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
Steven Mnuchin and 740 Park Avenue (Getty, Google Maps)
Steven Mnuchin’s $26M home finally finds a buyer
Steven Mnuchin’s $26M home finally finds a buyer
Robert Millard and 9 East 88th Street (MIT Corp, Google Maps)
Former Lehman exec lists Carnegie Hill mansion for $38M
Former Lehman exec lists Carnegie Hill mansion for $38M
April’s occupancy levels climbed to 61.6 percent, above March’s 60.9 percent. (iStock)
Demand for short-term rentals surges past pre-pandemic levels
Demand for short-term rentals surges past pre-pandemic levels
Cape Cod and the Jersey Shore suffered among the sharpest inventory declines. (iStock)
Here’s where homes virtually sold out in the pandemic
Here’s where homes virtually sold out in the pandemic
1384 Meadow Lane
The 20 priciest Hamptons sales this year
The 20 priciest Hamptons sales this year
(NYC Housing Authority, Google Maps, iStock)
Navillus seeks bankruptcy protection from NYCHA lawsuit
Navillus seeks bankruptcy protection from NYCHA lawsuit
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
arrow_forward_ios

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

Loading...