The objective in this renovation was to transform a distressed, rent-stabilized, 8-family building with over 300 building code violations on file, including lead-based violations. With the principal’s efforts this project secured a $90,000 grant from the weatherization program and a commercial loan. All violations were successfully abated and the building was brought up to code within 24 months.
This project included land acquisition and development of
– a six-unit office & retail space
– a multi-family residential
– two single residential family with lot division
Project highlights include:
– land acquisition
– total demolition & new construction of 2-unit residential home
– successfully secured bid through HPD to acquire & demolish dilapidated building
– tax incentives, e.g. Industrial & Commercial Incentive Program (ICIP); ICIP resulted in over $140,000 savings to existing commercial tenants
Successfully petitioned City of New York to remove restrictions allowing for development to its highest and best use on a 50’ x 90’ lot; creating two separate newly constructed residential home.