The Real Deal New York

Affordable housing complex planned for Kips Bay

Building to split 55 units between middle- and low-income households

May 06, 2014 01:20PM

Future site of Phipps Houses development at 325 East 25th Street

Future site of Phipps Houses development at 325 East 25th Street

A 55-unit affordable housing building is on its way to East 25th Street in Kips Bay.

The new six-story building planned for 325 East 25th Street, between First and Second avenues, is to be split between middle-income and low-income households, HPD spokesperson Eric Bederman told DNAinfo. Nonprofit Phipps Houses is constructing the property, which will be apportioned based on residents’  income levels.

Of the total, 22 units will go for households earning up to $67,100, 11 for those making up to $100,680, 11 earning $121,655 and 11 for those making up to $138,435, Bederman told the news site.

“Rents are affordable to households at those specific income ranges and will be set closer to completion and lease-up,” Bederman told DNAinfo. “Affordable rents generally do not exceed a third of annual household income.”

HPD and Phipps did not specify a timeline for the development’s construction or completion.

The 25th Street building is part of a larger project to renovate Phipps Houses, an affordable complex along 28th and 29th streets. That overhaul will upgrade the lobby of two properties at 442 and 330 Second Avenue, and install new sliding glass doors at 444 Second Avenue, DNAinfo reported. [DNAinfo]Julie Strickland

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