City plans to sell prime land for $1 to private developer for 49 below-market-rate units
The city’s Department of Housing Preservation and Development wants to hand the BAM North Site II lot, at 15 Lafayette Ave. in Fort Greene, to Jonathan Rose Companies to build a 12-story apartment complex in which 40% of the apartments would be set aside as affordable. The developer will pay $1 for the land.
NEW YORK DAILY NEWS
Monday, January 26, 2015, 6:33 PMhttp://www.nydailynews.com/new-york/hpd-plans-sell-prime-land-1-private-developer-article-1.2092855
Proposed plan: 12-story building with approximately 2,800 square feet of ground-floor commercial space for a restaurant, along with a 21,000-square-foot cultural center.
123 apts. in total- 40% or 49 of the apts. would be set aside as affordable for 30 years, not forever.
Of the 49 "affordable" apts.:
*25 apts. will be reserved for those earning no more than 60% of the AMI (Area Median Income, but must earn enough to cover the rent and other needs, such as food, electricity, gas, etc.
**24 apts. will be reserved for those earning up to 130% of the AMI, but must earn enough to cover the rent and other needs, such as food, electricity, gas, etc.
2014 AMI in NYC- http://www.nychdc.com/pages/Income-Eligibility.html
__________________________________73 apts. will rent at market rate which means whatever renters are willing to pay in the area.
The residential configuration (number of apts. by size) of the building is not detailed in this article, leaving many questions unanswered.