There are so many exciting changes coming to NYC zoning. In this issue I will break it all down for you. Here you will find a summary of The City of Yes for Housing Opportunity (which is being voted on next week on 9/25/24), The Long Island City Neighborhood Plan, The Jamaica Neighborhood Plan, The Midtown South Mixed-Use Plan, The Atlantic Avenue Mixed-Use Plan (AAMUP), The Downtown Brooklyn and Fort Greene - Eds and Meds Planning Framework, The newly approved Bronx Metro-North Station Area Plan and finally The Cross Bronx Expressway Study.

Inflation Watch & FED Meeting Results:

US Inflation Rate down to 2.5%. Trending towards the Fed's stated 2% objective. This represents 5 consecutive drops in the inflation reading; and the lowest level we have seen in over 3 years; since February 2021.

The FED just finalized their meeting and dropped rates by 0.50%!, signifying the first rate cut since March of 2020! This also brings the federal funds rate from 5.5% to 5%.

Fed Chair Powell also indicated more rate cuts are on the horizon: “In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.”

With inflation dropping, new interest rate cuts, mortgage rates easing, new zoning initiatives, including the existence of a new building tax abatement: 485-x, this is simply the most exciting time to be purchasing land and building across the 5-boroughs.

NYC ZONING INITIATIVES:

Below I will summarize new NYC Zoning Initiatives. If you have questions about any of the ones below, please reach out to me for a “Get Smart On _______…..” Session with me and my team!

CITYWIDE:

City of Yes for Housing Opportunity

Vote to take place on 9/25/24!

The City of Yes initiative would unlock housing growth in every neighborhood. Each aspect of the proposal—from helping offices convert to residential, to giving homeowners the option to add small rental units, to adding more affordable housing in high-demand neighborhoods—is a proven strategy to help lower housing costs and help neighborhoods thrive.

Elements of the Proposal:

Universal Affordability Preference (UAP):

The Universal Affordability Preference is a new tool that would allow buildings to add at least 20% more housing, if the additional homes are affordable to households earning 60% of the Area Median Income (AMI). As a result, it will deliver new affordable housing in high-cost neighborhoods across New York City to working families.

UAP Zoning Table:

The table below represents Floor Area Ratio (FAR) able to be built as well as base building heights and max building heights for each applicable zoning district. In gray are the proposed zoning changes that would enable more affordable housing to be built.

For example:

A developer wants to build a new building in an R6 district. Today, the site is limited to 3.0 FAR. Under UAP, the site will receive 3.9 FAR, but anything above 3.0 FAR must be permanently affordable.

Residential Conversions:

City of Yes will make it easier for vacant offices and other non-residential buildings to become homes, a win-win policy to create housing, boost property values, and create more active, vibrant neighborhoods in areas that have been hard-hit by the effects of the pandemic.

City of Yes would legalize conversions for buildings through 1990 and expand eligibility to anywhere in the city that residential uses are allowed.

It will also allow commercial buildings to convert to a wider range of housing types, like shared housing — where apartments share kitchens and other facilities

Town Center Zoning:

By relegalizing housing above businesses on commercial streets in low-density areas, City of Yes will create new housing, help neighbors reach small businesses, and build vibrant mixed-use neighborhoods.

Removing Parking Mandates:

City of Yes would end parking mandates for new housing, as many cities across the country have successfully done. The proposal will preserve the option to add parking, but no one will be forced to build unnecessary parking.

Accessory Dwelling Units (ADU’s):

City of Yes would allow "accessory dwelling units," or ADUs — like backyard cottages, garage conversions, and basement apartments — to give homeowners extra cash or provide more space for multi-generational families.

Transit-Oriented Development (TOD):

City of Yes would relegalize modest, 3- to 5-story apartment buildings where they fit best: large lots on wide streets or corners within a half-mile of public transit.

The Transit-Oriented Development (TOD) proposal would enable modest apartment buildings in areas with good access to transit.

TOD would be allowed in low-density (R1-R5) residential districts:

• Within half a mile of subway or rail stations (Greater Transit Zone)
• On sites that are over 5,000 square feet and located on the short end of a block or are facing a wide street (i.e., one that is over 75 feet wide)

Sites that meet these criteria would have as-of-right access to TOD regulations, including additional FAR and height.

For example:

R4 zoning would go from 0.9 FAR to 1.5 FAR and the Max Height would go from 24 feet to 45 feet.

