Welcome to Issue #33 of The Rubin Report: The Pulse of the NYC Development Market!

It was a busy summer as it pertains to zoning in NYC.

On September 3, 2025, The OneLIC Neighborhood Plan, slated to create 14,700 new homes including 4,300 permanently affordable units and 3.5m sf of new commercial & industrial space, was approved by the City Planning Commission.

On August 14, 2025, The Midtown South Mixed-Use Plan, which hopes to generate 9,700 new homes including 2,800 permanently affordable units across 42-blocks, was adopted by the City Council.

One day before on August 13, 2025, The Jamaica Neighborhood Plan, which aims to create up to 12,000 new homes including 4,000 permanently affordable units over a 230-block area, was approved by the City Planning Commission.

These 3 plans were on top of the Atlantic Avenue Mixed-Use Plan in Brooklyn, which aims to create 4,000 new homes including 1,550 affordable units across roughly 21 blocks, that was adopted by the City Council on May 28, 2025.

These four neighborhood-plans alone will give developers the ability to build over 40,000 new apartments, including nearly 13,000 permanently affordable units.

In this issue, we also take a deeper dive into 37 Spot Rezoning Applications filed over the last month alone.

All of these rezonings come with a Mandatory Inclusionary Housing designation. We will get into what that means.

In this issue

• Rezoning Applications
• What is MIH?
• The Land Lending Landscape

Rezoning Applications

655 Madison Avenue Authorizations

Applicant: Extell Development

Project:

Two ZAs to secure a transit improvement bonus and to modify bulk regulations is being sought to facilitate the construction of a new 71 story mixed use building by the private applicant, 655 Madison LLC at 655 Madison Avenue in Midtown, CD8, Manhattan.

101 Franklin Street Bulk Authorization

Applicant: Franklin 2024 Propco LLC

Project:

A private applicant, Franklin 2024 Propco LLC, is seeking an authorization pursuant to ZR 75-23 for bulk modifications to increase an existing building's degree of non-compliance, which would facilitate the building's conversion to residential use, as well as an authorization pursuant to ZR 13-442, which would enable an off-street parking facility. The project site is located at 101 Franklin Street in Manhattan Community District 1.

Dewitt Clinton Park North (801 Eleventh Avenue)

Applicant: 801 11th Avenue LLC

Project:

A private application sought by 801 11th Avenue LLC for a zoning map amendment from M2-3 to C4-7, a zoning text amendment to map Special Hudson River Park District and MIH area, and a special permit pursuant to ZR section 89-21 to facilitate a new 34-story, approximately 386,352-square-foot mixed residential and commercial development at 801 11th Avenue in the Special Clinton District, Community District 4, Manhattan.

862-868 Kent Avenue

Applicant: Wasser Realty

Project:

A zoning map amendment from M1-1 to M1-4/R6A (MX-4) and a zoning text amendment to create a new Mandatory Inclusionary Housing Area (Zoning Resolution Appendix F) to facilitate a new 8-story, 46,356 zsf residential development, including 65 units and 23 parking spaces, is being sought by private applicants Kent Development LLC and 123 Taaffe LLC at 862-868 Kent Ave. in Bedford-Stuyvesant, Community District 3, Brooklyn.

135-27 Sapphire Street Rezoning

Applicant: 135 Sapphire LLC

Project:

A zoning map amendment from R4 to R6A and a zoning text amendment to establish an MIH area to facilitate a new 6-story, 186,374 sf residential development (270 DUs, 68 affordable DUs) is being sought by 135 Sapphire LLC, at 135-27 Sapphire Street in Lindenwood, Community District 10, Queens.

Westshore Rezoning LSGD

Applicant: Watershore Views LLC

Project:

The applicant, Watershore Views LLC, seeks a large-scale special permit, waterfront authorizations, zoning map and text amendments, and City map changes to facilitate a new approximately 1.5 million sf mixed-use development containing approximately 1,460 residential units (including 360-440 MIH units), 10,500sf retail, 75,000sf school, 5,000sf other community facility space, 1,000 parking spaces, 138,000sf public space, including 75,000sf WPAA in Gravesend, Community District 13, Brooklyn.

1014 Brook Avenue Rezoning

Applicant: Maddd Equities (Primary Applicant)

Project:

A zoning map amendment and zoning text amendment to rezone existing M1-1 and M1-1/R7-2 zoning districts to R8/M1-4 and M1-4/R7-3 zoning districts to facilitate the creation of two new mixed-use buildings at 1,032,631 sq ft of floor area with 1,128 dwelling units with residential, commercial, recreational, and light manufacturing uses is being sought by 1004 Brooks, LLC, a private applicant, at 1014 Brook Avenue in the Melrose neighborhood, CD 3, Bronx.

