Real Estate
NYCHA trades Upper Man. building rights for repair cash
BY GRANT LANCASTER
New York City Housing Authority officials have
given a developer rights to build on a property
in East Harlem in exchange for $2.6 million
that will go to repairs for a nearby NYCHA property.
The developer, who was not identified because the
deal is not closed yet, plans to build a mixture of apartments
and commercial space at the Hobbs Court location,
with 30% of that being affordable housing under
the Affordable New York Housing Program, according
to a Thursday press release. NYCHA board members
approved the transaction in January and construction
is scheduled to start this year.
NYCHA officials plan to work with the nearest of
their public housing developments, Metro North Plaza,
to decide how best to spend the money from the deal,
said Jonathan Gouveia, NYCHA Real Estate senior vice
president.
“This deal is a great example of how NYCHA is
leveraging a range of underutilized assets to support
needed repairs for our residents living in public housing,”
Gouveia said.
NYCHA has owned the rights to the approximately
9,000 square feet at Hobbs Court, which included a
259-unit affordable housing development, since the
1980s.
PHOTO VIA GOOGLE MAPS
The Hobbs Court site in East Harlem
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