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Atlantic Development Suing Over Money Owed Through Affordable Housing Programs
MANHATTAN COMMUNITY DISTRICT 01
Developer Atlantic Development, one of the City’s largest builders of affordable housing, filed court claims against developers Larry Silverstein and Joseph Moinian alleging the two developers owe millions in relation to the City’s 421-a program and inclusionary housing incentives. The claim against Silverstein alleges that Silverstein not only reneged on the purchase of tax benefit certificates for increasing density at the luxury tower 99 Church Street,a stalled project featuring a Four Seasons Hotel, but also failed to pay the agreed upon 50% of the certificates’ worth upon forfeiture. The claim against Moinian alleges that Moinian never paid the default penalty of $3 million after reneging on a $40 million deal to purchase development rights from Atlantic Development for a high-density tower on West 42nd Street. Atlantic Development reports it is unable to complete its Harborview affordable housing project in Hell’s Kitchen without the millions owed by Silverstein and Moinian.