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.
 

The de Blasio administration is moving forward with a Bloomberg-era plan to give a private developer a prime plot in Brooklyn’s budding cultural district in exchange for 49 below-market-rate apartments.

The city’s Department of Housing Preservation and Development plans 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.

The site, currently a 120,000-square-foot parking lot, is in the heart of the city’s newly planned cultural district. It is located across the street from the BAM Opera House, just south of the new Theatre for a New Audience and adjacent to the Mark Morris Dance Center.

The deal was negotiated by the Bloomberg administration in 2013. Rose Companies expects to close on the land and begin construction this spring.

The building will include a total of 123 units, with 73 to rent at market rate; another 25 will be reserved for those who earn no more than 60% of the area median income, and 24 will be available to tenants earning up to 130% of the area’s median income.

Construction is set to start this spring.COURTESY OF JONATHAN ROSE COMPANIESConstruction is set to start this spring.

The apartments will be kept below-market for 30 years, according to terms of the current deal.

The current administration is essentially bound by parameters OK’d in the past, but City Hall is pressing to extend the 30-year timetable for the affordable units’ expiration, a source familiar with the project said.

The plan also includes approximately 2,800 square feet of ground-floor commercial space for a restaurant, along with a 21,000-square-foot cultural center.

A deal with two arts groups, Science Galley and Eyebeam, to rent that space fell apart last October.

The plan was announced in 2013.COURTESY OF JONATHAN ROSE COMPANIESThe plan was announced in 2013.

“We are in negotiations with two other non-profit cultural groups to take their place,” said Paul Woody, senior project manager for Jonathan Rose Companies.

The building is expected to be completed by the end of 2016.

A public meeting to review the proposal is scheduled for Feb. 11 at 22 Reade St., at 10 a.m.[NYD]

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