The Real Deal New York

Fisher brothers’ Murray Hill tower to include affordable units

New building will have 373 rental units, measure roughly 375,000 square feet

June 16, 2014 09:00AM

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222 East 40th Street

222 East 40th Street

A former Hertz Garage on East 40th Street will make way for a 36-story residential building, which will include 75 affordable units.

Fisher Brothers, who is developing the site, will demolish the six-story garage currently located on the site. In total, the new building at 222 East 40th Street, between Second and Third avenues, will have 373 rental units available.

The development will measure roughly 375,000 square feet and the tower will stand 395 feet tall, according to DNAinfo.

The affordable units will be geared toward New Yorkers who earn about 60 percent of the median income in the area, according to DNAinfo. That works out to about $35,280 annually for a single applicant. A family of four must have an annual income of no more than $50,340 to qualify for a unit.

It’s still unclear what the building will look like or how the market-rate units will be priced.

The new tower is expected to be completed and open in 2017 and will include a fitness center, pool, yoga studio, lounges and 72 parking spaces. [DNAinfo] — Claire Moses

 

 

  • TRUTH OF THE DAY

    Smart buy… Build right on top of that old structure and saze millions while offering parking.

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