More market-rate units may be coming to this LES NYCHA complex

A plan for LaGuardia Houses could have up to 75% market-rate apartments

New York /
Apr.April 25, 2019 11:15 AM
Mayor Bill de Blasio with the LaGuardia Houses at 280 Cherry Street (Credit: Getty Images and Wikipedia)

Mayor Bill de Blasio with the LaGuardia Houses at 280 Cherry Street (Credit: Getty Images and Wikipedia)

More market-rate apartments are planned for a Lower East Side public housing complex, in an effort to raise more funds for the troubled New York City Housing Authority.

NYCHA officials presented a revised proposal to tenants at the LaGuardia Houses during a Monday meeting, The City reported. The complex, which houses 2,700 residents, has been eyed for private development since the Bloomberg administration — but Mayor Bill De Blasio last year sought proposals for a tower with half market-rate units.

The city is now aiming for a 35-to-45-story story that could be up to 75 percent market-rate apartments, the report said. Felicia Cruickshank, president of La Guardia’s Tenant Association, said that along with Extell’s One Manhattan Square and the three-skyscraper waterfront development in Two Bridges, “it’s just going to gentrify the whole community.”

La Guardia is among the complexes identified in the city’s “NextGeneration Neighborhoods” program, which aims to raise up to $600 million for public housing repairs by attracting developers to build on NYCHA sites. In the four years since it was announced, no projects have broken ground.

The City reported last week that City Hall no longer planned to pursue a tower that had been in the works since 2005 for a NYCHA site in Hell’s Kitchen. NYCHA declined to comment on the La Guardia project or offer an update on any of the other NextGeneration sites, the report said.

Olivia Lapeyrolerie, a City Hall spokesperson, said that the city is “not walking away from our commitment to deliver critical repairs” for residents at the 10-building complex. “We are simply doing our due diligence by engaging all the relevant stakeholders,” she said in a statement.

NYCHA, while embroiled in scandal, has also sought means to raise funds for much-needed repairs. In January, Housing Secretary Ben Carson announced a new federal monitor for NYCHA, which has settled federal litigation over mismanagement of tens of thousands of subsidized apartments. The agreement allows HUD to install a monitor overseeing NYCHA’s management and requires the city to make an additional investment of $2 billion over the next five years. [The City] — Meenal Vamburkar


Related Articles

arrow_forward_ios
Wyoming ranch with ties to Walt Disney hits market for $71M
Wyoming ranch with ties to Walt Disney hits market for $71M
Wyoming ranch with ties to Walt Disney hits market for $71M
Seattle Hotel Group's Bruce McCaw and property at Hunts Point, Washington (Getty, Windermere Real Estate)
Bruce McCaw’s Northwest estate hits the market at record-setting price
Bruce McCaw’s Northwest estate hits the market at record-setting price
Extell's Gary Barnett and 217 West 57th Street (Barnet by Paul Dilakian, Itrytohelp32, CC BY-SA 4.0, via Wikimedia Commons)
Barnett: Central Park Tower will fall short of $4B sellout
Barnett: Central Park Tower will fall short of $4B sellout
From left: Extell's Gary Barnett and JDS Development’s Michael Stern along with One Manhattan Square, The Narrows, and 111 West 57th Street (Extell, JDS Development, Getty Images, The Narrows Condo)
New development sales plummeted 30% in July
New development sales plummeted 30% in July
Zillow's Rich Barton, Allen Parker (Zillow Group, Getty)
Zillow brushes off Citysnap threat, says agent advertising will fall
Zillow brushes off Citysnap threat, says agent advertising will fall
Douglas Elliman Chairman and CEO Howard Lorber (Getty Images)
Sell, sell, sell: Lack of listings dampens Elliman earnings
Sell, sell, sell: Lack of listings dampens Elliman earnings
Zillow's Rich Barton and Opendoor's Eric Wu (Zillow Group, LinikedIn, Getty)
After iBuying debacle, Zillow partners with Opendoor
After iBuying debacle, Zillow partners with Opendoor
Redfin CEO Glenn Kelman (Illustration by Priyanka Modi for The Real Deal with Getty)
Redfin’s losses swell to $78M in Q2
Redfin’s losses swell to $78M in Q2
arrow_forward_ios

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

Loading...