City Looking to Sell Essex Crossing Site 6 to Taconic Investments for $1

Posted on: September 16th, 2015 at 5:10 am by

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Site 6 of Essex Crossing, September 2015

Yet more controversy rolling out of Essex Crossing Site 6 this week. Not only did NYU Langone jump the gun on its new facility without a lease in hand, and the Educational Alliance reverse its obligation to create a “dual-generation” school, but the city is intent on selling the land to the developer. Not a huge surprise, though; falls in line with how SPURA has been handled.

In the latest issue of Downtown Express, there is a public notice (page 30) announcing that NYC Housing Preservation and Development is selling the parcel – 175 Delancey Street – under the “Extremely Low and Low Income Affordability Program.” The advertisement states that HPD will unload the real estate for $1.00 per tax lot to the Sponsor (i.e. developer), referred to only as “Site 6 DSA Owner LLC.” That entity is, as previously discussed, a corporate shell for Taconic Investment Partners, one of the developers comprising the consortium behind the multimillion-dollar project (Delancey Street Associates).

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Under the aforementioned program, so-called sponsors purchase city-owned land or vacant buildings in order to rehabilitate and create “affordable” rental housing.

HPD has designated Site 6 DSA Owner LLC (“The Sponsor”) as qualified and eligible to purchase and redevelop the Disposition Area under the Extremely Low and Low Income Affordability Program. HPD proposes to sell the Disposition Area to Sponsor for the nominal price of one dollar ($1.00) per tax lot.

The Sponsor will also deliver an enforcement note and mortgage for the remainder of the appraised value (Land Debt). Sponsor will then construct one building with approximately 99 rental dwelling units for low income seniors, plus one superintendent unit, a community facility space of approximately 74,539 gross sq ft and approximately 6,068 sq ft of commercial space.

After a minimum of 60 years following completion of construction, any remaining balance of the Land Debt may be forgiven.

There will be a public hearing on September 21 to further discuss the issue. Head to 22 Reade Street, 2nd floor, at 10am.

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