Staten Island Mall Outparcels

Applicant: GGP Staten Island Mall LLC

Project:

This is a private application submitted by GGP Staten Island Mall, LLC requesting several CPC Authorizations per ZR 36-022 to facilitate the development of seven (7) new retails pads totaling 41,300 square feet within an existing group parking facility, as well as Chair Certification per ZR 36-58 for cross access connections, in the Heartland Village neighborhood of Staten Island, Community District 2.

Sojourner Truth - Mapes Rezoning

Applicant: Phipps Houses

Project:

A zoning map amendment from R7-1 and R7-1/C1-4 to R8 and R8/C2-4 and a zoning text amendment to designate an MIH area (ZR Appendix F) to facilitate two new residential buildings (387,386 total zoning square feet), providing a total of 483 affordable housing units and 8,782 square feet of amenity space, located on Block 3111 (“Mapes Court Redevelopment Site”) and Block 3119 (“Sojourner Truth Redevelopment Site”) in the Crotona neighborhood, Community District 6, the Bronx.

476 Marcus Garvey Boulevard FRESH Store

Applicant: Sumner Partners LLC

Project:

A private application for a Certification pursuant to ZR 63-30 to facilitate a new, 40 dwelling unit, 7-story mixed-use building with 27,000 sqf. of residential space and a 8,300 square foot FRESH Food Store is being sought by Summer Partners, LLC. at 476 Marcus Garvey Boulevard in Bedford-Stuyvesant, Community District 3, Brooklyn.

893-895 East 167th Street Rezoning

Applicant: Sarah Ellmore

Project:

A zoning map amendment and MIH zoning text amendment, to facilitate the creation of an approximately 376,853 ZSF affordable housing development, with 364,658 ZSF residential floor area and 5,946 ZSF community facility space, is being sought by Phipps Houses, a private applicant, at 893-895 East 167th Street in the Foxhurst neighborhood of CD 2, the Bronx.

3210 Webster Avenue Rezoning

Applicant: Fayanne Betan

Project:

A zoning map amendment and MIH zoning text amendment is being sought by a private applicant to facilitate the construction of a new 142,521 sq. ft., including approximately 44 permanently affordable residential unit mixed-use community facility and residential building at 3210 Webster Avenue in the Norwood neighborhood of Community District 7 in the Bronx.

69-10 34th Avenue Rezoning

Applicant: Rachel Scall

Project:

A zoning map amendment (ZM) from R5 to R7X/C2-4 and a zoning text amendment (ZR) to Appendix F to map MIH to facilitate a new 12-story, 213,600 zsf, 263 dwelling units, mixed-use development, including 25,300 sf of community facility, 8,800 sf of commercial, and 179,100 sf of residential, is being sought by 6910 34th Ave LLC and Variety Boys and Girls Club at 69-10 34th Avenue in Jackson Heights, Community District 3, Queens.

31-10 & 31-16 Hunters Point Ave Rezoning

Applicant: Rebecca Davoudian

Project:

A zoning map amendment from M2-1 to M1-5 to facilitate a new 7 story, mixed use commercial and manufacturing building with approximately 83,415 zsf, including 60,339 zsf of commercial space and 47,185 zsf of manufacturing space, is being sought by 31-10 Hunters Point LLC at 31-10 and 31-16 Hunters Point Avenue in Long Island City, 02, Queens.

33-01 11th Street Rezoning

Applicant: Catholic Medical Mission Board

Project:

A zoning map amendment from R5 to M1-4/R7A and a zoning text amendment to establish an MIH area to facilitate a new ten-story, 213,000 sf mixed-use development, is being sought by the Catholic Medical Mission Board at 33-01 11th Street in Ravenswood, Community District 1, Queens.

46 Nelson Street Rezoning II

Applicant: 46 Nelson LLC

Project:

This is an application by 46 Nelson LLC for a zoning map amendment from M1-1 to M1-2A/R7A (MX-5) and M1-1 to M1-2A/R6A (MX-5) along with a zoning text amendment to map MIH (Appendix F) to facilitate the development of a new 125k SF 7-story plus cellar mixed-use residential and commercial building containing 108 dwelling units at 46 Nelson St in Red Hook, Brooklyn, Community District 6.

