The sale is part of a long-running NYCHA plan dating back to Mayor Bill de Blasio’s administration to encourage private developers to revitalize aging public housing.The proposal was announced in 2016. is known as the Permanent Affordability Commitment Together. Agreementis about to invest $40 billion in new façades, heating systems, wiring, art, planting and other improvements across NYCHA’s portfolio, which houses approximately 360,000 residents.
To get there, PACT turns over control of public housing to qualified private for-profit developers, who collect rent vouchers and receive government subsidies.
The move to put the building in private hands is designed to “unlock financing” for the upgrade, and developers will likely invest in their property, NYCHA said.
Developers are prohibited from raising rents or privatizing city-owned properties. In most cases, developers lease social housing sites for 99 years.
The Manhattan Building deal appears to be the only deal, at least so far, in which public land has been sold outright, based on a review of deeds and other public records.
Grid acquired 280,000 square feet in addition to the $6 million land along Amsterdam Avenue. air rights The 12-acre, six-building Manhattan Building complex has sold for $22 million, according to NYCHA.
The Manhattanville House complex, which spans between Amsterdam Avenue and Broadway, requires $222 million in repairs, according to NYCHA.
Grid’s new towers won’t just include high-end, market-priced homes. Of the 393 apartments, 120 are rent-regulated, a quarter of which he has priority over existing Manhattan building tenants. The skyscraper will reportedly also house a grocery store (separately Associated) and 28 spaces of parking for existing tenants. Community facilities are also planned.
Development of the new tower, scheduled to open in 2026, is expected to begin in the coming months. Manhattan Building House renovations will begin in 2024, he said, NYCHA.
The 26-story tower, which rises above the Manhattan Building’s 20-story skyscraper, has not been well received by all residents of the public housing complex, which houses nearly 3,000 tenants in 1,300 apartments.
Hundreds of tenants signed a petition in August to oppose the project as a threatening step toward gentrification. Some protested at a rally last weekend.
Small builder Grid has developed a 15 unit condominium complex at 124 W. 16th Street in Chelsea. His affiliate, Einhorn Development Group, built a six-unit condominium at 316 E. 22nd St.
Officially, the Manhattan Building’s deed lists the buyer as Lefkas Realty, a company that appears to be owned by Athena Vrettos, who also has ties to Astoria’s Cityscapes Realty Management. A message I left for her on Cityscapes was never returned.
However, the deed was signed by Grid principal Iannes Einhorn. The message left for Einhorn was not returned.
Jonathan Gouveia, NYCHA’s executive vice president of property development, said the repairs and upgrades show PACT’s potential.
“NYCHA invests in our community using every tool at our disposal,” Gouveia said in an email.