Resolution approving the application submitted by the New York City Department of Housing Preservation and Development and the decision of the City Planning Commission, ULURP No C 250313 HAK, approving the designation of an Urban Development Action Area, an Urban Development Action Area Project, and the disposition of city-owned properties located at 908-910 Madison Street (Block 1483, lots 35 and 36) and 1901-1903A Atlantic Avenue (Block 1556, Lots 33, 34, and 35), Borough of Brooklyn, Community District 3, to a developer selected by HPD (L.U. No. 3; C 250313 HAK).

Summary

This resolution approves the designation of an Urban Development Action Area and Project, and the disposition of city-owned properties located at 908-910 Madison Street (Block 1483, lots 35 and 36) and 1901-1903A Atlantic Avenue (Block 1556, Lots 33, 34, and 35) in Brooklyn, Community District 3. The project, named "Constellation," involves the new construction of up to 34 cooperative housing units. These units will be income-restricted, affordable to families with household incomes at or below 130% of the Area Median Income (AMI). The developer will be selected by the Department of Housing Preservation and Development (HPD). The disposition price is nominal, with the sponsor paying one dollar per tax lot and a note/mortgage for the remainder of the appraised value. The project is expected to take approximately 22 months from closing to completion.

Citizen Impact

This project will create 34 new income-restricted cooperative housing units in Brooklyn's Community District 3, making homeownership more accessible for families earning up to 130% of AMI. Residents can expect construction to begin following the disposition of city-owned properties.

Confidence

high