4506 Park Avenue Rezoning

Applicant: Sarbjit Singh

Project:

A Zoning Map Amendment from an M1-1 to an R7X/C2-4 district and a Zoning Text Amendment to establish a Mandatory Inclusionary Housing area to facilitate a new 14-story plus cellar mixed use building (approx. 141,197 zsf) and a new 12-story plus cellar residential building (approx. 48,039 zsf), is being sought by Rocky & Brothers Realty LLC at 4506 Park Ave in Belmont, Community District 6, the Bronx.

2950 West 24th St Rezoning

Applicant: Ocean Towers Partners LLC

Project:

A zoning map amendment (R6 and R6/C1-2 to R7-3 and R7-3/C2-4), a zoning text amendment (Appendix F), a LSGD Special Permit, and a 74-52 Special Permit to facilitate a new 17 story, (420 DU’s), mixed use development, including 317,055.63 SF of residential, 8,000 SF community facility, and 8,500 SF of commercial is being sought by private applicant Proto Property Services, LLC at 2950 W 24th St in Coney Island, CD 13 Brooklyn.

1727 Amsterdam Avenue — Hill Top Apartments

Applicant: HPD - NYC Dept of Housing Preservation & Development

Project:

An application by HPD for UDAAP designation, project approval, and the disposition of City-owned property to facilitate the development of a nine-story, 143,000-square-foot mixed-use building at 1727 Amsterdam Avenue (Block 2060, Lot 1) in Hamilton Heights, Manhattan Community District 9. The proposed project would include approximately 200 residential units—including senior, supportive, and low-income housing—as well as community facility space for the Emma L. Bowen Community Service Center.

Ikos Senior Living, Astoria

Applicant: HPD - NYC Dept of Housing Preservation & Development

Project:

A zoning map amendment from R5/C1-2 and R5 zoning districts to a C4-5/C4-2A, a zoning text amendment to establish an MIH area, and a UDAAP designation for project approval and disposition of city-owned land are being sought by HANAC, Inc., Mega Development LLC and HPD in order to facilitate the development of a new 13-story, 134,000 sf mixed use development with 100% affordable senior housing, retail and a separate community facility building in Astoria, Queens, Community District 1.

74 Bogart Street Rezoning

Applicant: Ethan Goodman

Project:

A zoning map amendment from a M1-2 to a M1-4A zoning district to facilitate new 7-story, approximately 240,000 square foot art storage development, is being sought by 74 Bogart LLC at 74 Bogart Street, Williamsburg, Community District 1, Brooklyn.

78-01 Queens Boulevard Rezoning

Applicant: Andrew Esposito

Project:

A zoning map amendment from M1-1 to R7X/C2-4 and a zoning text amendment to map MIH to facilitate a new 13-story, 263,334 s.f, mixed-use development containing 314 dwelling units and 9,823 s.f. of commercial space, is being sought by a private applicant at 78-01 Queens Boulevard in Elmhurst, Community District 4, Queens.

Claremont House: 1640 Anthony Avenue

Applicant: HPD - NYC Dept of Housing Preservation & Development

Project:

A UDAAP and disposition, a Zoning Text Amendment (MIH), and a Zoning Map Amendment (from R7-1 to R8) to facilitate a new 13-story residential building, with a total of approximately 65 homeownership units, is being sought by HPD (public applicant) at 1640 Anthony Avenue in the Claremont neighborhood, Community District 4, Borough of Bronx.

464 Ovington Avenue Rezoning

Applicant: Geffen Management, LLC

Project:

A Zoning Map amendment from R3X (BR) to R6A (BR) and a Zoning Text Amendment to Appendix F to map an MIH area to facilitate the development of an eight-story, 36,094 square-foot residential building with approximately 40 apartments (approximately 10 permanently affordable) and 18 cellar-level parking spaces is being sought by Geffen Management LLC at 464 Ovington Avenue in Bay Ridge, Community District 10, Brooklyn.

58 Nixon Court Rezoning II

Applicant: SLG Assets, Inc.

Project:

A zoning map amendment from an R5 and Special Ocean Parkway District to an R7A/C2-4 and R7A (OP) district and a zoning text amendment to Appendix F to map the project area as a Mandatory Inclusionary Housing (MIH) area to facilitate a new eight-story, 17,655 square-foot mixed-use building, with 16,847 square feet of residential floor area (19 DUs, 6 MIH) and 808 square-feet of retail space is being sought by SLG Assets, Inc., at 58 Nixon Court, in Gravesend, Community District 13, Brooklyn.

