NYCHA aims to raise $3B by selling land and air rights to developers

The exact sites have not yet been determined

New York /
Dec.December 13, 2018 10:00 AM

Stanley Brezenoff and Bill de Blasio (Credit: Getty Images)

The New York City Housing Authority plans to sell air rights and open some land to private development in order to raise money for repairs.

NYCHA aims to raise $3 billion through the plan, the Wall Street Journal reported. It’s part of Mayor Bill de Blasio’s $24 billion plan to help the authority upgrade its 170,000 apartments. NYCHA will need an estimated $32 billion in repairs over the next five years, the report said.

Deputy Mayor Alicia Glen said the exact development sites and air-rights sales haven’t yet been chosen. NYCHA will move forward with one or two sites next year with mixed-income housing projects.

Last month, NYCHA announced it would bring in private developers to manage about a third of its apartments — a move that is projected to reap $12.8 billion. But the mayor emphasized that NYCHA is not being privatized. It will still maintain ownership over all its land and buildings.

Deteriorating conditions in the city’s public housing prompted a federal investigation into health and safety concerns. A report last month said NYCHA is considering splitting up into five agencies—one per borough—to try making its challenges more manageable. It is among several options being discussed as city officials and federal prosecutors try create a deal that will please a federal judge who has rejected their plans for reform so far. [WSJ] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Steve Cohen and One Beacon Court at 151 East 58th Street (Corcoran, Getty)
Manhattan luxury market sees best week since 2013
Manhattan luxury market sees best week since 2013
Solow Building Company chairman Stefan Soloviev, CEO Michael J. Hershman and vice chairman Hayden Soloviev (Solow Residential, Fairfax, LinkedIn)
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
This Brooklyn Heights home went into contract at $2,184 per square foot. (Compass)
$14M house topped Brooklyn’s luxury listings last week
$14M house topped Brooklyn’s luxury listings last week
Ai Weiwei with 708 New Forge Hallow (Getty, Compass)
Ai Weiwei–designed home sells for $5M
Ai Weiwei–designed home sells for $5M
Assemblyman N. Nick Perry and Sen. Brian Kavanagh (Getty, iStock, NY State Assembly)
New bill would force co-op boards to explain rejections
New bill would force co-op boards to explain rejections
The state has opened 52 more investigations into potential fair-housing law violations tied to the Newsday report (iStock)
Agents named in discrimination exposé face discipline from state
Agents named in discrimination exposé face discipline from state
Vorea's Peter Papamichael. (Google Maps, Vorea Group)
LIC development site under contract
LIC development site under contract
Celebrity broker Ryan Serhant is renting his Hudson Square penthouse. (Serhant)
Ryan Serhant rents Lower Manhattan penthouse for $15K
Ryan Serhant rents Lower Manhattan penthouse for $15K
arrow_forward_ios

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

Loading...