May 21, 2017
Developer Fetner Properties won the contest to build a new 47-story apartment tower on a playground at the Holmes Towers, a public housing site at 1780 1st Ave. at East 91st on the Upper East Side.
Half of the 330 new apartments will be luxury apartments. The other half will have permanent restrictions on the rents Fetner Properties can charge, so that the homes will be affordable to residents earning up to 60% of the area median income, which is now $41,000 a year for an individual. In exchange for the right to build, NYCHA will also get a projected $25 million through the City’s NextGen Neighborhoods program.
“This project will fund badly needed repairs, and we will provide resources and amenities such as new playgrounds, a large community center and job opportunities,” said NYCHA’s Shola Olatoye.
The developer will also provide a new 14,500-square-foot playground, and a new 18,000-square-foot, state-of-art recreational and community center operated by non-profit Asphalt Green. To pick a developer for the site, city officials held 23 meetings with residents, sent more than 1,000 notices, and had more than 400 “resident engagements.”
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