Council subcommittee hears HPD request for 40-year Article 11 tax exemption for 2149–2153 Pacific St. co-op

The New York City Council Subcommittee on Landmarks, Public Siting and Dispositions held a public hearing on a request from the Department of Housing Preservation and Development to grant a 40-year Article 11 property tax exemption, retroactive to April 1, 2018, for three co-op buildings at 2149–2153 Pacific Street in the Ocean Hill neighborhood of Brooklyn. The exemption is proposed to facilitate a rehabilitation funded in part by a roughly $2,000,000 HPD loan, panelists said.

The request, described by HPD during the hearing as an Article 11 application under the Private Housing Finance Law (Section 577), would replace an existing partial tax exemption set to expire in 2032 and support repairs to a three‑building HDFC co‑op with about 24 units. Jacob Kotler, HPD project manager, told the subcommittee that the buildings have suffered deferred maintenance and operating shortfalls and that HPD is proposing a regulatory agreement, reserve requirements and resale restrictions to preserve affordability.

Why it matters: The application would make the exemption retroactive and extend tax relief for decades, a move some council members said could set a precedent for long-term tax abatements for privately owned affordable housing. Councilmember Mili (representing the district where the buildings are located)…