The Vacant Buildings 2000 Program was implemented to rehabilitate vacant City-owned multifamily buildings to create affordable condominiums, cooperatives and rental apartments. By transforming these vacant buildings into financially viable and habitable properties, the City is increasing the supply of affordable housing and continuing the revitalization of its neighborhoods.
Under this Program the buildings are sold to experienced developers who rehabilitate the buildings with private financing and equity and then either sell the units to owner-occupants or own and manage the buildings as rental apartment buildings. The developers are responsible for securing construction and permanent financing, overseeing the design and construction, and marketing the completed units.
The developers were selected through a competitive process under which they submitted formal written proposals in response to a Request for Proposals (RFP). The selection factors included the strength of the developer in terms of development as well as management experience, the quality of design, the offer price, number of owner-occupied units, and local participation. The RFP for this program was issued on May 22, 2000, proposals were received on August 1, 2000, and developers were selected in December 2000.
Sixteen development sites, with a total of 49 buildings that will be rehabilitated and 4 vacant lots upon which new housing will be built, were awarded. After development is completed, these sites will yield approximately 163 units for homeownership as condos or coops and 473 rental apartments.
The first construction starts took place in June, 2001. To date, a total of 41 buildings and 3 vacant lots, containing 586 apartments, have started construction, yielding $3,420,794 in disposition proceeds to the City. A total of 28 buildings with 378 apartments have been completed.
When the rental apartments, co-ops, and condos are ready to be marketed to the public, they are advertised in a major New York City daily newspaper and listed on the nyc.gov/hpd web pages.
Vacant Buildings 2000 Program Press Release