Stalled LES hotel project may turn residential

TRD New York /
Oct.October 22, 2009 04:00 PM

Stalled hotel project 180 Ludlow may soon breathe new life as a residential building, after Community Board 3 last night granted their tentative approval to the proposal laid out by lawyers for developer Serge Hoyda. The 158-unit building would be rent stabilized but would not have a major affordability component, which was a point of contention amongst board members. “There is an affordable housing crisis in this neighborhood,” said Joel Finegold, an affordable housing advocate. “People are being displaced on a massive scale. We’re all familiar with this, and this is an opportunity to create a tremendous number of affordable housing units.” Hoyda’s lawyers said financing for a residential building with an affordability component is not available in the current economic environment, and that instead, in an effort to partially satisfy that need, Hoyda will set aside five apartments in the building as a donation to the community. Other units will be mostly studios priced at $1,200 to $1,300 per month, though there will be some one- and two-bedroom apartments as well. The board will hold a final vote on the proposal next week, and while their approval is not necessary for the project to move forward, it will be instrumental in helping Hoyda obtain approval for the plan from the city’s Board of Standards and Appeals.


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Joy Construction’s Eli Weiss, Maddd Equities’ Jorge Madruga, and Mayor Bill de Blasio (Google Maps, Getty)

Inwood rezoning faces new challenges in HPD budget cuts

Inwood rezoning faces new challenges in HPD budget cuts
Councilman Mark Levine (Credit: Getty Images)

Council moves to free co-op owners from rent-reg bureaucracy

Council moves to free co-op owners from rent-reg bureaucracy
Greystone Capital Advisors' Drew Fletcher and Lappin Associates' Michael Lappin have come up with an elegant solution to several housing issues, but need a tax break to make it work.

Housing venture pieces together affordability plan for de Blasio

Housing venture pieces together affordability plan for de Blasio
(iStock)

Yes in God’s Backyard: How building affordable housing could be a lifeline for churches

Yes in God’s Backyard: How building affordable housing could be a lifeline for churches
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
City Council member Vanessa Gibson, Speaker Corey Johnson and City Council member Brad Lander (Getty)

Why the City Council abandoned affordable housing

Why the City Council abandoned affordable housing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...