Stalled LES hotel project may turn residential

October 22, 2009 04:00PM

Stalled hotel project 180 Ludlow may soon breathe new life as a residential building, after Community Board 3 last night granted their tentative approval to the proposal laid out by lawyers for developer Serge Hoyda. The 158-unit building would be rent stabilized but would not have a major affordability component, which was a point of contention amongst board members. “There is an affordable housing crisis in this neighborhood,” said Joel Finegold, an affordable housing advocate. “People are being displaced on a massive scale. We’re all familiar with this, and this is an opportunity to create a tremendous number of affordable housing units.” Hoyda’s lawyers said financing for a residential building with an affordability component is not available in the current economic environment, and that instead, in an effort to partially satisfy that need, Hoyda will set aside five apartments in the building as a donation to the community. Other units will be mostly studios priced at $1,200 to $1,300 per month, though there will be some one- and two-bedroom apartments as well. The board will hold a final vote on the proposal next week, and while their approval is not necessary for the project to move forward, it will be instrumental in helping Hoyda obtain approval for the plan from the city’s Board of Standards and Appeals.