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NYCHA is selling a 50% stake in nearly 900 apartments to the private developers, L+M Development Partners Inc. and BFC Partner.
In the initial sale, NYCHA will receive $150 million from the developers. The authority will get a further $100 million over the next two years and an additional $100 million in revenue over the next 15 years. The developers plan to invest another $100 million in renovations in the complexes, which are in the Bronx, Brooklyn and Manhattan.
Under the terms of the deal—which hasn’t yet closed—NYCHA and the developers will form a partnership that owns the properties. The housing agency would continue to own the land and retains the right to remove the developers from managing the properties if NYCHA officials are unhappy. |