Yes, dreams do come true in Brooklyn, and so does affordable housing. The proof is in the pudding, located just outside the A/C/G Hoyt Schermerhorn stop. Out of a total of 375 total units, the 25 story project will contain 74 “affordable” units. The remainder are expected to be residential condos. As an interesting twist, the regulatory agreement filed in ACRIS states the owner receives a LIHTC (Low Income Housing Tax Credit) and a 421-a tax benefit. The same units can be applied to both tax programs to meet eligibitily requirements. This practice has been criticized as double dipping taxpayer dollars.
The City of New York has a vast database of real property records and data available to the public. This quick start guide will help you access this information. Let’s say you want to know the real estate transaction history for a property. Maybe you have questions such as, how many times the deed transferred in the last 10 years? Is there a regulatory agreement filed that conveys rent stabilized status for my apartment unit? Are sundry agreements always miscellaneous?
We came across another residential project where the original, more historic, facade is undergoing integration into a new structure. This project, located at 24-16 Queens Plaza South in Long Island City, seems to have gone under several iterations before settling on a plan of integration. For example, original DOB records indicated the full demolition of the original five story “Department of Commerce” structure. However, the most recent plans that were approved by DOB clearly show the new structure and 1925 structure co-existing.