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 250312 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 881-885 New Jersey Avenue (Block 4348, Lots 48 and 50) and 650 Glenmore Avenue (Block 3998, Lot 17), Borough of Brooklyn, Community District 5, to a developer selected by HPD (L.U. No. 2; C 250312 HAK).

Summary

This resolution approves the designation of an Urban Development Action Area (UDAA) and an Urban Development Action Area Project (UDAAP) for city-owned properties located at 881-885 New Jersey Avenue (Block 4348, Lots 48 and 50) and 650 Glenmore Avenue (Block 3998, Lot 17) in Brooklyn's Community District 5. The project, named 'Constellation,' involves the construction of up to 115 cooperative units across approximately 8 buildings. The disposition of these properties to a developer selected by the Department of Housing Preservation and Development (HPD) is also approved. Sales prices will be affordable to families with household incomes at or below 130% of the Area Median Income (AMI). The project is expected to take approximately 22 months from closing to completion of construction. This is one of several related applications for UDAA and UDAAP designations across Brooklyn.

Citizen Impact

This approval will facilitate the development of up to 115 new cooperative housing units in Brooklyn's Community District 5, with sales prices targeted at households earning up to 130% of the Area Median Income. This aims to increase the availability of homeownership opportunities.

Confidence

high