Wednesday, November 12, 2014

Updated: On November 17, a hearing on bonds for 535 Carlton tower; unit count remains the same

According to a notice (below) from the New York City Housing Development Corporation, there will be a hearing next Monday, November 17, on tax-exempt bonds for 535 Carlton Avenue (aka B14), the all-affordable Atlantic Yards/Pacific Park rental tower planned at the corner of Carlton Avenue and Dean Street and the first to be built by Greenland Forest City Partners.

The $75 million request will be one of 39 bonding issues to be considered at the hearing, which starts at 11:30 am, in the conference room at NYC HDC office, 110 William Street, 10th Floor, in Manhattan. Public comment is possible, and the hearing will be webcast (and can be listened to by phone).

The announcement says further information will be available at the hearing or by request before the hearing. I've made such a request and will post an update if/when I get that information.

Updated: A bigger building?

While I was unable to get additional information from NYC HDC yet, Forest City confirms that the unit count has not changed. So for some reason NYC HDC got it wrong. And I should have checked.

One thing to note from the cursory information provided: the number of units has been increased to 363 from "approximately 300" as announced in August--or 298, as reported by some news outlets, or 299, as indicated in an HDC letter from May (bottom).

That implies a larger tower in square footage/height or, perhaps, a different configuration than originally planned, with more smaller units. (More on the levels of affordability here.)

Also note that 363 units was the exact amount planned for the first tower, the stalled B2 modular tower, at Flatbush Avenue and Dean Street. Perhaps they expect that this tower, for which groundbreaking is expected in December, will be finished before B2, or that B2 will end up smaller than originally planned.





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