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
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