24-1293

AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO BROADWAY STAR URBAN RENEWAL, LLC, 7 N. MADISON AVENUE #532, SPRING VALLEY, NEW YORK 10977, FOR A PROJECT TO CONSTRUCT A NEW SEVEN (7)-STORY MULTI-FAMILY RENTAL BUILDING CONSISTING OF TWO HUNDRED SIX (206) RESIDENTIAL RENTAL UNITS, OF WHICH 80% OR APPROXIMATELY ONE HUNDRED SIXTY-FIVE (165) RESIDENTIAL UNITS ARE MARKET RATE (THE "MARKET RATE RENTAL UNITS"), OF WHICH 20% OR APPROXIMATELY FORTY-ONE (41) ARE AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ELEVEN (11) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME ("AMI"), ELEVEN (11) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND NINETEEN (19) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI") (THE "INCOME RESTRICTED UNITS"), APPROXIMATELY 3,000 SQUARE FEET OF RETAIL SPACE ON THE GROUND FLOOR (THE "RETAIL"), A RESIDENTIAL AMENITY SPACE, A 2000 SQUARE FOOT GYM/FITNESS CENTER, AND ONE HUNDRED SIXTEEN (116) ON-SITE PARKING SPACES, A BIKE RACK, RESIDENTIAL LOUNGE/LOBBY, MAINTENANCE OFFICE, TRASH ROOM, MAIL ROOM, A MECHANICAL ROOM, AN ELEVATOR, AND A ROOF COURTYARD, LOCATED AT 686-688 BROADWAY, 676-684 & 690 BROADWAY, AND 692 BROADWAY AND IDENTIFIED ON THE CITY'S TAX MAP AS BLOCK 731, LOTS 27.02, 27.04, AND 27.05. (NORTH WARD)

Ordinance Adopted Introduced September 19, 2024

Where it was heard