Part of NYCHA’s Metro North Plaza Houses, which will receive funds from the transfer of development rights at Hobbs Court. Image Credit: Google Maps
NYCHA seeks to raise revenue for capital repairs by selling transferrable development rights on NYCHA properties. On March 5, 2020, the New York City Housing Authority (NYCHA) announced the finalization of an agreement to transfer approximately 9,000 square feet of development and parking rights at the Hobbs Court development, located at 315 E 102nd Street in East Harlem, Manhattan.
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Greenberg Traurig’s Nick Hockens testifying on behalf of the applicant before the BSA on March 8, 2016. Image credit: BSA
The transferring property was granted a variance 35 years ago, but the value of the development rights has since sky-rocketed. On March 8, 2016, the Board of Standards and Appeals unanimously voted to grant Charlton Cooperative Corporation’s request for a variance to transfer unused development rights from the applicant’s property, located at 112 Charlton Street, to an adjacent property, located at 108 Charlton Street, in Manhattan’s Special Hudson Square District. Because the site from which the unused development rights would be transferred had previously received a variance, the development rights cannot be transferred without Board approval.
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