In November, voters approved the housing fast-track, a shortened version of the city’s land use review process.
The fast-track will be available for a number of projects proposed in the twelve community districts with the lowest rates of affordable housing. To qualify, a housing project must meet (at a minimum) the affordability requirements of the city’s Mandatory Inclusionary Housing program.
Such projects will avoid review by the City Council during the City’s Uniform Land Use Review Procedure (Ulurp). The local community government and the district president will also simultaneously review the project for 60 days, further shortening the review timeline.
But first the city must identify the neighborhoods.
Every five years, the city will look at new affordable housing in each neighborhood. The first count will look at apartments initiated between July 1, 2021 and June 30, 2026.
The Ministry of City Planning recently released proposed rules for calculating development rates in each community district.
The proposed methodology is based on two metrics. The first: the number of new affordable housing units added to a community neighborhood over a five-year period. “New units” are counted if a regulatory agreement or restrictive declaration has been signed and a permit has been issued by the Ministry of Buildings.
Requiring both milestones “ensures that new affordable units are sufficiently far along in the development process that they are reasonably assured of delivery,” the proposed rules say.
The second: the total number of housing units in a neighborhood at the beginning of each five-year cycle, based on the last census (plus or minus any units built or demolished in the intervening years, based on DOB data). To determine the development per district, the number of new homes is divided by the total number of homes in the district.
City Planning must release the list of 12 districts by October 1, and every five years thereafter. Projects can submit an application for the fast track in these districts from January 1.
A hearing on the proposed rules is scheduled for April 1.
The “fast-track” is one of three approved ballot measures aimed at easing housing approvals. One allows developers to appeal the city council’s rejection of a housing project, while the other introduces a shorter review process (called Expedited Land Use Review Procedure, or Elurp) for modest projects.
What we think about: Are you working on a project that could be affected by the housing ballot measures? Are you looking for a development in a neighborhood that you suspect will be on the accelerated list? Send a message to kathryn@therealdeal.com.
Something we learnedAn appeals court this week upheld the dismissal of a lawsuit filed by the Carnegie House co-op board seeking to halt leasehold negotiations and the state’s rental laws as they relate to setting initial rents in the event the co-op building is deconverted and converted into rent-stabilized apartments. Last year, Judge Arthur Engoron dismissed the lawsuit, calling it “premature.”
The appellate court agreed, noting that “deconversion and the resulting damages
what the plaintiffs envision may never become reality.”
The recent ruling is the latest victory for landowners Rubie Schron and David Werner. At the end of last year, another court ruled in favor of the owners and approved an increase in the ground rent from $4.36 million to $24 million.
Elsewhere in New York…
– The Public Authorities Control Board on Wednesday proposed plans to build 105 income-restricted homeownership units at the former Lincoln Correctional Facility at 31-33 West 110th Street. The board signed off on $18.7 million in funding from the state Homes and Community Renewal Affordable Homeownership Program. The project is being developed by Infinite Horizons, L+M Development Partners, Urbane Development Group and Lemor Development Group.
– Mamdani’s administration on Wednesday laid the foundation stone for 341 affordable housing units at a former NYPD parking lot in East Harlem. The project, called Timbale Terrace, has been a long time in the making. The project was proposed in 2016 as part of the East Harlem Neighborhood Plan. A developer for the site was chosen in 2021.
— ICYMI, the mayor, has appointed five new members to the Rent Guidelines Council. He also reappointed one of the tenant representatives.
Closing time
Residential: The highest housing deal recorded on Wednesday was $24.2 million for a 3,547-square-foot sponsorship condominium unit at 50 West 66th Street in Lincoln Square. Beth Benalloul and Hilary Landis of the Corcoran Group had the mention.
Commercial: The highest commercial deal recorded was $269.7 million for the hotel And commercial portions of The Ritz-Carlton New York, Central Park, at 50 Central Park South. If TRD Reported today, the full price of the acquisition was $320 million.
New on the market: The highest price for a home that came on the market was $33.7 million for a 4,628-square-foot apartment at 520 Park Avenue in Lenox Hill. Lisa Larson and Angela Wu of Sotheby’s have the listing. The device that was last sold for $28.25 million in 2022.
Groundbreaking: The largest new building permit filed was for a proposed 13,331-square-foot, 16-unit project at 4572 Manhattan College Parkway in Kingsbridge. Lester Katz submitted the permit on behalf of Nasser Ghorchian.
— Matthew Elo
#Daily #Dirt #City #proposes #fast #track #housing #rules