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COURIER L 6 IFE, NOV. 22-28, 2019
City to sell public Bed-Stuy properties
for $1 in ‘affordable housing’ deal
BY KEVIN DUGGAN
The city wants to transfer a slate of
vacant, publicly-owned lots to three development
fi rms seeking to erect seven
so-called “affordable housing” condominiums
in Bedford-Stuyvesant.
The Department of Housing Preservation
and Development plans to sell
the sites adjacent to Herkimer Street
between Kingston and Ralph avenues,
where builders plan to raise four- to
seven-story condos with a total of 78
units, spokesman Felipe Cortes told
Community Board Three’s Land Use
Committee Wednesday.
The agency fi led a land use review
application to sell the properties for
$1 to Manhattan fi rm Fulcrum Properties
along with Queens developers
Jobe Development Corporation and
the Briarwood Organization who will
jointly construct the buildings at the
following addresses:
• Two fi ve-story buildings with 10
units each at 423-421 and 440-444 Herkimer
St.
• A four-story building with eight
units at 35-37 Rochester Ave.
• A four-story building with 15 units
at 18-22 Suydam Pl.
• A four-story building with 12 units
at 816 Herkimer St.
• A fi ve-story building with 10 units
at 329-331 Ralph Ave.
• A seven-story building with 13
units at 335 Ralph Ave.
The entire portfolio features 34 onebedroom
and 44 two-bedroom units
priced in line with the federally-designated
Area Median Income (AMI) index
of the Five Boroughs, which this
year is set at $96,100 for a three-person
family.
However, Bedford-Stuyvesant’s
median household income in 2017
was signifi cantly lower at $52,900, according
to a report by New York University’s
Furman Center, and condos
constructed under the proposed deals
would be priced for residents with
annual salaries between $64,020 to
$105,633 per year — $11,120 to $52,733
above the area’s average income.
Another development includes a
four-story building with eight units at
35-37 Rochester Ave.
David Cunningham Architecture
Planning
But the development would bring
Mayor Bill de Blasio closer to his
stated goal of creating 300,000 belowmarket
rate housing units by 2026. As
of July, more than 135,000 “affordable
housing” units have been constructed
since hizzoner declared his target
back in 2014, with 25,299 created in fi scal
Another development includes a four-story
building with eight units at 35-37 Rochester
Ave. David Cunningham Architecture Planning
year 2019, according to the city.
Not all of the city’s affordable housing
schemes have been well received,
especially those involving the sale of
public land.
In 2017, the Legal Aid Society sued
the city to prevent the Economic Development
Corporation from leasing out
the publicly-owned Bedford-Union Armory
in Crown Heights to developer
BFC Partners, which agreed to construct
a mix of market-rate and affordable
units, along with a state-of-the-art
recreation center.
Opponents of that scheme blasted
the deal — the early incarnations of
which featured a host of luxury condos
— as a giveaway to developers, which
they feared would supercharge gentrifi
cation in the neighborhood.
But the developer agreed to ax the
luxe condos and enhance the project’s
affordable housing components, and
a judge later dismissed the Legal Aid
suit in July last year.
Before the city can sell off its property
to developers, City Council will
have to approve the land transfer following
a lengthy public review process,
through which the builders will
also seek an Urban Development Action
Area Project designation, which
carries a 20-year exemption from real
estate taxes on the assessed value of
the building.
The city and developers will present
the proposal at the civic panel’s
next full board meeting which will
then give its purely advisory vote on
Dec. 2.
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