East Village Housing
East Village Housing will be the redevelopment of two distressed city-owned properties into 21 units of affordable housing. 204 Avenue A will be a seven-story condominium building with 10 units and ground floor retail. The condos units will be part of the NYC Department of Housing Preservation and Development’s (HPD) Affordable Neighborhood Cooperative Program (ANCP) that creates home ownership opportunities for low and middle-income New Yorkers.
535 East 12th Street will be a six-story residential building with 11 one-bedroom apartments and ground floor retail. All 11 apartments are proposed to be affordable to middle-income households earning 130% Area Median Income (AMI).
The project required two land use approvals from the City. The first was to designate the sites as an Urban Development Action Area Project, which permits 20-year real estate tax exemptions for the rehabilitation of distressed City-owned properties. The second allowed the disposition of City-owned land, which allows the City to dispose of its property to a private developer for redevelopment. Typically, when the City disposes its property, it requires much higher levels of affordability. In this case, the development is 100% affordable.
More information:
CPC Presentation (3mb)
Property Owner
NYC HPD
Developer
SMJ Development
Architect