The Real Deal New York

Posts Tagged ‘affordable housing’

  • 13-19 West 106th Street on the Upper West Side

    13-19 West 106th Street on the Upper West Side

    The board of an affordable housing co-op on the Upper West Side is being accused of nepotism and mismanaging funds in a new lawsuit filed by tenants.

    The suit claims that board members at 13-19 West 106th Street, a 54-unit building, have racked up $143,000 in back taxes and $70,000 in water and sewer charges, all while paying themselves handsomely for their duties, DNAinfo reported. The president, vice president and secretary/treasure have collected monthly salaries of $1,600, $1,000 and $650 respectively since 2006, according to court papers. [more]

  • BillDeBlasioGaryBarnett

    From left: Mayor Bill de Blasio, One57 and Gary Barnett

    Rising high above Central Park, Extell Development’s One57 is Exhibit A for New York City’s emergence as a playground for the super-rich. It boasts a $100.5 million penthouse that’s currently the priciest apartment ever sold in the city.

    But tax breaks at One57 cost the city $65.6 million in property tax revenue, according to a damning new report from the city’s Independent Budget Office. And those subsidies, which underwrote 66 affordable units in the Bronx, could have produced nearly 370 affordable units instead. [more]

  • Bill de Blasio

    Mayor Bill de Blasio

    Mayor Bill de Blasio announced Monday that the city financed the creation or preservation of 20,325 affordable housing units in the last year — more than any year since 1989.

    Of the 20,325 units, 8,500 are new, while the rest were preserved from conversion to market-rate housing. The units represent housing for 50,000 New  Yorkers, according to a news release from the administration. [more]

  • The Closing: Ron Moelis

    July 13, 2015 10:30AM
    Ron Moelis

    Ron Moelis (credit: STUDIO SCRIVO)

    From the July issue: Ron Moelis is CEO and chairman of L+M Development Partners, which he co-founded in 1984. L+M has been responsible for $4 billion worth of real estate development, construction and investment. In a joint venture with BFC Partners and Taconic Investment Partners, the firm is developing the 1.9-million-square-foot, mixed-use Essex Crossing project on the Lower East Side.

    It’s also constructing a 108-unit building on Avenue D. In addition, last year, L+M and BFC acquired a 50 percent stake in 900 apartments in the NYC Housing Authority’s portfolio for $250 million. [more]

  • From left: Craig Gurian and Bill de Blasio

    From left: Anti-Discrimination Center executive director Craig Gurian and Mayor Bill de Blasio

    Fair housing group the Anti-Discrimination Center is suing the de Blasio administration, claiming that the city’s practice of reserving half of its affordable units in housing lotteries for those from local community districts is discriminatory.

    The center filed the suit Tuesday, Capital reported, on behalf of three African American plaintiffs. [more]

  • Renderings of the Greenpoint Landing development in Greenpoint (credit: Handel Architects)

    Renderings of the Greenpoint Landing development in Greenpoint (credit: Handel Architects)

    L+M Development and Park Tower Group announced that they have renegotiated with the de Blasio administration to reduce their affordable housing subsidy on the Greenpoint Landing mixed-income housing development by half. [more]

  • Long Island City and Bill de Blasio

    Long Island City and Bill de Blasio

    With the possibility of more condo projects coming to Long Island City, the de Blasio administration is pushing for more affordable housing in the area.

  • East New York

    East New York homes and Furman Center’s Mark Willis

    New York University’s Furman Center for Real Estate and Urban Policy has suggested exploring the creation of a new tax abatement program meant to preserve affordable housing supply in the city.

    A study by the Furman Center found that the number of apartments affordable to low-income New Yorkers has fallen 27 percent since 2002 – a loss of nearly 240,000 units.  [more]

  • Rendering of 7 Dekalb Avenue in Downtown Brooklyn (credit: COOKFOX Architects)

    Rendering of 7 Dekalb Avenue in Downtown Brooklyn (credit: COOKFOX Architects)

    City Point’s Tower 1, which is being co-developed by Washington Square Partners, Acadia Realty Trust and BFC Partners, will flip the 80/20 formula on its head by offering 80 percent of its apartments at affordable rates.