R5 zoning would go from 1.25 FAR to 2.0 FAR and the Max Height would go from 40 feet to 55 feet.

QUEENS:

Long Island City Neighborhood Plan

The Long Island City (LIC) Neighborhood Plan will bring together community members and organizations to create a vision for the future of this rapidly growing area. The Plan will explore opportunities for new affordable housing, job growth and more.

Project Description

The New York City Department of City Planning (DCP), together with the New York City Economic Development Corporation (EDC) is proposing a series of actions, including a Zoning Map Amendment, Zoning Text Amendment, City Planning Commission (CPC) Chair Certifications, Change in City Map, and Disposition of Non-Residential City-Owned Property (the “Proposed Actions”) to implement land use and zoning recommendations contained in the Long Island City Neighborhood Plan (the “Neighborhood Plan” or “Plan”).

The area subject to the Proposed Actions is generally bounded by the East River to the west, Queens Plaza/40th Avenue to the north, 23rd/24th Streets to the east, and 44th Road/45th Avenue/46th Avenue/46th Road/47th Avenue to the south (the “Project Area”) (see Figures 1 and 2). The Proposed Actions would affect an approximately 50-block area of Long Island City, Queens, Community Districts 1 and 2.

The Proposed Actions are intended to facilitate development patterns that meet the long-term vision of a thriving, prosperous, and resilient Long Island City. The Proposed Actions are anticipated to facilitate new residential, commercial, community facility, and industrial development. In order to conduct a conservative analysis, two scenarios are analyzed under the Proposed Actions.

Scenario One under the Proposed Actions is expected to result in a net increase of approximately 13,677 dwelling units (DU), including approximately 3,932 permanently affordable homes for lower-income New Yorkers, approximately 3,332,212 square feet (sf) of commercial space, approximately 339,416 sf of community facility space, and a decrease of approximately 572,911 sf of industrial space.

Scenario Two under the Proposed Actions is expected to result in a net increase of approximately 13,995 dwelling units (DU), including approximately 4,012 permanently affordable homes for lower-income New Yorkers, approximately 3,059,206 sf of commercial space, approximately 339,416 sf of community facility space, and a decrease of approximately 572,911 sf of industrial space.

Zoning Map Amendment (ZM) to:

Rezone portions of existing R6B, R6A/C1-5, R7A/C2-5, R7A, M1-3, M1-4, M1-5, M1-4/R6A, M1-4/R7A, M1-5/R9 and M1-6/R9 to M1-2A/R6A, M1-3A/R7A, M1-3A/R7X, M1-4A/R8A, M1-5A/R8, M1-6A/R9, M1-6/R10, M1-6A/R10, M1-4A, M1-5A, M1-6A and M2-3A.

Zoning Text Amendment (ZR) to:

Designate Mandatory Inclusionary Housing (MIH) areas to the proposed M1-2A/R6A, M1-3A/R7A, M1-3A/R7X, M1-4A/R8A, M1- 5A/R8, M1-6A/R9, M1-6/R10, M1-6A/R10 districts.

Jamaica Neighborhood Plan

The Jamaica Neighborhood Plan will provide a long-term vision for a more resilient and thriving Jamaica. The plan, developed in collaboration with local community members and organizations, would support more housing, more jobs across many industries, improvements to public space, and investments in local infrastructure.

The Jamaica Neighborhood Plan seeks to develop strategies for a mroe resilient and thriving Jamaica through a collaborative, participatory process. The plan would expand housing opportunities, create space for jobs across economic sectors, plan for growth with key infrastructure investments, and improve Jamaica’s public realm.

Covering over 300 block, the plan aims to provide a long-term vision for the areas in and around Downtown Jamaica as well as several nearby major corridors.

Project Description

The New York City Department of City Planning is proposing a series of land use actions, including zoning map amendments and zoning text amendments, disposition of Urban Renewal Sites, disposition of City-owned property, and acquisition of property by the City (the “Proposed Actions”) to support and facilitate implementation of the Jamaica Neighborhood Plan, which is the subject of an ongoing community planning process to meet the long-term vision of a thriving, prosperous, and more resilient Jamaica.

The Proposed Actions would affect an approximately 230-block area (“the Project Area”) focused on Downtown Jamaica (also commonly referred to as Jamaica Center), the industrial districts to the south and east, and portions of Jamaica’s key corridors including Hillside Avenue, Jamaica Avenue, Liberty Avenue, Sutphin Boulevard, Guy R. Brewer Boulevard, and Merrick Boulevard.

