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New York City Council
Landmarks, 48-50 Convent Avenue (ANCP) - UDAAP, Manhattan (G 260006 NUM)
Read summaries and jump into the video at the segment start.
Council staff welcomes attendees to the Subcommittee on Landmarks, Public Sitings, Resiliency, and Dispositions hearing, asks the Zoom host to start the webinar, and reminds attendees to silence electronics and not approach the dais.
Councilmember Christopher Marte opens the meeting, introduces himself as chair, notes the hybrid format, and explains how members of the public can register to testify remotely via the council website or in person via speaker cards. He also describes written testimony submission procedures and rules against video or audio testimony.
Marte announces the two preconsidered land use applications by HPD for the 48-50 Convent Avenue Cluster under the Affordable Neighborhood Cooperative Program, covering an Urban Development Action Area Project and a 40-year Article XI tax exemption. The project will preserve four buildings with 77 homeownership units in Manhattanville, Manhattan.
Council staff administers the affirmation to Emily Adler and Asher Toporowski, who affirm to tell the truth in their testimony before the subcommittee.
Emily Adler introduces the four-building cluster in Manhattanville, identifies Novus Living LLC as the developer and Enterprise Community Partners as the lender, and details the 77 affordable units: 44 for existing residents, 31 for first-time homebuyers via Housing Connect, and 2 super units. She explains sales prices for existing and new residents.
Adler describes the Affordable Neighborhood Cooperative Program, which takes city-owned TIL buildings and enables existing tenants to become homeowners through gut rehabs. She explains the role of Restoring Communities HDFC, the 80% readiness training attendance requirement, and the fallback to rent-stabilized rental if conversion conditions are not met.
Adler presents AMI affordability tables for existing and new residents, explains that typical NYC apartment operating costs run $1,000-$1,500/month, and details estimated monthly maintenance fees of approximately $1,191 per unit, adjusted to include a 10% cushion for reserves.
Adler explains that some households will receive Section 8 or city TBRA vouchers to ensure no one pays more than 30% of income on housing costs. She expects a significant portion of tenants will need vouchers to remain in their units long-term.
Adler describes the total gut rehab including new building systems, electrification, roof and window replacement, security upgrades, code compliance, and accessibility improvements such as elevators for the aging population in the Convent Avenue buildings. She notes residents provided feedback on designs.
Adler explains the financing: HPD city capital at $500,000-$700,000 per unit with no debt for 40 years, the Article XI tax exemption, $1 acquisition cost per building, a state Affordable Housing Corporation grant, and a state electrification grant. She notes the 40-year regulatory agreement with options to extend.
Adler describes the resale schedule that balances wealth-building for low-income residents with long-term affordability, showing how resale profit increases over time while remaining within AMI ranges. She then reviews the development timeline, noting the project is near the end of pre-development with OMB processing underway.
Adler briefly introduces Novus Living LLC as the designated developer sponsor for the project before concluding the presentation.
Marte asks about the temporary relocation plan during rehabilitation. Daniel Tompkins is sworn in and explains that Novus Living will relocate tenants, who continue paying current rent, with the project budget covering rent differences. He notes efforts to keep tenants in the same neighborhood.
Thomas-Henry asks what the readiness training consists of and who administers it; Adler explains UHAB administers training on co-op governance, budgets, and legal matters. Thomas-Henry then asks how the 31 vacant units will be marketed, and Adler and Tompkins explain the Housing Connect lottery system and local preference via insider units.
Thomas-Henry asks about the actual per-unit cost; Adler reports approximately $800,000 per unit in city capital, similar to the 171st Street cluster. Thomas-Henry then asks about resale stipulations; Adler and Tompkins explain the flip tax structure, with insider flip tax starting at 90-95% and decreasing to 10%, while new purchasers face a flat 10% flip tax.
Marte asks whether HPD has data on how long people typically stay in their units after conversion. Tompkins says he does not have it on hand but can gather it, and Toporowski notes they often see intergenerational wealth transfer with families keeping units long-term.
Avilés asks whether relocation could be out of state; Tompkins confirms it is generally within the neighborhood and always within the city. She then asks about right to return and right-sizing; Adler confirms all insiders have the right to return or a permanent voucher, and right-sizing options are available. Avilés also asks about voucher needs and relocation timing.
Thomas-Henry asks about the anticipated construction timeline for tenants to move back in. Toporowski estimates 18 to 24 months, meaning residents could be displaced for up to two years.
Marte excuses the applicant panel, confirms no members of the public wish to testify, and closes the public hearing on the preconsidered 48-50 Convent Avenue Cluster ANCP items, which are laid over.
Marte thanks members of the public, colleagues, subcommittee counsel, land use staff, and the sergeant at arms, and adjourns the meeting.