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438 EAST 120 STREET, Manhattan, 10035
Manhattan, block 1807, lot 30
More information about this property at OASIS

Why do we think that development is pending?

In 2014, NYCHA transferred full ownership of its Project Based Section 8 developments, including this one, to a private company it that it owns half of called Triboro Preservation LLC. The other half of the company is owned by three Private Real Estate Development Companies: L&M Development Partners Inc. and Preservation Development Partners (an LLC jointly controlled by BFC Partners, L.P., and K&R Preservation LLC).

The status of the development as Project Based Section 8 did not change.

NYCHA issued bonds worth $250 million to finance the transaction. The proceeds were given to Triborough in a form of a loan to be repaid in 30 years. Using this money, Triborough purchased interests in the ten NYCHA properties. Nearly all bonds with the exception of $20 million were exempt from local, state, and federal income taxes. NYCHA and Private Real Estate Development Companies entered into an agreement to maintain them that lasts as long as the loan: 30 years. As part of the agreement, the Private Real Estate Development Companies took over building management.

At the end of the 30 year agreement, the properties will lose public housing status. They will still be owned by a private entity that would include NYCHA as its half owner. NYCHA will have the option to buy back the Private Real Estate Development Companies share of the company, but it will have to have the money to do so. Under the agreement, no tenants from NYCHA waiting lists would have to be admitted when the 30-year agreement expires.

Who decides what happens to this property?

Official Owner

New York City Housing Authority (NYCHA) (public)
Contact: David Pristin, Executive Vice President, External Affairs ((212) 306-3401 /

Why is this property part of NYCommons?

The property is part of a public housing development according to city data.

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Key Contacts

City Council District 8 represented by Diana Ayala
Community District Manhattan 11 ( / 212-831-8929 ), district manager: Angel D. Mescain
Find all elected officials for this lot at Who Represents Me? NYC

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