Comptroller Stringer Issues Subpoena for Information on $173 Million Purchase of 17 Buildings

“It has been reported that the City has now closed its deal to purchase 17 buildings in the Bronx and Brooklyn. I have repeatedly expressed concern regarding the $173 million price tag that, to date, has lacked any trace of transparency. My office has made multiple requests to see the appraisals and documents that support this seemingly inflated price, and the explanations provided by the City so far have raised more questions than answers. The City has refused to provide my office with all of the documents and information it relied on to make their decisions. The time for excuses is over and I am therefore issuing a subpoena for any and all appraisals and any other information supporting this deal.

“Let me be clear, converting cluster sites into affordable housing is good for New York City. I have long called for the phasing out of the cluster site program and strategic development of affordable housing – but how we get there is just as important. The difference in price between the original estimates and the final settled deal could have been used to create even more affordable housing units. New Yorkers deserve to know whether or not the City is spending their tax dollars responsibly. I am confident that our subpoena will bring these closely-guarded documents to light and provide answers as to whether or not this was a good deal for New Yorkers.”

###