Crain’s New York Business is reporting that The City of New York is releasing two more development sites at Hunter’s Point South in Long Island City and is seeking requests for proposal (RFPs) to build upon the land. The city is looking to have retail space, a school and at least 750 apartments developed on the site, with more than half the apartments to be permanently affordable.
So far, the city has unlocked five of the seven parcels it owns as part of the overall Hunter’s Point South project that was authorized in 2008 as the result of a rezoning under then-Mayor Michael Bloomberg. The first two unlocked parcels, between 50th Avenue and Borden Avenue, were completed last year. A project for third parcel, which runs from Borden Avenue to 54th Avenue, in which apartment buildings of 36 and 41 stories with a combined 1,193 apartments are to be constructed has hit some snags due to design difficulties resulting from infrastructure problems, including an easement for Amtrak’s 34th Street tunnel beneath the site.
As part of the RFP, developers are required to dedicate at last 60% of the apartments to permanently affordable housing, although they will be allowed to determine rent levels. The proposed project must also include community facility space, which is rented to a tenant who is considered to have some benefit to the community, such as a nonprofit or a doctor. In addition, a part of one of the two parcels must be set aside for construction of a school.
RFPs are due in September. Once the proposed designs are reviewed, the Department of Housing Preservation and Development will select a team early next year to work on the project.
Abrams Garfinkel Margolis Bergson, LLP has extensive experience in all phases of residential and commercial real estate transactions, including acquisitions and sales and lease negotiations. If you have a question regarding this RFP or another commercial real estate matter, call (212) 201-1170.