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May 28, 2007
St. Mary's Hospital is off the AY affordable housing block
Atlantic Yards Report
It was never a given, and the news is late, but it's worth noting that St. Mary's Hospital in Crown Heights no longer seems the likely home of affordable for-sale apartments connected to the Atlantic Yards project.
The 600 to 1000 affordable for-sale units are promised in the Memorandum of Understanding regarding housing signed in May 2005 by Forest City Ratner and the housing advocacy group ACORN. Unlike with the 2250 affordable rentals planned at the Atlantic Yards site, the plan has not been memorialized in any Empire State Development Corporation documents.
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Forest City has not made any public statements recently about plans for the for-sale affordable units, which would be dependent on currently scarce public subsidies. Perhaps the developer has other sites in mind, or in hand. Perhaps it's prudent to wait.However, given FCR's deep pockets, and the relatively small cost for the acquisition (though not the renovation) of the hospital building, it would be interesting to learn why the developer passed on the opportunity.
Posted by lumi at May 28, 2007 8:37 AM