Project Description
MET COUNCIL PORTFOLIO (the Project) is a cluster of seven (7) occupied residential rental buildings across Manhattan, consisting of 174 units, including 2 superintendents units. The Project currently consists of seven (7) individual HDFC ownership entities being combined under one (1) ownership. The buildings are small, between twelve (12) and fifty (50) dwelling units, and mostly are studios and one-bedroom dwelling units. All units in all buildings are designated Senior Affordable Housing. All the properties are operating at a deficit and require a tax abatement to cash flow positively. Section 610 may be applied, as there currently are forty-seven (47) households with Section 8 vouchers. Local Law 11 façade work and Local Law 97 sustainability work is needed, and tenant relocation will not be required. The proposed scope of work includes replacing existing boilers with high efficiency boilers, new boiler controls, replacing existing exhaust fans with variable frequency drive exhaust fans, Energy Recovery ventilation, common area HVAC, roof replacement, elevator modification, power-assisted doors, adding solar panels, water-proofing basements, and upgrading the fire alarm systems. The work will be paid for with Reso A and HPD City Capital funding.