Mayor de Blasio unveiled his grand plan to fix 421-a this week, and his proposal requires any developer who wants to take advantage of the property tax exemption to set aside 25 to 30 percent of their units as affordable housing. And the abatement would be extended from 25 to 30 years, in an attempt to make the measure more palatable to developers.
Development in the towns along the Hudson River is slowly starting to pick up, and now YIMBY has a rendering for a new luxury rental project in Hastings-on-Hudson, the Lofts on Saw Mill River.
The eclectic facade design has finally emerged for two four-story buildings going up at 1444-1446 Bedford Avenue in Crown Heights, after a year and a half of construction.
The developer of two other Flushing megaprojects is planning a third 13-story apartment tower on the site of Flushing Mall, which shuttered in January after 15 years as one of the neighborhood’s busiest food courts and commercial hubs.
Northern Greenpoint is developing faster than any neighborhood in Brooklyn, and the latest property to sprout a new building is 77 Clay Street between Manhattan Avenue and McGuiness Boulevard, where permits were filed last fall.
