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 250315 HAK, approving the designation of an Urban Development Action Area, an Urban Development Action Area Project, and the disposition of city-owned property located at 395-397 East 94th Street (Block 4669, Lots 22 and 23) Borough of Brooklyn, Community District 17, to a developer selected by HPD (L.U. No. 5; C 250315 HAK).

Summary

This resolution approves the designation of city-owned property at 395-397 East 94th Street (Block 4669, Lots 22 and 23) in Brooklyn's Community District 17 as an Urban Development Action Area and Project. The property will be disposed of to a developer selected by the Department of Housing Preservation and Development (HPD) to facilitate the construction of a new building containing 12 income-restricted homeownership cooperative units. This project, part of the 'Constellation' program and related to other applications across Brooklyn, is expected to take approximately 22 months from closing to completion. The disposition price is nominal, with the developer providing a note and mortgage for the appraised value, which may be forgiven or unsecured upon conversion to a cooperative if certain conditions are met. Sales prices will be affordable to families with incomes at or below 130% of the Area Median Income (AMI). Environmental reviews indicated no significant adverse impacts.

Citizen Impact

This project will add 12 new income-restricted cooperative housing units in Brooklyn's East Flatbush neighborhood, making homeownership accessible to families earning up to 130% of AMI. Construction is expected to take approximately 22 months.

Confidence

high