    Originally, 50 percent of the tower’s 250 units were slated to be affordable, but now 200 of the units will be affordable to low- and middle-income New Yorkers, with the rest set at market rates. The developer announced the deal with the city to reporters at a hard-hat tour of the site this week, the Brooklyn Eagle reported. [more]

  • 421a NYC

    From left: Alicia Glen (credit: Max Dworkin) and Bill de Blasio

    Mayor Bill de Blasio’s proposed reforms to the 421a tax abatement would increase the program’s cost by about $2.8 billion, administration officials told City Council members Monday.

    The de Blasio administration’s proposal would lengthen the abatement period to 35 years while also expanding affordable housing requirements for developers. The total cost of the program would increase to $9.9 billion over a 45-year life cycle, according to deputy mayor Alicia Glen. [more]

  • From left: NYCHA Chair Shola Olatoye and Mayor Bill de Blasio

    From left: NYCHA Chair Shola Olatoye and Mayor Bill de Blasio

    Mayor Bill de Blasio is announcing a 10-year plan that is supposed to improve and help fund the New York City Housing Authority by working together with private developers.

    The proposal includes leasing unused land in the housing developments for private residential projects, according to the New York Times, which is expected to bring in $500 million in revenue over the coming decade. The proposal would also help build more affordable housing. [more]

  • From left: Bill de Blasio, John Flanagan and Carl Heastie

    From left: Bill de Blasio, John Flanagan and Carl Heastie

    Members of the state senate and the assembly both believe that the 421a tax abatement — which is set to expire next month along with the state’s rent regulation laws — will be extended. [more]

  • 493 Eleventh Avenue

    493 11th Avenue in Hell’s Kitchen (credit: Google Maps)

    A Manhattan community board has proposed converting a city-owned parking lot in Hell’s Kitchen into a 322-unit affordable housing tower.

    The parking lot, at 493 11th Avenue, between West 39th and 40th streets, should be the site of “a 100 percent permanently affordable building,” Community Board 4 wrote in a letter last week to the city’s Economic Development Corporation and Department of Housing Preservation & Development. [more]

  • Nancy Packes

    From left: Nancy Packes and Bill de Blasio

    The development of market-rate residential units in Manhattan, Brooklyn and Queens is approaching levels not seen since the 1960s, according to a new report that claims such developments are already addressing the needs of “moderate and middle-income households” as described by the city. However, the city needs to redouble its efforts to cater to the three lowest income groups, the report suggests. [more]

  • From left: Mayor Bill de Blasio and a tenant protest against 421a tax breaks in front of One57

    From left: Mayor Bill de Blasio and a tenant protest against 421a tax breaks in front of One57 in Midtown

    Labor unions and contractors are lobbying to overhaul the 421a tax abatement program to guarantee higher wages for construction workers and help create more affordable housing. [more]

  • From left: Proposed rezoning in East Harlem and Melissa Mark-Viverito

    From left: Proposed rezoning in East Harlem and Melissa Mark-Viverito

    City Council Speaker Melissa Mark-Viverito has formed a committee that aims to oversee the proposed rezoning of East Harlem. [more]

  • 50-Riverside-Gary-Barnett

    From left: 50 Riverside Boulevard and Gary Barnett

    More than 88,000 applicants are vying for 55 affordable housing units at Extell Development’s Upper West Side “poor door” development. [more]

  • Allan Arker

    From left: 211 West 28th Street in Chelsea and Allan Arker

    Affordable housing developer Arker Cos. plans to convert a Chelsea commercial property at 211 West 28th Street into a 14-story, 37-unit residential building, according to permits filed Thursday with the Department of Buildings.

    Arker seeks to redevelop the existing six-story, 13,338-square-foot office and retail space into a roughly 24,600-square-foot supportive affordable housing building, according to the filing. [more]

  • Collegiate School Riverside South

    Collegiate School’s proposed Riverside South development (credit: Collegiate School)

    Upper West Side residents will have an opportunity to comment on where the city should build a $50 million affordable housing development in the neighborhood.

    Residents will help generate a list of “creative ideas” about where the city should build the development, which is being funded by $50 million contribution from Collegiate School. [more]

  • Arlington Village Brooklyn NY

    From left: Eli Tabak, 3100 Atlantic Avenue in East New York and Amit Doshi

    A group of investors led by Eli Tabak of the Bluestone Group acquired a two-building apartment complex known as Arlington Village in East New York for $30 million, with plans to redevelop it as affordable housing, The Real Deal has learned. [more]