Sandy Damaged Areas of Brooklyn to Receive City Money

City pension funds are investing $500 million in redevelopment throughout Sandy-damaged areas of New York City, comptroller John Liu announced this week. It’s estimated that the investment will help create a $1.5 billion capital infusion to add about 3,000 units of housing and 150,000 to 200,000 square feet of commercial space to the City. While specific locations have not yet been determined, an estimated 25 percent to 30 percent of the funds will go to Brooklyn projects, said press officer Matthew Sweeney. Part of the money will be used to renovate housing damaged or destroyed by the hurricane in the outer boroughs; other capital will be invested in multifamily housing, mostly rentals, to increase units available to displaced residents.  A loan program will help property owners who lack adequate insurance. About $180 million will go toward creating affordable and market rate housing in coastal areas that flooded, with an emphasis on green and flood-prevention design. The money will also help retailers affected by the storm. Related Companies and The Hudson Companies Inc. will help carry out the rebuilding efforts. “Hudson, in partnership with CityView and ABS Partners Real Estate, is excited about the allocation from the New York City pension systems to help rebuild neighborhoods impacted by Hurricane Sandy,” said Hudson principal David Kramer. “We’ll be looking to develop or redevelop both residential and commercial properties throughout Brooklyn in such neighborhoods as Red Hook, Coney Island, Brighton Beach, Sheepshead Bay and Gowanus to name a few.”
Photo by Dimitry Loseff

3 Comment

  • Are you freaking kidding me? Build NEW housing in flood-prone areas, when the Governor is paying people in those areas NOT to rebuild? Now which politician’s hands are being greased by greedy developers? Having more green space and LESS HOUSING is how to protect flood-prone neighborhoods. Has the city not even read it’s own state’s recommendations on waterfront development? Or FEMA’s? And why the F are we spending tax payer money on this? Lord knows those developers make money hand over fist. If they don’t have the money to build so-called “flood proof” housing, don’t build in a floodzone!

  • It is kind of odd isn’t it? I would think some of that money should go to re-building and reinforcing infrastructure that will help mitigate storm surge fallout in those areas- such as upgrades to the stormwater run off systems and electrical systems. Also- fixing some of the waterfront barriers that are decayed or non-existant

  • “come hell or high water” our government will hand out money to any developer for the most stupid projects.

    The rest of this country should be pissed as hell that public funds are going towards creating new housing in any area flooded by Sandy.

    Repairs to existing housing are a temporary stop gap, the sea is raising and our city government still doesn’t get it.