Resolution approving the application submitted by the New York City Department of Housing Preservation and Development and the decision of the City Planning Commission, ULURP No C 250312 HAK, approving the designation of an Urban Development Action Area, an Urban Development Action Area Project, and the disposition of city-owned properties located at 881-885 New Jersey Avenue (Block 4348, Lots 48 and 50) and 650 Glenmore Avenue (Block 3998, Lot 17), Borough of Brooklyn, Community District 5, to a developer selected by HPD (L.U. No. 2; C 250312 HAK).

This resolution approves the designation of an Urban Development Action Area (UDAA) and an Urban Development Action Area Project (UDAAP) for city-owned properties located at 881-885 New Jersey Avenue (Block 4348, Lots 48 and 50) and 650 Glenmore Avenue (Block 3998, Lot 17) in Brooklyn's Community District 5. The project, named 'Constellation,' will facilitate the construction of two new buildings containing a total of 14 income-restricted cooperative units. The disposition of these properties to a developer selected by the Department of Housing Preservation and Development (HPD) is also approved. The project is part of a larger initiative involving multiple sites across Brooklyn. The estimated initial sales prices will be affordable to families with household incomes at or below 130% of the Area Median Income (AMI). Construction is expected to take approximately 22 months from closing to completion.

This project will add 14 new income-restricted cooperative housing units to Brooklyn Community District 5, making homeownership accessible to families earning up to 130% of the AMI. The development is expected to take approximately 22 months to complete.

high