5502 Flatlands Ave Rezoning

Applicant: 5502 Flat LLC

Project:

A Zoning Map Amendment to rezone an R3-2 to an R6A district with a C2-4 commercial overlay to facilitate a new seven-story mixed-use building with 49,637 SF (3.6 FAR) including 7,399 square feet of commercial retail space and 36 dwelling units, with 15 parking spaces, is being sought by a private applicant at 5502 Flatlands Ave in Flatlands, CD 18, Brooklyn, and a zoning text amendment to designate MIH.

1720 Atlantic Avenue Rezoning

Applicant: Bermuda Realty No. 2 LLC

Project:

Bermuda Realty No. 2 LLC seeks a Zoning Map Amendment from M1-1 to C4-4D, R7A, and R7A/C2-4 and a Zoning Text Amendment to map MIH and allow additional street wall flexibility to facilitate a new 13-story, 263,277 sq ft mixed-use development, including 191,429 sq ft of residential space (278 dwelling units with 70 income restricted), 50,427 sq ft of commercial space and 17,421 sq ft of community facility space in Community District 8, Brooklyn.

699 - 703 Lexington Avenue Rezoning

Applicant: Providence House, Inc.

Project:

This is a private application from Providence House, Inc. for a zoning map amendment from R6B to R6A and a zoning text amendment to Appendix F to map an MIH area in order to facilitate a new 6-story, 31,704-square-foot non-profit institution with sleeping accommodations containing 85 transitional shelter units at 699 - 703 Lexington Avenue in Bedford-Stuyvesant, Community District 3, Brooklyn.

14-10 Beach Channel Drive Rezoning

Applicant: Sam Zirkiev

Project:

This is a private application by 14-10 Beach LLC requesting a zoning map amendment from a R5 to R6A and R6A/C2-4 zoning district and a text amendment to establish a MIH area and 4,440 square foot community facility and 4,881 square feet of commercial space on the ground floor at 14-10 Beach Channel Drive in Far Rockaway, Community District 14, Queens to facilitate a new seven story multifamily residential development with 118 dwelling units

50-02 Queens Blvd Rezoning

Applicant: 5002 Woodside Development LLC

Project:

A zoning map amendment from M1-1 district to an R7X/C2-4 and R6A districts and zoning text amendment (MIH) to facilitate a new 9-story, ~227,500-square-foot building, ~206,600 square feet of residential use (including 227 units of which 57 would be income restricted), ~16,200 square feet of commercial use, and ~4,700 square feet of community facility use is being sought by private applicant 5002 Woodside Development LLC at 50-02 Queens Boulevard, Woodside, Community District 2, Queens.

1417 Avenue U Rezoning

Applicant: 1417 Avenue U Holding LLC

Project:

A zoning map amendment from R5/C1-3 to R7A/C2-4 and a text amendment to map a Mandatory Inclusionary Housing Area (ZR Appendix F) to facilitate a new 83,166 square foot, 7-story residential (71,792 sf) with approximately 76 dwelling units, of which 19-23 units would be permanently affordable, and commercial (11,374 sf) mixed-use building, are being sought by 1417 Avenue U Holding LLC at 1417 Avenue U, Homecrest, Community District 15, Brooklyn.

164th Street Rezoning

Applicant: Boris Yakubov

Project:

A zoning map amendment from an R3-2 zoning district to an R6A zoning district and a zoning text amendment to map MIH to facilitate a five-story mixed-use development, including residential and community facility space is being sought by 88-66 Myrtle LLC at 75-41 164th Street (Block 6967, Lots: 1, 25, 28, 30, p/o 5, p/o 7, and p/o 23) in Hillcrest, Community District 8, Queens.

175-05 Horace Harding Expressway Rezoning

Applicant:

Heights Horace Harding LLC

Project:

A zoning map amendment to change existing R3-2 and R3-2/C2-2 zoning districts to R6-1 and R7-1/C2-4 and a zoning text amendment to map MIH to facilitate a new 330k sf mixed-use (residential/community facility/commercial) development, including 324 dwelling units (81 income-restricted) is being sought by Heights Horace Harding LLC at 175-05 Horace Harding Expressway in Fresh Meadows, Community District 11, Queens.

9201 4th Ave Rezoning

Applicant: 9201 LLC

Project:

A zoning map amendment from C8-2 (BR) to C4-4D (BR) and zoning text amendment pursuant to Appendix F to facilitate a new eleven story, 129,639 sf, mixed use development, including 17,988 sf of commercial space and 99 dwelling units (with approximately 25 units being permanently income restricted) is being sought by private applicant, 9201 LLC at 9201 4th Avenue in Bay Ridge, CD 10, Brooklyn.

