Title
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 ONE HUNDRED SIXTY-FIVE (165) RESIDENTIAL UNITS ARE MARKET RATE (THE "MARKET RATE RENTAL UNITS"), OF WHICH 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"), 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)
Deferred 6PSF-k 121824
body
WHEREAS, Broadway Star Urban Renewal, LLC, 7 N. Madison Avenue #532, Spring Valley, New York 10977, filed an application with the Mayor seeking a long term tax abatement under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq., for a twenty-five (25) year term 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 one hundred sixty-five (165) residential units are market rate (the "Market Rate Rental Units"), of which 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 ninete...
Click here for full text