Board OKs Hudson Cos.’ library redevelopment plan

Developer would buy public land for $52 million and build housing

New York /
Jul.July 16, 2015 11:00 AM

A Brooklyn community board  granted its approval on Wednesday to the Hudson Cos.’ proposal to redevelop the Brooklyn Heights library branch and include housing.

Under the plan, Hudson Companies would purchase public land for $52 million. The developer would construct a new library building with market-rate housing on top, and also build 114 units of affordable housing in Clinton Hill as part of the deal, the New York Times reported.

Of the $52 million it receives from the sale, the city will put $40 million toward repairs at other library branches in need of repairs.

Across all Brooklyn Public Library branches, there are about $300 million in capital needs. Linda E. Johnson, Brooklyn Public Library president, said the sale should “make a dent” in that amount. The plan has been opposed by some who consider the city selling its libraries to be an affront to the community.

The next step would be for the plan to pass through the office of the borough president, as it makes its way toward the City Planning Commission. [NYT] — Tess Hofmann


Related Articles

arrow_forward_ios
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies lands $210M condo loan on BK Heights tower
Hudson Companies President David Kramer and Comptroller Scott Stringer. (Getty)
Stringer-endorsed development plan falls short of his campaign proposal
Stringer-endorsed development plan falls short of his campaign proposal
Joe Riggs, principal at Hudson Companies. (Getty, Hudson)
NYC pension funds make $250M bet on new housing
NYC pension funds make $250M bet on new housing
East Williamsburg’s Williamsburg Houses and the Harlem River Houses and (Credit: Wikipedia)
NYCHA inks $1.5B deal to privatize management of 5,900 units
NYCHA inks $1.5B deal to privatize management of 5,900 units
Hudson Companies president David Kramer 
David Kramer on outer-borough development in the 2010s
David Kramer on outer-borough development in the 2010s
Hudson, Related land “complex” financing package for next Riverwalk building
Hudson, Related land “complex” financing package for next Riverwalk building
Hudson, Related land “complex” financing package for next Riverwalk building
Watch: New York’s most active developers of 2018
Watch: New York’s most active developers
of 2018
Watch: New York’s most active developers
of 2018
Hudson Companies files plans for one of the largest Staten Island projects this year
Hudson Companies files plans for one of the largest Staten Island projects this year
Hudson Companies files plans for one of the largest Staten Island projects this year
arrow_forward_ios

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

Loading...