35-20 College Point Blvd SFWD Expansion

Applicant: Jay Lau

Project:

A zoning map amendment from an M3-1 to M1-2/R7A zoning district and MIH text amendment to facilitate a new 14-story mixed-use development with new WPAA as an extension and completion of the Special Flushing Waterfront District is being sought by 35-20 CPB Realty, LLC at 35-20 College Point Blvd, Community District 7, Queens.

50-20 108th Street Rezoning

Applicant: Frank St. Jacques

Project:

A zoning map amendment from R6B & R6B/C2-3 to R7A/C2-4 and a zoning text amendment to map MIH to facilitate two new seven-story buildings with a mixed-use building approximately 129,619 square feet and a residential building with approximately 11,375 square feet by a private applicant at 50-20 108th Street in South Corona, Community District 4, Queens.

43-02 Ditmars Boulevard Rezoning

Applicant: LaGuardia Center Realty LLC

Project:

A zoning map amendment from an M1-1 district to R7A/C2-4, R6A/C2-4 and R6B zoning districts and zoning text amendment (MIH) to facilitate a redevelopment of an existing one-to-two story shopping center, resulting in a mixed-use building including 492 dwelling units (123 affordable) and 62,000 sf of ground floor retail, is being sought by LaGuardia Center Realty LLC at 43-02 Ditmars Boulevard in Astoria, Community District 1, Queens

What is MIH?

GET SMART ON MIH

With all of these amazing rezonings happening, all of which have a Mandatory Inclusionary Housing requirement, I thought it makes sense to share a summary on what it is.

So What is Mandatory Inclusionary Housing (MIH)?
MIH was adopted in March 2016 and updated in December 2024 under the NYC Zoning Resolution. Under this policy, MIH Areas are created in all 5 boroughs where zoning changes significantly increase permitted residential density.

Within MIH Areas, 20-30% of residential floor area in new developments, enlargements, and conversions to residential use above 10 units and 12,500 square feet must be permanently affordable for low and moderate-income New Yorkers.

MIH Options:
MIH Areas include one or more compliance options determined through the City’s Uniform Land Use Review Procedure (ULURP). Where more than one option is made available, the developer may choose from among those options.
MIH units can be rental or homeownership.

Option 1: 25% of residential floor area at an average income band of 60% area median income (AMI)

Option 2: 30% of residential floor area at an average income band of 80% area median income (AMI)

Option 3: 20% of residential floor area at an average income band of 40% area median income (AMI)

Option 4: 30% of residential floor area at an average income band of 115% area median income (AMI)

Affordable Housing Fund Option: Available for projects that do not exceed 25 dwelling units and 25,000 square feet. & The amount paid must be comparable to the cost of providing affordable floor area in the same Community District

"Off-Site":
If MIH units are provided on a different zoning lot, they must be in the same Community District or within half a mile into an adjacent district. In such cases, an additional 5% is added to the applicable floor area requirement.

Bedroom Mix Requirements:
At least 50% of MIH units must be two-bedrooms or greater, and 75% of MIH units must be one-bedroom or greater,
OR
The bedroom mix between affordable and market-rate dwelling units must be proportional.

Unit Size Requirements:
The average size of the MIH units for a particular bedroom size shall not be less than the average size of the non-MIH units or the minimum size listed below, whichever is less:

Studio: 400 square feet
One-bedroom: 575 square feet
Two-bedroom: 775 square feet
Three-bedroom: 950 square feet

Horizontal Distribution:
No more than 2/3 of the dwelling units on any floor can be MIH units, unless every floor contains more than 2/3 MIH units.

Vertical Distribution:
MIH units must be distributed throughout at least 65% of the building’s stories.

MIH FACT SHEET

The Land Lending Landscape

SOFR, The Secured Overnight Financing Rate today it is at 4.41%. This is important because construction loans are typically based off of 400+ points above SOFR. For example, a construction loan today at 550 over SOFR would equate to 9.91%.

The Prime Rate has been steady at 7.5% since December 2024. Many private lenders will base their rates on the prime rate; typically, 300 to 500 points+ above prime. So, for example, if you purchased a development site and financed the acquisition, that short term acquisition loan rate would most likely be between 10.5% and 12.5%+.

The 10-Year Treasury Rate is at 4.082%, the 5-Year is at 3.578% and the 2-Year is at 3.495% (In August of 2020, the 10-year was at 0.70%!). The 10-Year rate is typically tied to Mortgage Rates. Today a 30-Year Fixed Mortgage Rate Average sits at 6.29%