City eyes long-stalled makeover for dilapidated Chelsea buildings

NYC took over buildings in 1976 when Abe Beame was mayor

New York /
May.May 19, 2017 09:57 AM

A cluster of dilapidated city-owned buildings in Chelsea — some vacant since Abe Beame was mayor — may finally be getting a makeover.

The city’s Department of Housing Preservation and Development is set to announce progress on fixing up the walk-ups, which the city has owned for more than 40 years. “They are disgusting,” one neighbor, Kathy Ellman, told Crain’s. “They look like they should be condemned.”

HPD has selected a nonprofit to begin predevelopment work, the paper reported. The redevelopment is expected to take several years.

The city took over the buildings at Seventh Avenue and West 22nd Street in 1976, but one has been completely boarded up for years. Since 1997, the buildings have been part of the Tenant Interim Lease program, which lets tenants buy their homes at a discount.

As part of the program, the city is also supposed to provide upgrades, which has not happened. Only three families live in the properties in question.

Officials are investigating widespread mismanagement of the TIL program, which offers below-market rents to tenants who manage the city-owned buildings with the expectation they can eventually buy the apartment for as little as $250. [Crain’s] — E.B. Solomont


Related Articles

arrow_forward_ios
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
56 Middagh Street and 50 Bridge Park Drive #20B (Streeteasy, Quay Tower BK, Getty)
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
(Getty Images)
Tenants attack landlords in two separate incidents
Tenants attack landlords in two separate incidents
One of the two Avalon lots sold to an unnamed businessman (Google Maps)
Two Jersey Shore lots sell for record $21M
Two Jersey Shore lots sell for record $21M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Michael Ovitz looks to flip Greenwich Village condo for $25M
Michael Ovitz looks to flip Greenwich Village condo for $25M
Michael Ovitz looks to flip Greenwich Village condo for $25M
arrow_forward_ios

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

Loading...