"The plan calls for at least 35 affordable apartments, with the agency aiming to issue a request for proposals as early as next month. Instead of cutting a traditional city subsidy check, EDC would put the land on the table and expect developers to lean on tax incentives and cross-subsidy strategies to make the below-market units pencil out."
"Under the framework the agency laid out, developers would be required to tap state tax incentives so that acquisition costs can be redirected into subsidizing affordable units instead of paying for the land itself."
"The structure mirrors how EDC set up part of the Gansevoort Square redevelopment, where a mix of tax incentives and private financing is expected to deliver hundreds of mixed-income apartments without a direct city construction subsidy."
The New York City Economic Development Corporation aims to transform a parking lot at 2453 Second Avenue into a 140-unit mixed-use building. The project will include at least 35 affordable apartments. Developers will utilize tax incentives and cross-subsidy strategies instead of traditional city subsidies. EDC presented this plan to Manhattan Community Board 11, marking it as the first of three city-owned parcels designated for private development. An RFP is expected to be issued next month to solicit proposals for the site.
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