The Project Area is generally bounded by Hillside Avenue to the north, the Van Wyck Expressway Service Road to the west, 109th Avenue, 115th Avenue, and 116th Avenue to the south; and 191st Street and Farmers Boulevard to the east.

Within the Project Area, the Proposed Actions are anticipated to facilitate new residential, commercial, community facility, and industrial development.

Overall, the Proposed Actions are expected to result in a net (incremental) increase of approximately 11,759 dwelling units (DU), including approximately 2,984 permanently income restricted homes, 1,440,015 square feet (sf) of commercial space, 864,734 sf of community facility space, 14,497 sf of industrial space, and 1,994,252 sf of warehouse space and a net decrease of approximately 24,193 sf of auto-related uses and 289 accessory parking spaces, over the span of 15 years, compared to No-Action conditions.

The proposed action seeks to accomplish this by also expanding housing opportunities by requiring permanently income restricted housing through the Mandatory Inclusionary Housing (“MIH”) program in new developments to support the neighborhood diversity and further the city's equity and Fair Housing goals.

Zoning Map Amendments to:

Rezone portions of existing R3-1, R3-2, R3A, R4, R4-1, R5, R5B, R5D, R6, R6A, R7A, R7X, C4-3A, C4-4A, C4-5X, C6-2, C6-3, M1-1, M1-2, and M1-4 districts to R6A, R6B, R7A, R7X, R8A, R8X, C4-4D, C6-2, C6-3, C6-3A, C6-3X, C6-4, M1-2A, M2-3A, M3-2A, M1-2A/R7-1, M1-2A/R7A, M1- 3A/R7X, M1-6A/R9A, and M1-8A/R9X;

Replace or eliminate portions of existing C1-2, C1-3, C1-4, and C2-3 overlays mapped throughout the Project Area with C2-4 overlays;

Modify the boundaries of the Special Downtown Jamaica District (“DJ” or “Special District”) to an area generally coterminous with the Project Area.

MANHATTAN:

Midtown South Mixed-Use Plan

The Midtown South Mixed-Use Plan (MSMX) will focus on Manhattan’s Midtown South manufacturing districts and strategies to foster a more vibrant, 24/7 mixed-use neighborhood. The study area is a job- and amenity-rich neighborhood where new housing is not permitted under today’s zoning rules

The Proposed Actions would affect an approximately 127-acre area (the “Project Area”) consisting of all or parts of 42 blocks of the Midtown South neighborhood. The majority of the Study Area (all or portions of 35 blocks) is located in Manhattan Community District 5, while the balance (all or portions of seven blocks) is located in Manhattan Community District 4.

The Project Area consists of four noncontiguous manufacturing-zoned areas roughly bounded by 40th Street to the north, Fifth Avenue to the east, 23rd Street to the south, and Eighth Avenue to the west.

The Proposed Actions seek to accomplish the following land use and zoning objectives:

Expand housing opportunities by allowing residential uses as of right and requiring permanently affordable housing through the Mandatory Inclusionary Housing (MIH) program in new development, conversions, and expansions to support neighborhood diversity and further the city’s equity and Fair Housing goals.

Promote economic recovery, resiliency, and growth by allowing a wider range of compatible commercial, community facility, and light manufacturing uses, modernizing outdated zoning provisions and reducing existing zoning barriers to accommodate a more balanced mix of uses.

Establish appropriate floor area ratios (FAR) and bulk regulations that ensure new development harmonizes with the surrounding built context and incentivizes mixed-use buildings.

Promote the adaptive reuse of existing commercial buildings by eliminating non-residential floor area preservation requirements, where applicable.

Zoning Map Amendments.

The Proposed Actions would rezone all of the existing M1-6 and M1- 6D districts with high-density paired manufacturing/residential mixed-use districts, establish a new Special District coextensive with the Project Area, and eliminate the Special Garment Center District from the Project Area’s northwest quadrant.

Zoning Text Amendments.

The Proposed Actions include amendments to the New York City Zoning Resolution (ZR) to establish regulations for a proposed Special District, amend Appendix F of the ZR to apply the MIH program to qualifying portions of the Project Area, and various modification to the Special Garment Center District text.

