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Columbia Street Sale Could Mean More Affordable Housing

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A sale of a tiny vacant lot in the Columbia Street Waterfront District could mean dozens of affordable apartments for residents in that neighborhood and in Red Hook as well, DNAinfo reports. A neighborhood group, the Carroll Gardens Association is looking to sell the just under 2,000 square feet of land at 163 Columbia Street to Brooklyn-based developer, Avery Hall Investments, for an as yet unnamed price that will be around twice the market rate.

The neighborhood group believes that the funds from the sale will allow them to keep 28 units spread out over six buildings that the association owns in the area, permanently affordable. At present the affordability guarantee on the apartments will expire in 2044. Furthermore the group hopes the sale of 163 Columbia Street, will allow them to create an additional 70 units of affordable housing in Red Hook.

The affordable units, 30 percent of which are for the homeless, are open to people who make less than 60 percent of the area median income.

While the sale isn't final yet, Avery Hall Investments owns the adjacent property at 161 Columbia Street and plans to build a 4-unit residential building there. It is likely that Avery will do the same with 163 Columbia Street as well.

The deal must be approved by the City Council before it is finalized. To that end, Avery Hall and HPD presented plans to the local community board's Economic/Waterfront/Community Development & Housing Committee on Monday night, and received it's unanimous support for the project.

Sale of Columbia Street Lot May Preserve 28 Affordable Units Elsewhere [DNAinfo]