The Real Deal New York

Posts Tagged ‘affordable housing’

  • Hunter's Point South

    Hunter’s Point South

    The affordable housing lottery for Hunter’s Point South has drawn roughly 25,000 applications during its first week.

    Hunter’s Point South, a two-tower development in Long Island City will house some 925 low- and moderate-income families. The results of the lottery, which was launched on October 15, reveal that the development doesn’t come close to accommodating the demand for affordable housing in the area. [more]

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  • From left: luxury towers One57 and 432 Park Avenue and HPD Commissioner Vicki Been

    From left: renderings of luxury towers One57 and 432 Park Avenue and HPD Commissioner Vicki Been

    The rapid growth of luxury development and rising land prices in New York City might be a double-edged sword for the administration’s affordable housing plan. [more]

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  • From left: Jonathan Rose, New York City skyline and London skyline

    From left: Jonathan Rose, New York City skyline and London skyline

    When it comes to affordable housing, New York City shares many challenges with cities like London, Hong Kong and San Francisco. [more]

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  • St. Ann & the Holy Trinity in Brooklyn Heights

    St. Ann & the Holy Trinity

    Brooklyn congregations desperate for a financial boost are now tapping into the local real estate market as a sort of saving grace. [more]

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  • Hunter's Point South (Rendering: Related Companies)

    Hunter’s Point South (Rendering: Related Companies)

    Winners won’t take home a multi-million dollar jackpot, but those who snag an affordable unit at Hunter’s Point South may feel like they’ve done just that.

    Prospective renters can now submit applications to NYC Housing Connect for one of 925 affordable units at the Related-developed project on Long Island City’s waterfront. Close to 50,000 people will vie for a spot at one of the site’s two towers, where below-market-rate units start as low as $494 per month for single residents making between $18,618 and $23,520 annually. [more]

    3 Comments
  • vicki

    137 Attorney Street on Lower East Side and HPD’s Vicki Been

    William Gottlieb Real Estate’s plans to build a five-story, 16-unit building at Stanton and Attorney streets suffered a setback Tuesday when a local community board committee approved a resolution supporting a garden currently at the site instead. [more]

    4 Comments
  • 90 Beekman Place

    90 Beekman Place in the Financial District

    A plan to turn a 1,067-unit affordable housing complex in the Financial District private is now being investigated by the Division of Housing and Community Renewal.

    Two-thirds of residents at Southbridge Towers, located at 90 Beekman Place, voted to turn their subsidized co-ops into market rate apartments. The result means unit owners who paid as little as $10,000 for their units decades ago could potentially sell them for as much as $1 million. [more]

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  • A rendering of the Tremont Renaissance

    A rendering of the Tremont Renaissance

    A 75-block stretch in the center of the Bronx is about to see a tidal wave of affordable housing. [more]

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  • From left: New York Attorney General Eric Schneiderman and Rockrose's Paul Januszewski

    From left: Eric Schneiderman and Rockrose’s Paul Januszewski

    As of today, New York landlords will be able to sell their market rate rentals — up to 80 percent of an individual building — in exchange for preserving or increasing the property’s number of low-income offerings.

    The new guidelines, implemented by the New york state Attorney General’s office, apply to existing rental buildings participating in government programs that offer subsidies such as bond financing and tax breaks to landlords who set aside 20 percent of a building’s units for low-income housing. [more]

    2 Comments
  • Rendering of Domino Sugar factory redevelopment

    Rendering of Domino Sugar factory redevelopment

    When the first 100 or so affordable units at Two Trees Management’s Domino Sugar Factory development come available in 2017, pricing will start at $553 per month for a studio.

    Construction on Site E — on Kent Avenue between South Third and South Fourth streets — of the project is scheduled to start this year, according to DNAinfo. The first building will have 500 units, 105 of which will be below market. [more]

    2 Comments
  • 340 Pleasant Avenue and Eric Anderson

    340 Pleasant Avenue and Eric Anderson

    One of the city’s leading affordable housing developers, Eric Anderson of Urban Green Builders, is facing a $1 million lawsuit filed by his own investment partners who claim he misappropriated funds from his properties in the Bronx and Upper Manhattan.