The Proposed Actions would also make the entire Project Area eligible for a floor area increase pursuant to the transit bonus authorization.

BROOKLYN:

Atlantic Avenue Mixed-Use Plan (AAMUP)

The Atlantic Avenue Mixed-Use Plan is a community-led plan for an inclusive, mixed-use stretch of Atlantic Avenue and neighboring blocks in Crown Heights and Bedford-Stuyvesant. The plan would support new housing with affordable housing, new space for jobs and services, safer, more pedestrian-friendly streets and investments in neighborhood improvements.

Plan Area

The Atlantic Avenue Mixed-Use Plan area runs along an approximately 13-block stretch of Atlantic Avenue and neighboring blocks of Crown Heights and Bedford-Stuyvesant between Vanderbilt and Nostrand Avenues.

The Proposed Actions would affect an approximately 20-block area, primarily along Atlantic Avenue and generally bounded by Vanderbilt Avenue to the west, Nostrand Avenue to the east, Herkimer Street to the north, and Bergen Street to the south. In addition, the proposed actions would affect a separate, non-contiguous area located on a portion of two blocks in Prospect Heights bounded by 6th Avenue to the west, Carlton Avenue to the east, Dean Street to the north, and St. Marks and Flatbush Avenues to the south.

Zoning Map Amendment to:

Rezone portions of existing M1-1, C6-3A, M1-4/R7A, R7A/C2-4, R7D/C2-4, C6-2A, R6B, and R6A districts to R7A, R7D, C6-3A, M1-4/R6B, M1-4/R6A, M1-4/R7D, M1-5/R9A, C4-3A, C4-5D, and M1-4 districts and C2-4 commercial overlays.

Modify Appendix F for the purpose of establishing proposed R7A, R7D, C6-3A, M1-4/R6B, M1-4/R6A, M1-4/R7D, M1-5/R9A, C4-3A, and C4-5D as MIH areas, applying the MIH program to require a share of new housing to be permanently affordable where significant new housing capacity would be created.

Designation of an Urban Development Action Area (“UDAA”), project approval of an Urban Development Action Area Project (“UDAAP”), and acquisition and/or disposition of the City-owned property within the project area.

Downtown Brooklyn and Fort Greene - Eds and Meds Planning Framework

The Framework is an early step in planning Brooklyn’s Central Business District, which includes job centers in Downtown Brooklyn, DUMBO, and Brooklyn Navy Yard, and the area’s exceptional transit connections to the rest of the borough, city, and region.

The Framework outlines strategies to:

1. Encourage a thriving mix of educational and healthcare institutions, homes, offices, and stores
2. Improve the public realm and open space
3. Make it easier for residents and workers to get around

An important goal of the Framework is to ensure future development at the Brooklyn Hospital Center and Long Island University supports the local community with housing, job readiness, and more.

Potential land use changes for the Special Downtown Brooklyn District:

• Explore opportunities to map Mandatory Inclusionary Housing (MIH) to require the creation of permanently income-restricted housing.
• Update Downtown Brooklyn’s Voluntary Inclusionary Housing (VIH) program to increase its effectiveness at producing affordable housing and support an economically equitable, diverse, and integrated neighborhood
• Identify any other zoning incentives which may conflict with utilization of the VIH program.
• Increase overall housing capacity, including supporting efforts pertaining to the removal of the State’s residential Floor Area Ratio cap of 12.0
• Understand how the proposed City of Yes - Housing Opportunity text amendment will create new housing opportunities in the neighborhood

BRONX

Bronx Metro-North Station Area Plan

Adopted 8/15/24!!

Metro-North is coming to the East Bronx. The regional rail service is estimated to arrive in 2027 with four new train stations at Hunts Point, Parkchester/Van Nest, Morris Park, and Co-Op City.

The coming rail service brings a once in a lifetime opportunity to support Bronxites with access to jobs, housing, amenities, and more.

The Bronx Metro-North Area plan is a neighborhood plan designed to complement four new Metro-North stations coming to Parkchester/Van Nest, Morris Park, Hunts Point, and Co-op City in 2027.

The plan will create nearly 7,000 homes, including 1,700 permanently income-restricted affordable housing, as well as 10,000 jobs, all of which will be close to public transit. The plan does this by allowing residential uses in sections of Parkchester/Van Nest that currently can only be used for commercial and manufacturing uses.

