain controls upon the operation of the Disposition Area. </p> <p> </p> <p> HPD has designated Sponsor as qualified and eligible to purchase the Disposition Area. HPD proposes to sell the Disposition Area to the Sponsor at the nominal price of one dollar per tax lot. The Sponsor will then convey the land of the Disposition Area (but not the improvements) to CLT, and CLT will ground lease the land back to Sponsor. Sponsor will then conserve the two multiple dwellings in the Disposition Area. The project will provide approximately 35 affordable rental dwelling units plus one superintendent’s unit.</p> <p> </p> <p> The appraisal and the proposed Deed 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 May 23, 2018 at 1 Centre Street, Manhattan, Mezzanine 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 seven (7) business days prior to the public hearing. TDD users should call Verizon relay services.</p>