First NextGen Neighborhoods Developer Selected

First NextGen Neighborhoods Developer Selected

The developer for the first NextGeneration (NextGen) Neighborhoods development, at Holmes Towers in Manhattan, is Fetner Properties, which proposed a 47-story, mixed-income building. The new building will bring in money for repairs at Holmes and provide new affordable housing units at a time when New York City cannot keep up with demand. 

Half of the apartments will be affordable to residents earning less than $41,000 for an individual or $52,000 for a family of three, and NYCHA residents will have a preference for 25 percent of those units. Holmes Towers’ residents will not need to move or pay increased rent. NYCHA retains ownership of the land and will provide a 99-year lease to the developer.

With $17 billion in capital needs, NYCHA is looking to creative, new sources for funding. Holmes Towers has $35 million in capital needs alone. NYCHA expects to receive a projected $25 million through this transaction. Half of the revenue raised from the new building will be used to address Holmes Towers’ most critical capital needs. 

Fetner Properties was chosen after an unprecedented community engagement process dedicated to understanding resident concerns. NYCHA held 23 resident meetings, distributed over 1,000 notices, and went door to door to speak with more than 400 residents. In addition to the new units, Fetner will provide an 18,000-square-foot recreational and community center, to be operated by local non-profit Asphalt Green. Fetner will also work with NYCHA to fill a minimum of 50 percent of all permanent jobs at the community center with NYCHA residents. An onsite workforce recruitment center will ensure that residents can easily receive information on these job opportunities. In addition, Fetner will build 14,500 square feet of new playgrounds, new outdoor seating areas, lighting, and plantings.

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