$31.5M in Bonds, $1 Bronx Lot, and $1M for Midtown Ramps

The Port Authority is set to pay seven figures to use West 40th Street, Build NYC is lining up $31.5 million in bonds, and HPD is selling a Bronx lot for a buck.

By Howard Weiss | April 30, 2026 | nycinfocus.com

New York is moving money and land in three boroughs at once. In Manhattan, the Port Authority wants to pay the city more than $1 million a year for temporary ramps above West 40th Street. In the Bronx, the city is preparing to sell 351 Powers Avenue for $1 to build low-income rentals. And through Build NYC, the city is teeing up about $31.5 million in tax-exempt bonds for non-profit projects.

It’s all public, it’s all happening now, and most of it didn’t get a press release. Here’s what the filings actually say, neighborhood by neighborhood.

Midtown Manhattan — Port Authority Wants 10 Years on West 40th

The Department of Transportation scheduled a hearing for 11:00 AM today — Thursday, April 30 — on a revocable consent for the Port Authority of New York and New Jersey.

The agency wants to construct, maintain and use temporary ramps along and above West 40th Street between Galvin Avenue and Dyer Avenue. That’s right next to the Lincoln Tunnel approach. The term is ten years, and the compensation schedule starts at $1,033,395 per year, climbing to $1,316,445 by year ten.

Do the math and it’s more than $12 million over the decade just for the right to occupy air space over a city street. For Midtown commuters, it means construction staging that isn’t going away soon.

South Bronx — 351 Powers Ave Sold for $1

The City Council’s Subcommittee on Landmarks will hold a hearing May 13 at 11:00 AM on a disposition in Mott Haven.

HPD is asking to sell 351 Powers Avenue (Block 2571, part of Lot 1) in Community District 1, Bronx, for $1 per tax lot. The buyer hasn’t been named yet — HPD will select a developer — but the purpose is clear: rental housing for low-income families under Article XI of the Private Housing Finance Law.

It’s a classic NYC move. The land is essentially free, the affordability is locked in, and the real cost comes later in tax breaks and construction financing.

Build NYC — $31.5 Million in Bonds Teed Up

Build NYC Resource Corporation has a public hearing on the calendar for bond issuances totaling roughly $31.5 million, plus several smaller deals.

Build NYC doesn’t spend city money directly — it issues tax-exempt bonds for non-profits to build or refinance. The filings list projects in the $4.1 million to $31.5 million range. That’s jobs for construction crews and cheaper capital for schools, clinics, and cultural groups.

The Money Moving — What Procurement Shows

Filings show a handful of awards and extensions hitting the books:

• Correction — $637,350 to AAA Emergency Supply Co. for facility supplies. Rikers and borough jails burn through this stuff fast.
• Design and Construction — $2,835,351 to PMY Construction Corp. for a capital project. That’s real concrete and steel money.
• Sanitation — $471,700 to Strategic for operational support. Every snowstorm and parade runs on these contracts.
• Parks — $234,439 to Natural Areas Conservancy for work that keeps city parks from turning back into forest.
• Health and Mental Hygiene — $560,000 to Babatek Inc. for services. Public health contracts rarely make headlines until they don’t work.

Queens — South Jamaica Hearing Is Today

The Queens Borough President hearing on ULURP #260226 MMQ is on for this morning at 9:30 AM. It’s the South Jamaica street map change that would eliminate and realign Atlantic Avenue between Remington and Liberty, plus kill Sanders Place and part of 150th Street.

If you live in Community District 12, this is your last window to get comments in by 5 PM today.

What This Actually Means

Three things jump out. First, the Port Authority is willing to pay Manhattan prices for temporary infrastructure — that’s a tell that the Lincoln Tunnel work isn’t short-term. Second, the $1 Bronx sale shows HPD is still using the oldest tool in the box to get affordable housing built: free land. Third, Build NYC’s $31.5 million pipeline means non-profits are still borrowing, even with rates where they are.

None of this required a press conference. It’s all in the public filings. Which is exactly why most New Yorkers miss it until the ramps go up or the bulldozers show up.

Details as filed — verify times and links before attending. | nycinfocus.com