The Real Deal New York

Taconic, partners plan 210-unit project in Hell’s Kitchen

January 07, 2014 03:15PM

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Rendering of 525 West 52nd Street

Rendering of 525 West 52nd Street

Three huge new affordable housing developments could be on their way to Hell’s Kitchen.

The plan to bring 210 units of affordable housing to the area along West 52nd and West 53rd streets from 10th to 11th avenues won the resounding approval of Community Board 4 this week. The Clinton Housing Development Corporation, along with developers Taconic Investment Partners and Ritterman Capital, are the companies behind the overhaul.

Prices would range from $581 to $2,000 per month for a studio, $622 to $2,500 for a one-bedroom, $747 to $3,081 for a two-bedroom and $863 to $3,560 for a three-bedroom. The units would be available to New Yorkers with incomes ranging from $24,000 to $99,000 per year, or families of four that bring in between $34,000 and $141,00 annually, officials told DNAinfo.

The project, which would also include 324 market-rate apartments and public amenities that include a supermarket, requires extensive rezoning that must be approved by the city.

“In front of you is a proposal that is the culmination of roughly 40 years of work in the urban renewal area and about three years of work from Taconic/Ritterman and Clinton Housing to provide a great number of affordable housing units on this site,” Joe Restuccia, CHDC’s executive director, told DNAinfo. Restuccia is also a community board member, but excused himself from the project vote.

The Clinton development at 540 West 53rd Street is to be a 12-story brick building with 103 permanently affordable apartments, a ground floor community garden and rooftop patio. Taconic/Ritterman’s 525 West 52nd Street buildling will include 324 market-rate apartments and 81 affordable, as well as a 13,486-square-foot courtyard. [DNAinfo]Julie Strickland

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