Free air rights? City holds out deal to boost affordable housing

Development rights come from three lots in Long Island City

TRD New York /
Nov.November 18, 2014 03:30 PM

The city is looking to convince developers to build affordable housing by offering them free air rights.

The Economic Development Corporation issued a request for proposals in which the agency promises free development rights in return for a “permanently affordable housing program that maximizes both the number of housing units and the level of affordability,” according to the New York Observer.

The air rights on offer are for three city-owned lots under the Queensboro Bridge in Long Island City, the newspaper reported. The sites themselves, due to bridge ramps, aren’t available for development. The project will not offer any additional subsidies on top of the free development rights.

The air rights that come with the three parcels are available as a whole, or in part.

The RFP calls for a mix of income levels in the units not to exceed 156 percent of the area median income. There’s no minimum amount of affordable housing stipulated in the RFP. Proposals are due December 22. [NYO] — Claire Moses


Related Articles

arrow_forward_ios
120 Beach 26th Street (Credit: Google Maps)

Far Rockaway site hitting the market for $70M

Far Rockaway site hitting the market for $70M
Clockwise from top left: 190 Beach 69th Street, 47-20 Center Boulevard and 2505 Bruckner Boulevard

These were the top outer borough loans last month

These were the top outer borough loans last month
The Rego Center at 61-35 Junction Boulevard with Vornado's Stephen Roth (Credit: Google Maps; Getty Images)

Major home goods chain signs big lease at Rego Center mall

Major home goods chain signs big lease at Rego Center mall
Street Signs Realty's Robert Ritchie

Broker and nurse on the front lines: “It’s never been worse”

Broker and nurse on the front lines: “It’s never been worse”
Rent prices are going up while new leases are down

Manhattan, Brooklyn and Queens saw record low leasing activity in March

Manhattan, Brooklyn and Queens saw record low leasing activity in March
In Brooklyn and Queens, the number of homes on the market have fallen (Credit: iStock)

Brooklyn, Queens home sales grew as inventory plummeted last quarter

Brooklyn, Queens home sales grew as inventory plummeted last quarter
From left: Eagle Lofts at 43-22 Queens Street in Long Island City, 292 North 8th Street in Williamsburg and The Landing at 15 Bridge Park Drive in Brooklyn Heights (Credit: Rockrose Development, Stonehill & Taylor Architects and StreetEasy)

Rockrose’s $350M haul tops March list of outer-borough loans

Rockrose’s $350M haul tops March list of outer-borough loans
38-42 12th Street (Credit: Google Maps)

Joint venture plans 400K sf commercial project for LIC

Joint venture plans 400K sf commercial project for LIC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...