Following two years of hubbub and one affordable rental building in Brooklyn, Long Island City finds itself in the cozy embrace of the city's Housing Asset Renewal Program (HARP), the city's ambitious but mostly inactive $20 million pilot program designed to convert unsold condos into affordable housing. As you may recall, investors weren't biting.
Now a stalled LIC project at 23-10 41st Avenue near the Queensboro Bridge on ramp -- that City Council Speaker Christine Quinn describes as "a total hole in the ground" -- is slated for a new life as a 117-unit mixed-income residential development with 108 affordable rental apartments. The total bill for a Bank of America loan? $28 million, of which HARP will cover $7.6 million, or $70,000 per unit.
Opening date is estimated for spring 2013, with units scaled to include 31 studios, 42 one-bedroom units and 36 three-bedroom apartments, plus the requisite eight market-rate condo units for sale. Notable note? Only 30 parking spaces have been allotted in the design.
· 2nd Stalled Project Revived Under City Program [Crain's]
· City Finally Finds a Failed Condo to Take Rental Under HARP [Curbed]
· HARP Coverage [Curbed]