Committee recommends moving Barclay ground‑lease to commission after developer presentation
Committee reviewed terms of a proposed long‑term ground lease for the city‑owned Barclay parcel at 1940 Park Avenue: 99‑year framework (51‑year initial term), a $2,000,000 upfront payment, developer assumption of development costs, and affordability covenants covering roughly 22% of 105 units. Commissioners pressed for stronger failure‑to‑perform protections, liquidation damages, and clarity on covenant in lieu proposals before final approval.
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Administration and the developer presented material lease terms for a proposed long‑term ground lease to redevelop the city‑owned Barclay parcel at 1940 Park Avenue. Steven David and Fred Gonzalez described the package: an upfront payment of $2,000,000 to the city, developer assumption of design, financing, permitting and construction costs with no city subsidy, and public‑benefit commitments that would reserve approximately 22% of the project—05 units for restricted rents, including seven senior units.
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