NEW YORK: A concepts entity will likely be cutting ties with the city. It had hoped to develop a 399-unit affordable housing apartment complex. Since the proposed development was unanimously rejected for a rezoning by the council, the future of the land remains unknown.
The proposal was an assemblage of four lots, one of which the firm had purchased, one it was under contract to purchase and two on which it had secured options. The one lot they have purchased, about 2.5 acres, may now be divided into two lots.
“I doubt if we’ll develop it.” said…
