The city wants to sell nine city-owned lots in Spring Creek, Brooklyn, for $1 apiece so a developer can build up to 560 affordable rental apartments in nine buildings. The public hearing is a conference call on Wednesday, Dec. 9, at 10 a.m.
The Department of Housing Preservation and Development (HPD) filed two separate notices, one for “Phase 5A” and one for “Phase 5B.” Both go before the same hearing.
Phase 5A: Six buildings, up to 360 units
The buyer would be Nehemiah Spring Creek 5A Housing Development Fund Corporation. The sites: 1209 Cleveland Street, 474 and 450 Egan Street, 1090 Ashford Street, 417 Egan Street and 440 Locke Street.
The plan calls for six buildings with up to 360 rental units, one of them for a superintendent.
Phase 5B: Three buildings, up to 200 units
Nehemiah Spring Creek 5B Housing Development Fund Corporation would buy 435 Locke Street, 1050 Ashford Street and 1 Gateway Drive.
That phase would add three buildings with up to 200 rental units, again including one superintendent unit.
Who the apartments are for
Both phases fall under HPD’s New Construction Finance Program. According to the notice, at least 60% of units go to households earning up to 80% of Area Median Income, and up to 40% to households earning up to 120% of AMI.
At least 15% of units are set aside for formerly homeless households.
The $1 isn’t the whole price
The sponsors also hand the city an enforcement note and mortgage for the rest of the appraised land value. That “Land Debt,” or the city’s capital subsidy, may be repayable out of resale or refinancing profits for at least 30 years after construction.
Whatever is left at the end of the term may be forgiven. So the land debt is real on paper, and possibly gone later.
What the notice does not say
No appraised value, no dollar figure for the land debt or subsidy, no rents, no unit sizes and no construction timeline. The appraisal, Land Disposition Agreement and Project Summary are available by emailing HPD’s Margaret Carey at careym@hpd.nyc.gov on business days.
📅 Wednesday, December 9, 2026
🕐 10:00 a.m., or as soon after as the matter is reached
📍 Conference call
💻 Call 1-646-992-2010, Access Code 717 876 299
📧 Documents: careym@hpd.nyc.gov
⏰ Accommodation requests to MOCS (disabilityaffairs@mocs.nyc.gov, 212-298-0734) at least three business days ahead
Related coverage
Tip about a hearing or contract in your neighborhood? howard@nycinfocus.com
Details as filed. Verify times and locations before attending.