The plan also allows for more housing in residential parts of Parkchester/Van Nest and Morris Park. New jobs will be created in these neighborhoods by strengthening commercial corridors and supporting local institutions and job centers.

Zoning Map Amendments to:

• Rezone portions of existing M1-1, C8-1, C8-4, R4, R5, R6 and R6A districts and C1-1, C1-2and C2-2 commercial overlays to R4, R6A, R6-1, R7-2, M1-1A/R7-3, R8X, C8-2, C4-3 andC4-4 districts and a C2-4 commercial overlay.

Zoning Text Amendments to:

• Establish the Special Eastchester – East Tremont Corridor District, largely coterminous with the Rezoning Area. The proposed special purpose district would include modifications to underlying use, bulk, parking and loading, and streetscape regulations, and establish special provisions for the M1-1A/R7-3 paired district. The special purpose district would also provide flexibility for large opportunity sites to facilitate public realm improvements around the future Metro-North stations.
• Establish the proposed R6-1 non-contextual medium-density zoning district.
• Establish a new M1-1A district, which would facilitate loft building envelopes similar to contextual buildings in residence districts.
• Modify Appendix F for the purpose of designating proposed R6A, R6-1, R7-2,R7-3, R8X, C4-3 and C4-4 districts as Mandatory Inclusionary Housing areas, applying the Mandatory Inclusionary Housing program to require a share of new housing to be permanently affordable where significant new housing capacity would be created.

The Cross Bronx Expressway Study

The Cross Bronx Expressway Study seeks to reconnect communities and find ways to lessen public health impacts of the Expressway. With a $2 million federal grant, the City and State will partner with local communities to improve quality of life, create new public open space, improve safety, more sustainably manage traffic and more.

Reimagine the Cross Bronx is a collective effort with communities to re-envision the Cross Bronx Expressway from the Harlem River to the Hutchinson River Parkway, helping to reconnect the communities divided by it and lessen the negative effects it has had on surrounding neighborhoods.

The Study Area of Reimagine the Cross Bronx stretches along the Cross Bronx Expressway corridor from the Harlem River to Westchester Creek. It includes communities located within half a mile of the expressway on both sides to fully capture the experiences of residents in

the surrounding areas. To ensure outreach coverage, the Study Area is further split into East (Westchester Creek to Bronx River), Central (Bronx River to Webster Avenue), and West (Webster Avenue to Harlem River) sections.

Potential Concepts:

• Study Underdeveloped Areas
• New or Improved Pedestrian Bridges
• Street Safety
• New Plants
• Open Streets
• Improve Parks
• New Bike Lanes
• More Accessible Streets
• Mobility Hubs
• Traffic Calming (Street Bumps, etc.)
• Highway Capping - (Covers a highway that runs below ground)

New Building Filings

It has been a busy summer for the below developers, especially in Brooklyn. From August until today, Manhattan has seen only 5 New Building Filings + 1 in Northern Manhattan. Queens saw 10 New Building Filings, Brooklyn saw 37 New Building Filings and The Bronx had 17 New Building Filings.

Manhattan:

• 83 Thompson Street aka 182 Spring Street, SoHo - Plans filed to build a 6-Story, 26,192 ZFA Mixed-use Building with 9 Units, with LPC Approvals. Zoning: R7-2, C1-5.
• 327 Broome Street, Lower East Side - Plans filed to build a 5-Story, 5-Unit, 6,647 ZFA Apartment Building. Zoning: C6-3A, C6-1G.
• 555 West 45th Street, Hells Kitchen - Plans filed to build a 11-Story, 128-Unit, 86,451 ZFA Apartment Building. Zoning: R8A.
• 502 East 81st Street, Yorkville - Plans filed to build a 10-Story, 9-Unit, 29,722 ZFA Apartment Building. Zoning: R10, C1-5
• 1122 Madison Avenue, Upper East Side - Plans filed to build a 18-Story, 210 ft tall, 88,288 ZFA, 22-Unit Luxury Mixed-Use Building. Zoning: R8B, C5-1.
• 5055 Broadway, Inwood - Plans filed to build a 11-Story, 60-Unit, 41,923 ZFA Apartment Building. Zoning: R7D, C2-4.

