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
‘Paying the severance would have cost more’: New law pushes hotels to reopen
“Paying the severance would have cost more”: New law pushes hotels to reopen
“Paying the severance would have cost more”: New law pushes hotels to reopen
Basketball star Ben Simmons with the Moorestown property (Compass, Getty)
Philadelphia 76ers’ fallen star Ben Simmons lists NJ mansion for $5M
Philadelphia 76ers’ fallen star Ben Simmons lists NJ mansion for $5M
Harlem River Houses approved for $130M facelift
Harlem River Houses approved for $130M facelift
Harlem River Houses approved for $130M facelift
From left: SERHANT CEO Ryan Serhant, 77 Greenwich Street, Trinity Place Holdings CEO Matthew Messinger and Macquarie Capital's Jackie Hamilton (77 Greenwich Street via Binyan Studios)
Trinity Place Holdings beats deadline with $168M refi at FiDi condo
Trinity Place Holdings beats deadline with $168M refi at FiDi condo
Manhattan luxury market logs biggest week since 2013
Manhattan luxury market logs biggest week since 2013
Manhattan luxury market logs biggest week since 2013
Extell Development chairman Gary Barnett and the empty lot between 79th and 80th on First Avenue (Google Maps)
Extell building 30-story medical tower on UES
Extell building 30-story medical tower on UES
Millennium Partners' Philip Aarons and a rendering of the Hollywood Center project (Getty, Rendering via Handel Architects)
Shaken, not stirred: Inside Millennium’s battles at Hollywood Center
Shaken, not stirred: Inside Millennium’s battles at Hollywood Center
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
BRP’s controversial Bed-Stuy project wins approval
arrow_forward_ios

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

Loading...