The New York City Council approved the City’s first Expedited Land Use Review Procedure (ELURP) application for 351 Powers Ave., a plot of city-owned land in the South Bronx’s Mott Haven neighborhood that will be developed with 84 affordable homes. Approved by voters in November, ELURP offers a streamlined public review process for certain housing projects.
Reviews will conclude within 90 days, down from roughly seven months under the standard Uniform Land Use Review Procedure (ULURP). The shorter timeline will speed delivery of new homes at a time of historic housing shortage, according to the Department of Housing Preservation and Development (HPD).
“Thanks to the new ELURP process, 351 Powers Ave. received the fastest land-use approval in decades: just 90 days, down from a typical seven months,” said HPD Commissioner Dina Levy. “That’s saving time, but also money.”
The project, which entered the ELURP process in February, will also include a ground-floor workforce development training center, a theater, and indoor and outdoor recreational space for residents.
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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