Queens:

• 31-31 30th Street, Long Island City - Plans filed to build a 5-Story, 12-Unit, 8,997 ZFA Apartment Building. Zoning: R6B
• 25-86 31st Street, Astoria - Plans filed to build a 6-Story, 25-Unit, 27,039 ZFA Apartment Building. Zoning: C4-3
• 38-26 28th Street, Long Island City - Plans filed o build a 4-Story, 12-Unit, 14,005 ZFA Mixed-Use Building. Zoning: M1-2/R5B
• 88-40 54th Avenue, Elmhurst - Plans filed to build a 4-Story, 7-Unit, 4,912 ZFA Apartment Building. Zoning: R6B
• 55-38 97th Place, Corona - Plans filed to build a 5-Story, 10-Unit, 6,641 ZFA Apartment Building. Zoning: R6B, R6A, C1-2
• 132-70 Pople Avenue, Flushing - Plans filed to build a 5-Story, 3-Unit, Mixed-Use Building.  Zoning: R6
• 138-30 Northern Blvd, Flushing - Plans filed to build a 14-Story, 65,387 ZFA Commercial + Community Facility Building. Zoning: R6, C1-2
• 138-32 Northern Blvd, Flushing - Plans filed to build a 17-Story, 106,250 ZFA, 127-Unit Apartment Building. Zoning: R6, C1-2
• 39-18 Janet Place, Flushing - Plans filed to build a 16-Story, 226,233 ZFA, 140-Unit Building. Zoning: C4-2
• 39-08 Janet Place, Flushing - Plans filed to build a 18-Story, 189,686, 122-Unit, Mixed-Use Building. Zoning: C4-2

Brooklyn:

