Oct. 3, 2013 Staff Report
The developer who plans to demolish the 5 Pointz graffiti building and replace it with two residential towers has agreed to include more affordable apartment units.
Jerry Wolkoff, of G&M Realty, plans to build 1,000 apartment units–370 more than what is permitted under current zoning rules—and seeks the approval of the city council in order to do so.
However, the city is unlikely to grant him the zoning change unless he provides concessions.
Wolkoff had agreed to include 75 affordable apartment units with preference for neighboring residents in June. He struck that deal with the leaders of Community Board 2.
At a City Council hearing Wednesday, Wolkoff agreed to include 209 affordable apartments, according to DNAinfo. Wolkoff also pledged that the project would create 1,000 union jobs.
The city is likely to vote on the proposal as early as next week.
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