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NYC HPD Selects New 117-Unit Plan For Stalled LIC Site

NEW YORK CITY-A formerly stalled market-rate condo site will be redeveloped into affordable to middle- income rentals under the city’s Housing Asset Renewal Program (HARP).

By Jacqueline Hlavenka | Updated on July 19, 2011

NEW YORK CITY-Properties once hindered by the credit crisis–like a stalled market-rate condominium project at 23-10 41st Avenue in Long Island City, Queens–is now getting a major overhaul. Under the Housing Asset Renewal Program (HARP) of the New York City Department of Housing Preservation & Development, local officials announced on Monday that the formerly stalled site will be transformed into Queensboro, a 117-unit apartment complex targeted toward middle-income New York families.

The property is the second to be revamped under HARP, a $20 million pilot program administered by the city’s HPD, which focuses on turning newly-completed projects that are vacant and projects that have stalled mid-construction into affordable housing opportunities. The project’s new developer, Queensboro Development LLC, has received a $20.5 million loan for the redevelopment of the site through lender Bank of America Merrill Lynch, while the city will provide a $7.63 million low-interest construction and permanent loan, totaling $28.13 million altogether.

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