• 190 Ainslie Street, Williamsburg - Plans filed to build a 4-Story, 5,050 ZFA, 8-Unit Apartment Building. Zoning: R6B
• 188 Ainslie Street, Williamsburg - Plans filed to build a 4-Story, 4,759 ZFA, 7-Unit Apartment Building. Zoning: R6B
• 18-20 Orient Avenue, Williamsburg - Plans filed to build a 4-Story, 46 ft tall, 6,673 ZFA, 2-Family Home on a 50 foot wide, 3,350 sf, lot. Zoning: R6B
• 343 Berry Street, Williamsburg - Plans filed to build a 5-Story, 4,456 ZFA, 2-Family Home on a 51 foot wide, 1,755 sf lot. Zoning: R6B
• 436 Union Avenue, Williamsburg - Plans filed to build a 8-Story, 9,226 ZFA, - 13-Unit Mixed-use Building on a 25’ wide, 2,675 sf lot. Zoning: R7A, C2-4
• 29 Wythe Avenue, Williamsburg - Plans filed to build a 4-Story, 56,170 ZFA, Commercial Building on a 28,528 sf lot. Zoning: M1-2
• 28 Richardson Street, Williamsburg - Plans filed to build a 4-Story, 5,120 ZFA, 7-Unit Apartment Building on a 25’ x100’ lot.  Zoning: M1-2/R6B, MX-8
• 174 Eagle Street, Greenpoint- Plans filed to build a 4-Story + Penthouse, 4,994 ZFA, 5-Unit Apartment Building on a 25’ x 100’ lot. Zoning: R6B
• 151 Carlton Avenue aka 340 Myrtle Avenue, Fort Greene - Plans filed to build a 8-Story, 39,561 ZFA, 58-Unit Mixed-use Building on a corner 8,601 sf lot. Zoning: R7A, C2-4
• 150 Lawrence Street, Downtown Brooklyn - Plans filed to build a 83,691 ZFA, 24-Story, 99-Unit, Mixed-Use Tower. Zoning: C6-4.5
• 133 Carlton Avenue, Fort Greene - Plans filed to build a 4-Story + Penthouse, 4,443 ZFA, 6-Unit Apartment Building on a 22.5’ x 100’ lot. Zoning: R6B
• 553 Lafayette Avenue, Bed-Stuy - Plans filed to build a 4-Story, 4,768 ZFA, 6-Family Building. Zoning: R6B
• 951 Bedford Avenue, Bed-Stuy - Plans filed to build a 8-Story, 15,124 ZFA, 20-Unit Apartment Building. Zoning: R7A
• 1889 Atlantic Avenue, Stuyvesant Heights - Plans filed to build a 9-Story, 59,533 ZFA, 89-Unit Apartment Building with 37 Parking Spaces. Zoning: M1-1/R7D, VIH
• 265 Weirfield Street, Bushwick - Plans filed to build a 4-Story + Penthouse, 8,385 ZFA, 10-Unit Apartment Building. Zoning: R6
• 32 Schaefer Street, Bushwick - Plans filed to build a 4-Story + Penthouse, 5,487 ZFA, 8-Unit Apartment Building. Zoning: R6
• 2757 Fulton Street, East New York - Plans filed to build a 4-Story + Penthouse, 7,038 ZFA, 8-Unit Apartment Building. Zoning: R6, C2-4, MIH
• 46 Verona Street, Red Hook - Plans filed by the School Construction Authority to build a 3-Story, 88,413 ZFA Community Facility Building. Zoning: R6
• 129 3rd Street, Gowanus - Plans filed to build a 14-Story, 98,179 ZFA, 132-Unit Mixed-Use Building. Zoning: M1-4/R7-2, MIH
• 424 Carroll Street, Gowanus - Plans filed to build a 21-Story, 313,875 ZFA, 360-Unit Mixed-use Tower with 58 Parking Spaces. Zoning: M1-4, R7-2, MIH
• 498 Columbia Street, Red Hook - Plans filed to build a 8-Story, 275,992 ZFA, 371-Unit Mixed-Use Building, including 69,409 ZFA of Community Facility Space on a 100,000 SF Lot. Zoning: R6, C1-3
• 41 Summit Street, Columbia St Waterfront - Plans filed to build a 6-Story, 4,9807 ZFA, 3-Unit Apartment Building. Zoning: R6B
• 217 19th Street, Greenwood - Plans filed to build a 3-Story + Penthouse, 3,268 ZFA, 2-Family Home - Zoning: R6B
• 285 & 287 18th Street, Greenwood - Plans filed to build two (2), 2-Story + Penthouse, 3-Family Buildings totaling 7,828 ZFA on a 40’ x 100’ Lot. Zoning: R6B
• 6202 8th Avenue, Sunset Park - Plans filed to build a 28-Story, 646,443 ZFA, 497-Mixed-use Tower on a 158,310 SF Irregular Lot. Zoning: C4-2
• 753 Washington Avenue, Crown Heights - Plans filed to build a 6-Story, 10,464 ZFA, 10-Unit Apartment Building w/ 4 Parking Spaces. Zoning: R6A, C1-4
• 598 Sterling Place, Crown Heights - Plans filed to build a 4-Story + Penthouse, 5,230 ZFA, 7-Unit Apartment Building. Zoning: R6B
• 373 Rutland Road, Prospect Lefferts Garden - Plans filed to build a 5-Story, 17,514 ZFA, 18-Unit Apartment Building with 12 Parking Spaces on a 40’ x 100’ Lot. Zoning: R6
• 6530 4th Avenue, Bay Ridge - Plans filed to build a 7-Story, 12,247 ZFA, Community Facility Building. Zoning: R7-1
• 1447 West 5th Street, Bensonhurst - Plans filed to build a 5-Story, 12,485 ZFA, 10-Unit Mixed-use Building. Zoning: R6
• 214 Ditmas Avenue, Kensington - Plans filed to build a 5-Story, 21,400 ZFA Commercial + Community Facility Building. Zoning: R6A, C1-4
• 1057 43rd Street, Borough Park - Plans filed to build a 7-Story, 99,631 ZFA, Commercial + Community Facility School Building. Zoning: R6, C2-3
• 125 Tehama Street, Kensington - Plans filed to build a 3-Story, 10,026 ZFA, 10-Unit Apartment Building with 6 Parking Spaces. Zoning: R5
• 435 East 21st Street, Ditmas Park - Plans filed to build a 6-Story, 10,798 ZFA, 10-Unit Apartment Building with 5 Parking Spaces. Zoning: R6A, C2-4
• 2312 Avenue U, Homecrest - Plans filed to build a 3-Story, 7,999 ZFA, Commercial + Community Facility Building. Zoning: R4, C1-3
• 199 Veronica Place, Flatbush - Plans filed to build a 4-Story, 9,322 ZFA, Commercial + Community Facility Building. Zoning: R6, C2-3
• 1500 Ralph Avenue, Northeast Flatbush - Plans filed to build a 1-Story + Mezzanine, 32,472 ZFA, Manufacturing Building on a 43,588 SF Lot. Zoning: M1-1, IBZ

Bronx:

