Violations & compliance · Permits & development · 10/14/2026
HPD plans $1 sale of three city-owned buildings for tenant co-ops
HPD proposes selling 501 and 522 West 174th Street and 511 West 171st Street to Restoring Communities HDFC for $1 per building under its Affordable Neighborhood Cooperative Program. After a private developer rehabilitates them, the buildings go to tenant-formed co-ops. Vacant units will be priced for households earning up to 165% of area median income.
CPublished by The City RecordRead the original ↗
What happened
HPD has proposed selling three occupied City-owned residential buildings to Restoring Communities Housing Development Fund Corporation, the Sponsor, for one dollar per building. A public hearing on the sale is set for November 10, 2026 at 10:00 a.m. by conference call. The notice ran in The City Record on October 14, 2026.
The buildings are 501 West 174th Street (Block 2131, Lot 50), 511 West 171st Street (Block 2128, Lot 55) and 522 West 174th Street (Block 2130, Lot 39). The notice lists them in the Borough of The Bronx. The sale is proposed under HPD's Affordable Neighborhood Cooperative Program. When completed, the project will provide 50 affordable cooperative units.
Under the program, a private developer chosen through a request for qualifications manages and rehabilitates the buildings after the Sponsor takes title. Once the work is done, the Sponsor conveys each building to a cooperative housing development fund corporation formed by the tenants. Existing tenants can buy the co-op interest for their apartment for $2,500. Interests for vacant apartments will be sold at prices affordable to families earning no more than 165% of area median income.
At the sale, the Sponsor must sign a rental regulatory agreement with HPD that restricts rents, incomes and assets. When the co-op takes over, it must sign a cooperative regulatory agreement with HPD that restricts sale prices, incomes and assets. That agreement also requires a flip tax and a building reserve fund. The hearing is held under Section 695(2)(b) of the General Municipal Law and Section 1802(6)(j) of the City Charter.
Key facts
- Hearing
- November 10, 2026, 10:00 a.m., by conference call
- Call-in
- 1-646-992-2010, access code 2342 243 5265
- Addresses
- 501 West 174th St (2131/50), 511 West 171st St (2128/55), 522 West 174th St (2130/39)
- Program
- HPD Affordable Neighborhood Cooperative Program
- Sale price
- $1 per building to Restoring Communities HDFC
- Units
- 50 affordable cooperative units when completed
- Tenant purchase price
- $2,500 per occupied apartment; vacant units affordable to households at or below 165% of AMI
- Documents
- Appraisal, Land Disposition Agreement and Project Summary available by emailing Margaret Carey at [email protected] on business days
What it means
Tenants and voucher holders
Current tenants in these buildings stand to buy their apartments as co-op shares for $2,500 each after rehabilitation. Anyone affected can call in and speak at the November 10 hearing.
Buyers and owners
Vacant units will be sold to households earning no more than 165% of AMI. Future resale will face HPD limits on price, income and assets, plus a flip tax.
Caseworkers
Clients living in these buildings may want to review the project documents from HPD before the hearing. Requests for accommodations such as sign language interpretation go to MOCS at [email protected] or (212) 298-0734, at least three business days ahead.
The highlights
- A public hearing is set for November 10, 2026 at 10:00 a.m. by conference call.
- Current tenants can buy their co-op shares for $2,500 per apartment.
- The project will create 50 affordable co-op units under HPD regulatory agreements.
Why it matters
Tenants in these buildings could become low-cost co-op owners, with resale, income and asset limits set by HPD.
What to do: Call 646-992-2010, access code 2342 243 5265, on November 10 to comment.
Not known yet
- Which private developer will do the rehabilitation
- The timeline and scope of the rehabilitation work
- Rent levels for tenants under the rental regulatory agreement before co-op conversion
- How many of the 50 units are occupied versus vacant
Background
When New York City sells City-owned property, state and city law generally require a public hearing first so residents can comment on the terms. HPD's co-op programs typically convert City-owned buildings into housing development fund corporation (HDFC) co-ops. In these co-ops, regulatory agreements with HPD limit who can buy and at what price, in order to keep the units affordable over time.
Summary written by Bulwark from the The City Record’s announcement. The original story is at a856-cityrecord.nyc.gov. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0