    The partners, including Hamilton Heights Cluster Associates and several other firms, allege in the Oct. 6 suit filed in Manhattan Supreme Court that they voted Anderson out as managing agent for the buildings. That vote came amid claims that Anderson misappropriated funds for 13 rental and mixed-use buildings. [more]

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  • Meister-East-Harlem

    From left: Stephen Meister, East Harlem block and rendering of East Harlem Media, Entertainment and Culture Center

    The city hopes affordable housing and large commercial structures will rise one day on a full block in Harlem now occupied by low buildings, a parking lot and a gas station. But landlords of five of the parcels says the city’s efforts to condemn the properties came too late. [more]

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  • From left: BRP managing partner Geoff Flournoy with Lloyd Blankfein and Dina Powell

    From left: BRP’s Geoff Flournoy with Lloyd Blankfein and Dina Powell

    The Goldman Sachs Urban Investment Group is investing $75 million into a new fund that will develop housing in New York and New Jersey.

    Manhattan-based developer BRP Companies will leverage Goldman’s investment to build more than $250 million worth of homes for moderate- and middle-income residents. [more]

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  • Review-Erased3

    (Illustration: Maurice Mayfield)

    New York City plans to revise the regulatory process that some affordable housing developers face in a bid to shore up its stock of housing for low- and middle-income residents.

    The changes would essentially end a design and architecture review that adds substantial time and costs to the development process, Capital New York reported. [more]

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  • Southbridge Towers at 90 Beekman Place

    Southbridge Towers at 90 Beekman Place

    Residents at Southbridge Towers in the Financial District have voted to turn their subsidized co-ops into market rate apartments.

    Following a heated debate, the measure garnered support from two-thirds of residents, and the 1,067-unit affordable housing complex is now on track to go private, DNAinfo reported. Residents who paid $10,000 for apartments decades ago could sell their units for upwards of $1 million, according to the news site. [more]

    6 Comments
  • From left: Bill de Blasio and Franklin Avenue in East New York

    From left: Bill de Blasio and Franklin Avenue in East New York

    Brooklyn’s East New York neighborhood is the first spot to be targeted by the de Blasio administration’s affordable housing initiative. But area land prices, which have nearly tripled over the last year, could throw a wrench in the plan. [more]

    5 Comments
  • Alicia Glen

    Alicia Glen

    Mayor Bill de Blasio’s mandatory inclusionary housing proposal is expected to try to boost the number of new affordable units in the city by asking developers to build near current benchmarks without subsidies, rather than requiring a substantial increase in the percentage of affordable housing in new developments required.

    The de Blasio administration is expected to keep with a roughly 20 percent affordability requirement, rather than up that portion to 30 percent or more, as has been suggested. [more]

    1 Comment
  • Mayor Bill de Blasio and a rendering of Astoria Cove (Credit: STUDIO V Architecture)

    Alma Realty’s Astoria Cove project, slated to receive a ruling from the City Planning Commission this month and then move on to the City Council for a final thumbs up, will serve as a benchmark for the mayor’s affordable housing plans, Crain’s columnist Greg David writes in a recent op-ed. [more]

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  • 202 Mother Gaston Boulevard

    202 Mother Gaston Boulevard

    Yet another vacant lot in Brooklyn’s farther reaches is falling to Mayor de Blasio’s affordable housing push. A neighborhood “eyesore” in Brownsville will see new life as a four-story, 15-unit affordable condo complex.

    The $5.8 million project, located 202 Mother Gaston Boulevard, is being overseen by Habitat for Humanity, which broke ground on the building Wednesday, according to Curbed. [more]

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  • State Comptroller Tom DiNapoli

    State Comptroller Tom DiNapoli

    A city program intended to provide millions of dollars a year in low-interest loans to private landlords is being exploited, an audit by state Controller Thomas DiNapoli has found.

    The money is lent to landlords to make repairs and remedy building violations. But the city has found that in some cases, the landlords aren’t bothering to make any fixes, according to the New York Daily News. [more]

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