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City Plans to Sell $111 Million Far West Side Property for $1

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The city is hoping to sell a development package on West 53rd Street between 10th and 11th Avenues to the Clinton Housing Development Corporation for just $1, according to the Commercial Observer. If all goes according to plan and city officials approve the deal, the path will be cleared for the housing non-profit to build a 103-unit affordable housing complex on the 25,204-square-foot property. The site has an estimated value of $110.6 million.

Assuming Clinton Housing receives the property, it will then sell a portion to Taconic Investment Partners and Ritterman Capital for around $3.1 million. The developers can then move forward on a plan to build a 405-unit market-rate development at 525 West 52nd Street, which gained approval from Manhattan Community Board 4, BP Gale Brewer and the City Planning Commission last year

The Clinton Urban Renewal Area would eventually yield 206 affordable units and 324 market-rate units. City officials will review the proposal at a public hearing on November 24.

In a similar deal earlier this week, the city announced plans to trade Long Island City development rights at no cost to a developer who will maximize affordable housing potential on the site.
· City to Sell $110.6M Land and Development Package for $1 [NYO]
· All Clinton Housing Development Corporation coverage [Curbed]