NYCHA’s deal with Fetner Properties for market-rate housing still hasn’t closed — two years later

Holmes Towers is its first 50/50 project

New York /
Sep.September 13, 2018 12:30 PM

From left: Harold Fetner, Stanley Brezenoff, and a rendering of Holmes Towers at 1780 First Avenue  (Credit: Fetner and Getty Images)

In 2016, the New York City Housing Authority announced plans for an Upper East Side residential project that would help pay for desperately-needed repairs. But more than two years later, the deal still hasn’t closed.

The project, with 50 percent market-rate apartments, would raise millions to fund fixes, the New York Daily News reported. But in the meantime, tenants at Holmes Towers have dealt with a string of problems in the development — and filed six complaints about elevators that stopped working.

The deal was slated to close in June, but following the Daily News’ inquiry, the Department of Housing Preservation & Development said it would be December or early next year.

“This is not a typical deal for us. We haven’t done anything like this,” spokesperson Elizabeth Rohlfing told the paper. “This is the first time and we want to do it right. I think it was just a little more complicated on both ends.”

Holmes Towers is the first of NYCHA’s planned 50/50 projects. Developers lease the land for 99 years and collect all the rent from buildings, the report said. The city tapped Fetner Properties to build a new 47-story apartment building on the Holmes Towers’ playground site. [NYDN] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Vector Group/Douglas Elliman's Howard Lorber (iStock, Getty Images, Vector Group Ltd., Douglas Elliman)
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
Howard Lorber’s $1.8M salary at Elliman offset by Vector pay cut
Fredrik Eklund with Tyler Whitman, Ryan Serhant, and Kirsten Jordan and Steve Gold (Getty, Bravo TV)
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
BHS CEO Bess Freedman and BHS agent Madison Sutton (BHS, iStock)
Brown Harris Stevens adding TikTok training to its arsenal
Brown Harris Stevens adding TikTok training to its arsenal
30 Front Street #30A and 72 Poplar Street (Streeteasy)
$8M Dumbo condo tops Brooklyn home contracts
$8M Dumbo condo tops Brooklyn home contracts
From left: Bruce Blakeman, Nassau County Executive, and Laura Curran, former Nassau County Executive (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Nassau County freezes assessments after home-price surge
Nassau County freezes assessments after home-price surge
160 West 12th Street and 200 Amsterdam Avenue (Corcoran, SJP Properties)
Village, UWS condos tie for Manhattan’s priciest signed contract
Village, UWS condos tie for Manhattan’s priciest signed contract
From left: Don Mullen, chief executive officer, Pretium Partners; Kelli Lawrence, chief executive officer, Onyx+East (Pretium Partners, Onyx+East, iStock)
Pretium to launch $600M JV for build-to-rent development
Pretium to launch $600M JV for build-to-rent development
Fairfield County (iStock)
Looking for a home in Connecticut? Good luck
Looking for a home in Connecticut? Good luck
arrow_forward_ios

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

Loading...