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Developer seeks 30‑year tax‑exemption deal for 413‑unit Grand Street project that includes 62 affordable units
Summary
At first reading the council considered a request for a long‑term tax exemption for a 413‑unit mixed‑use project at 177 and 193–195 Grand Street that would include 62 affordable units, a nursery school site and retail space in Paulus Hook.
On Monday the council heard first‑reading testimony on a requested long‑term tax exemption for a mixed‑use redevelopment at 177 Grand Street and 193–195 Grand Street in the Paulus Hook neighborhood. The applicant, Sussex Street Associates (represented by attorney James McCann), described a proposed 413‑unit building that would include 62 affordable units, a 7,500‑square‑foot nursery school space dedicated to the OLC school and about 7,500 square feet of retail with roughly 70 parking spaces.
McCann and financial advisor Dan Marinello of NW Financial Group said the financial feasibility of a project that includes the city’s inclusionary‑zoning affordable set‑aside depends on long‑term tax relief. Marinello said their…
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