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.
Nini’s Properties LLC has filed applications for a new two-story, two-unit residential building at the newly subdivided, vacant lot at 91-41 80th Street, in Woodhaven. At the adjacent 91-43 80th Street, the property owner is renovating the existing three-story, three-unit wood-framed structure. John C. Chen is designing the new structure, which will measure nearly 1,800 square feet.
Taron Walworth LLC has filed for two more four-story, six-unit residential buildings at the vacant lots at 214 and 218 Walworth Street, in northwestern Bedford-Stuyvesant. The same developer filed applications for two similar buildings at Nos. 212 and 222 yesterday, and each building will measure nearly 4,000 square feet. Julien Flander is designing, and former two-story structures were demolished at both 214 and 218 Walworth in 2006.
After obtaining $1 billion in financing, HFZ Capital Group has closed on the development site at 76 11th Avenue, or 518 West 18th Street, in West Chelsea. The lot comes remediated and vacant, and it’s one of the most expensive acquisitions in New York’s history, according to The Real Deal, clocking in at $1,100 per square-foot.
An LLC has filed applications for a new six-story, 10-unit residential building at 516 Herkimer Street, in south-central Bedford-Stuyvesant near Atlantic Avenue. The building will measure 11,810 square feet, and Platonic Solids Architecture is designing. An existing single-story structure must first be demolished; demolition permits have yet to be filed.