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Building Congress: NYCHA Should Monetize Its Assets

Transferring unused air rights, at a potential gain of $2 billion or more, is among the recommendations from the New York Building Congress on ensuring the future viability of the city’s public housing. The Building Congress’ roadmap for the New York City Housing Authority translates to “more efficient operation and construction programs, with NYCHA leveraging its assets for funding and managing fewer properties.”

The authority currently manages 175,000 apartments, most of which were built between 1945 and 1970. “Given the aging housing stock and the current rate of deterioration, the long-term viability of most NYCHA units is uncertain,” according to the Building Congress’ report.

With a portfolio on the scale that NYCHA manages, the authority’s greatest asset is “the land which it occupies—more than 110 million square feet throughout the five boroughs,” the report states. “For context, that’s as much real estate as all of Manhattan below 14th Street.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).