This is the site of the former Queens Family Court house, also formerly QueensBorough Public Library under construction by Bovis.The New York City Housing Development Corporation is putting up more than $130,000,000 for the benefit of the Dermot Corporation and the AFL-CIO Building Investment Trust.
The Project will consist of three condominium units in a four unit condominium (the “Condominium”): (i) a residential unit containing the Low Income Rental Apartments, as defined below (the “Low Income Unit”), (ii) a second residential unit containing apartments to be rented initially at market rates (the “Market Rate Rental Apartments”) and the Middle Income Rental Apartments, as defined below (collectively, the “Market/Middle Income Unit”) and (iii) a non-residential unit containing an above grade retail space, a below grade commercial storage
space, parking facilities, and a community facility space (the “Non-Residential Unit”). The fourth condominium unit will be a residential cooperative unit (the “Co-Op Unit”) containing sixty-nine (69) for-sale residential cooperative apartments, initially to be owned and developed by an affiliate of the Mortgagor. The Co-Op Unit, which is located at the Project site, is expected to be separately financed through a construction loan by Citibank, N.A. and through a permanent mortgage loan by the Corporation pursuant to the Corporation’s Affordable Cooperative Housing Program and is not part of the Project. The four condominium units shall be contained in one 12-story building.
The Project will contain a total of 277 apartments (82 studios, 139 one bedrooms and 56 two bedrooms, with one of the 1 bedroom apartments to be occupied by the building superintendent). At least twenty percent (20%) of the total residential apartments in the Project (56 apartments) are required to be made available for occupancy by households whose gross income will not exceed fifty percent (50%) of the area median income for New York City, adjusted for family size (the “Low Income Rental Apartments”). Of these 56 apartments, 9 apartments (at least 15% of such apartments) are required to be made available for occupancy by households whose gross income will not exceed forty percent (40%) of the median income for New York City, adjusted for family size. In addition, at least forty percent (40%) of the total residential apartments in the Project (excluding the superintendent’s apartment) (110 apartments) are required to be made available for occupancy by middle-income households whose gross income will not exceed one hundred and seventy-five percent (175%) of the area median income for New York City, adjusted for family size (the “Middle Income Rental Apartments”).Posting and Photos by Manny
