Violations & compliance · Permits & development · Deals & development · 10/20/2026
HPD hearing Nov. 23 on $1 sale of 516 Bergen Street for affordable housing
HPD plans to sell City-owned land at 516 Bergen Street in Brooklyn (Block 1143, Lot 25) to 516 Bergen Green Housing Development Fund Company for $1. The sponsor would build about 111 affordable rentals, a super's unit, community space and about 23 replacement parking spaces for HPD. A public hearing by phone is set for November 23, 2026 at 10:00 a.m.
CPublished by The City RecordRead the original ↗
What happened
HPD will hold a public hearing on November 23, 2026 at 10:00 a.m. on its plan to sell a City-owned lot at 516 Bergen Street in Brooklyn (Block 1143, Lot 25). The City Record published the notice on October 20, 2026. The hearing will be held by conference call, and anyone who wants to speak will get a chance.
The buyer would be 516 Bergen Green Housing Development Fund Company, Inc., the sponsor. The City would sell the lot for a nominal price of one dollar per tax lot. The sponsor would also give the City an enforcement note and mortgage for the rest of the appraised value, called the Land Debt. The Land Debt or the City's capital subsidy may be repayable out of resale or refinancing profits for at least 30 years after construction is finished. Any remaining balance may be forgiven at the end of the term.
The sponsor plans one building with about 111 rental apartments, plus one unit for a superintendent and community facility space. The sponsor would also provide about 23 replacement parking spaces for HPD.
The notice describes HPD's Extremely Low and Low Income Affordability Program. Under that program, new buildings rent to low-income households earning 30% to 80% of Area Median Income (AMI). Some projects include units for households earning up to 100% of AMI. Subject to underwriting, up to 30% of units may go to formerly homeless families and individuals. Financing comes from private lenders and public sources, including HPD, the New York City Housing Development Corporation, New York State and the federal government. Low-income housing tax credits may add funding.
Key facts
- Address
- 516 Bergen Street, Brooklyn (Block 1143, Lot 25)
- Agency
- NYC Department of Housing Preservation and Development (HPD)
- Sponsor
- 516 Bergen Green Housing Development Fund Company, Inc.
- Units
- About 111 rental apartments, plus one superintendent unit and community facility space
- Sale price
- One dollar per tax lot, plus an enforcement note and mortgage for the rest of the appraised value
- Income range
- Program serves households at 30% to 80% of AMI, with possible tiers up to 100% of AMI
- Hearing
- November 23, 2026, 10:00 a.m., by phone: 1-646-992-2010, access code 2330 155 3512
- Documents
- Appraisal, proposed Land Disposition Agreement and Project Summary available by emailing Margaret Carey at [email protected] on business days
What it means
Tenants and voucher holders
This is a hearing on a land sale, not an open lottery. The building is not built yet, so there is nothing to apply for now.
Caseworkers
The program allows up to 30% of units to go to formerly homeless households, subject to underwriting. The notice does not say how many units in this building will be set aside.
Landlords
Nearby owners and residents can review the appraisal and project documents by email and speak on the call. Anyone who needs an accommodation should contact MOCS at least three business days before the hearing.
The highlights
- The sponsor plans about 111 rental units, plus a super's unit and community space.
- Rents target households at 30% to 80% of AMI, with some tiers up to 100% of AMI.
- Join the hearing at 10:00 a.m. by calling 1-646-992-2010, access code 2330 155 3512.
Why it matters
New affordable rentals in Brooklyn, with up to 30% of units possibly set aside for formerly homeless households, could open future placements.
What to do: Email [email protected] to review the appraisal and project summary before the hearing.
Not known yet
- The exact rents and income tiers for this building
- When construction would start and finish
- When an application lottery might open
- The appraised value of the lot and the size of the Land Debt
Background
When HPD sells City-owned land for affordable housing, state and City law generally require a public hearing before the sale. Once such buildings are finished, affordable apartments are usually rented through the City's Housing Connect lottery. Applicants must meet income limits tied to Area Median Income, and some units may be set aside for specific groups.
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