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

New York /
Jan.January 07, 2014 03:15 PM

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


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
Multifamily, industrial sales highlight strong week for mid-market deals
Multifamily, industrial sales highlight strong week for mid-market deals
Multifamily, industrial sales highlight strong week for mid-market deals
From left: Camber Property Group principals Rick Gropper, Andrew Moelis, Harlem Congregation for Community Improvement president Malcolm Punter and 104-110 West 144th Street in Harlem (Photos via Camber, Harlem Congregation, Ariel Property Advisors)
Affordable housing developer Camber Property buys 60-unit Harlem complex
Affordable housing developer Camber Property buys 60-unit Harlem complex
From left: 3761 and 3769 10th Avenue in Inwood, 16 Dupont Street and 427 West 52nd Street with Mayor Bill de Blasio (Getty, Google Maps)
City agencies grease the wheels of investment sales
City agencies grease the wheels of investment sales
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
SL Green pays $28M for full control of Midtown office building
SL Green pays $28M for full control of Midtown office building
(iStock)
Hot Hudson Valley housing increasingly out of reach for wage earners
Hot Hudson Valley housing increasingly out of reach for wage earners
Mayor Bill de Blasio and 1206 Westchester Avenue in the Bronx (Getty, Google Maps)
NYC buys 14 more cluster sites for $122M
NYC buys 14 more cluster sites for $122M
arrow_forward_ios

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

Loading...