NYCHA wants to build market-rate housing in East Williamsburg

Authority would lease land to private developer

New York /
Sep.September 29, 2017 09:30 AM

The New York City Housing Authority plans to bring a project with market-rate housing near an 11-building development for lower-income tenants in East Williamsburg.

The housing authority would lease a parking lot near Cooper Park Houses — a 700-apartment complex— to a private developer to build up 250 units, the Wall Street Journal reported. The units would be split 50-50: Half would be market-rate, and the other half would be below market-rate. Proceeds from the lease would go to the housing authority’s capital program.

“It has a market value that can be leveraged,” Deborah Goddard, executive vice president for capital projects at the authority, told the Journal.

Democratic Rep. Carolyn Maloney, however, argued that the affordable units created through 50-50 programs aren’t affordable enough.

“It creates a system where public-housing developments in affluent areas lose access to the few conveniences they currently have to generate income of which only a fraction is invested in the buildings bearing the burden,” she said.

The authority plans to issue a request for proposals after consulting with residents of Cooper Park Houses. [WSJ] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Rendering of 300 Huntington Street (Monadnock Development, iStock)
No parking? No problem for Monadnock project in Gowanus
No parking? No problem for Monadnock project in Gowanus
Photo Illustration of Gov. Andrew Cuomo (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
Cuomo’s crisis: What a weakened or departing governor means for real estate
Cuomo’s crisis: What a weakened or departing governor means for real estate
Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opendoor revenue plunged 45% in 2020
Opendoor revenue plunged 45% in 2020
CoStar CEO Andy Florance
CoStar retreats from failed CoreLogic bid
CoStar retreats from failed CoreLogic bid
arrow_forward_ios

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

Loading...