The report found many problems in the state Canal Corporation's plan to sell the land for $10,000, including the corporation's failure to value the land properly, to assess the value of utilities promised by the developer accurately and to know that the land was not zoned for development.
The Conservatives said that under the plan the homes would be constructed on brownfield land which has already been zoned for development but is no longer needed for industrial or commercial use.
In turn, the developers will use their credits to build about 150 houses -- nine times the normal yield -- on a 56-acre parcel elsewhere in town that is zoned for development.
Muddy fields on the outskirts that had been zoned for development seem destined to remain untouched.Dragged down by debtOne way China could rekindle its property market is by using its banks to pump cash into the economy, as it did in 2008 when the global financial crisis struck.
The yard on the eastern side of 11th Avenue has been zoned for development, but plans for the western yard would have to go through the city's public review process, presumably with the support of the Bloomberg administration and the City Council president, Christine C. Quinn.
At of the end of 2001, the company had 39 new projects either under construction or zoned for development.
