NYCHA Property Going to Luxury Developers

 


NYCHA6N_1_WEB
NY Daily News

The housing authority is planning its very own Tale of Two Cities.


To raise much-needed cash, the agency plans to lease out land to private developers who will then build some 3 million square feet of luxury apartments smack in the middle of Manhattan housing projects.


Internal documents obtained by the Daily News show the planned 4,330 apartments in eight developments are all in hot real estate neighborhoods, including the upper East and West Sides, the lower East Side and lower Manhattan.

Developers will get a sweet deal: a 99-year lease with the lease payments to the authority frozen for the first 35 years.

And they’ll get a big break on property taxes because 20% of the units will be set aside as “affordable,” offered to families of four that make $50,000 or less.

But the vast majority of units — 80% — are “market rate,” and in the neighborhoods chosen by the New York City Housing Authority, that rate is astronomical.
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