T
he city's plan to build affordable housing on the site of Elizabeth Street Garden has been stalled since 2013. In 2016, the city released a request for proposals to develop the site, and in 2017, it selected Pennrose, RiseBoro Community Partnership, and Habitat for Humanity NYC to lead the project. The plan, called Haven Green, would provide 123 units of affordable housing for seniors, along with 16,000 square feet of open space. However, a nonprofit that runs the garden has appealed its eviction from the site, leading to delays.
The city's Department of Housing Preservation and Development expressed frustration on social media, stating that fighting affordable housing is "needless" but won't deter their commitment to creating more affordable units. The city is also pushing for a policy allowing more housing in every neighborhood, which could add 3,867 to 7,267 homes per year through 2039.
The City Council will hold hearings on Monday and Tuesday to discuss the proposal, known as the City of Yes for Housing Opportunity text amendment. However, the plan lacks affordability requirements, making its passage uncertain. The administration's weakened state due to Mayor Eric Adams' indictment may also impact the outcome.
In other news, former President Donald Trump expressed sympathy for Mayor Adams at a charity event, echoing unfounded accusations that the mayor's indictment was retaliation for his criticism of the Biden administration's border policy. Meanwhile, Gov. Kathy Hochul lamented that New Yorkers are leaving the state for neighboring states due to the pace of housing construction.
Residential sales included a $9.8 million sale at 64 University Place in Greenwich Village, while commercial sales topped out at $5.6 million for a Brooklyn religious structure. A Chelsea townhome listed for $23 million is the highest-priced residential property on the market, and a new building application was filed for a 13-story residential project in the Bronx.
realestate
City's Housing Plans Hit a Snag Ahead of Upcoming Battle
City seeks affordable housing options at Elizabeth Street Garden since 2013, with Pennrose selected in 2017.
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Rockford Housing Market Gains Momentum with New Hispanic Real Estate Partnership
City leaders expect NAHREP to boost Hispanic homeownership rates.
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Commercial Real Estate Forum Held by Southeastern Association
Sandoval Economic Alliance holds partner luncheon at Quezada's Comedy Club, focusing on commercial real estate.
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Developer Fisch Unveils Ambitious 12-Story Project in Beverly Hills
Fisch Properties Unveils Design for 12-Story Beverly Hills Apartment Building.