In exchange, Fetner was slated to pay NYCHA $25 million up front to cover repairs at the Holmes Towers complex, where the capital need is more than double that figure. Community advocates and elected officials questioned the deal, along with the mayoral zoning overrides that were expected to approve the project instead of the typical Uniform Land Use Review Procedure. Many argue that $25 million is an insufficient sum for the lucrative public land, including the area’s member of Congress.
“The city proposed exchanging NYCHA land for funds to make repairs, but the amount of money they would receive was never enough to make the transaction worthwhile,” said congresswoman Carolyn Maloney.
Read the entire article here.