Councilman Levin recommended a yes vote, in favor of the city selling the adjacent air rights for $17M to real estate company Rabsky Corporation so that they can develop an additional 98,000 sf of commercial space in addition to their as-of-right residential development planned for 69 Adams Street on the corner of Front Street in DUMBO. The developer will be able to add extra bulk to their planned mixed-use tower including offices and retail spaces.

69 Adams is a luxury rental apartment building without any affordable housing. The site is adjacent to the Manhattan Bridge and will house 225-apartments on 26 stories ranging from studio, 1 and 2 Bedroom. The project offers 90 fully attendant parking spaces. The building contains 3 interacting component: Ground floor retail space and lobbies purposely interacting with the street, middle office component with larger bay windows and upper residences with smaller windows. Amenities include 24-hour concierge attended lobby, furnished roof deck, a state-of-the-art fitness center, lounge and gaming room.

$10M of the $17M sale will be invested directly into the community:

  • York Street Subway station: the MTA has committed to a feasibility study on a second egress by the end of May. Additionally, $7M is being set aside for a conceptual design and a ‘downpayment’ on accessibility and safety improvements tbd.
  • Farragut community: $1.5M will be going to the Farragut community to help with important health and safety issues such as mold, plumbing, and lighting.
  • PS 307: $1.5M will go to the local zoned public school PS 307 on York Street.
  • The DOT-utilized lot on Washington & Prospect Street will be returned to the community in approx. 2 years when the DOT’s contracts expire.

The 69 Adams St. proposal will head before the full Council for a vote on Thursday, April 29, before Mayor Bill de Blasio gets a chance to sign off on it.

Rendering by Fischer + Makooi Architects via Rabsky Group