NEW YORK CITY—The New York City Council has approved, on Nov. 30, East Harlem rezoning, which it says will preserve 4,000 affordable homes in the community and bring $178.2 million in city investments to the area.
The investment funds include $50 million for capital improvements in New York City Housing Authority developments within East Harlem; $83 million to expand the Harlem River Greenway Link, connecting 125th to 132nd streets; $15 million to improve the East River Esplanade; $4.7 million to build public restrooms in Harlem River Park; $500,000 to create a small business workforce center to help connect local residents to job opportunities; and $25 million to renovate La Marqueta, an open-air marketplace at 1590 Park Ave.
The plan replaces zoning districts to support new development on the Park Avenue, Lexington Avenue, Third Avenue, Second Avenue and East 116th street corridors. It includes Mandatory Inclusionary Housing (MIH) areas requiring permanent affordable housing units to be part of the new developments along these streets.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