• 120 East 144th Street, Mott Haven - Plans filed to build a 13-Story, 319,470 ZFA, 452-Unit Apartment Building Complex with 149 Parking Spaces on a 44,572 SF Lot. Zoning: M1-4/R8A/MIH
• 1111 Fox Street, Crotona Park East - Plans filed to build a 14-Story, 90,279 ZFA, 87-Unit Apartment Building. Zoning: R7-1
• 1051 Whitlock Avenue, Longwood - Plans filed to build a 14-Story, 204,095 ZFA, 251-Unit Apartment Building w/ 39 Parking Spaces. Zoning: R8, C2-4, MIH
• 806 East 170th Street, Crotona Park East - Plans filed to build a 8-Story, 69,622 ZFA, 100-Unit Apartment Building. Zoning: R7-1
• 1228 Southern Blvd, Crotona Park East - Plans filed to build a 8-Story, 19,781 ZFA, 28-Unit Apartment Building. Zoning: R7-2, C2-4
• 521 East Tremont Avenue, East Tremont - Plans filed to build a 14-Story, 184,512 ZFA, 213-Unit Apartment Building with ground floor commercial space. Zoning: C4-4D/MIH
• 2259 Crotona Avenue, East Tremont - Plans filed to build a 7-Story, 17,377 ZFA, 28-Unit Apartment Building. Zoning: R7-1
• 2270 Bassford Avenue, East Tremont - Plans filed to build a 6-Story, 11,688 ZFA, 21-Unit Apartment Building w/ 11 Parking Spaces. Zoning: R6A, C2-4
• 779 East 181st Street, East Tremont - Plans filed to build a 4-Story, 6,628 ZFA, 12-Unit Apartment Building on a  51’ x 46’ Lot. Zoning: R7-1
• 4263 3rd Avenue, East Tremont - Plans filed to build a 6-Story, 52,972 ZFA Community Facility School Building. Zoning: M1-4/R7A, R5, R6
• 225 Bedford Park Blvd, Bedford Park - Plans filed to build a 9-Story, 48,480 ZFA, 73-Unit Apartment Building. Zoning: R8
• 2769 Creston Avenue, Fordham - Plans filed to build a 9-Story, 27,049 ZFA, 44-Unit Apartment Building. Zoning: R8
• 56 Marble Hill Avenue, Marble Hill - Plans filed to build a 5-Story, 24,351 ZFA, 36-Unit Apartment Building w/ 23 Parking Spaces. Zoning: R6
• 170 West 225th Street, Marble Hill - Plans filed to build a 7-Story, 86,498 ZFA, 115-Unit Apartment Building with ground floor Facility space and 60 Parking Spots. Zoning: R7-1
• 3021 Corlear Avenue, Kingsbridge - Plans filed to build a 4-Story, 5,498 ZFA, 8-Unit Apartment Building. Zoning: R6, C1-3
• 2039 Westchester Avenue, Parkchester - Plans filed to build a 7-Story, 19,034 ZFA, 19-Unit Mixed-use Building w/ 10 Parking Spaces. Zoning: R6, C2-2
• 1435 East Gun Hill Road, Baychester - Plans filed to build a 5-Story, 13,414 ZFA, 20-Unit Apartment Building. Zoning: R6B, C2-3

Financial Market Snapshot:

• Federal Prime Rate: 7.75% to 8% (projected) Down from 8.5%
• Secured Overnight Financing Rate (SOFR): 5.38%
• United States Federal Funds Rate: 4.75% to 5% (Down from 5.5%)
• United States Annual Inflation Rate: 2.5%
• US 1-Year Treasury Rate: 3.955% (52-week low)
• US 2-Year Treasury Rate: 3.605%
• US 10-Year Treasury Rate: 3.67%
• Treasury Bill Auction Rates:
• 4-Week Term: 5.17%
• 8-Week Term: 5.15%
• 17-Week Term: 4.81%
• 26-Week Term: 4.53%
• 52-Week Term: 4.15%
• US Bonds:
• 20-Year Bond: 4.16% (dropped from 4.46% last month)
• 30-Year Bond: 4.25% (dropped from 4.314% last month)
• Mortgage Rates:
• 30-Year Fixed Rate: 5.95%
• 15-Year Fixed Rate: 5.6%
• 5-Year ARM: 6.1%
• Ground Up Construction Rates: 7.5%+
• Hard Money Lending Rates: 11%+
• Highest Interest Rate for Bank Savings Account: 5.15%