Related’s 539 West 29th Street to be 100 percent affordable housing

Developer to transfer non-market rate units from Manhattan Plaza to Hudson Yards building

New York /
Mar.March 21, 2014 02:10 PM

In addition to an agreement to lift worker wages to a minimum of $11.75 per hour, the Related Companies will devote an entire building on West 29th Street to affordable housing.

The 139-unit building planned for 539 West 29th Street, initially set up to be 80 percent market-rate and 20-percent affordable, will now offer 100 percent affordable housing whether it receives federal and state subsidies or not.

The apartments are to be allocated to artists, seniors and low-income community members, according to the Wall Street Journal. Related plans to transfer unbuilt affordable units contracted for the developer’s Manhattan Plaza project in Hell’s Kitchen to the site, and hopes to receive both a federal section 8 subsidy and state 421-a partial tax exemption for the move.

“The community on the West Side of Manhattan fought for years to ensure that this building would create permanently affordable housing units,” Council Member Corey Johnson, who represents the area, told the Journal.

The building is slated for completion this May. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
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
Stephen Ross (Getty, iStock)
Stephen Ross puts $500K into PAC. Where’s the rest?
Stephen Ross puts $500K into PAC. Where’s the rest?
Related Companies chairman Stephen Ross and Kara Ross (Getty)
Stephen Ross, wife to divorce after 18 years
Stephen Ross, wife to divorce after 18 years
Paul Fishbein pretended to own properties across the city, pocketing rental assistance checks in the process, authorities said. (Getty)
Landlord imposter pocketed $1.5M in rental assistance: Authorities
Landlord imposter pocketed $1.5M in rental assistance: Authorities
Related's Stephen Ross and Jeff Blau (left) with 15 Hudson Yards (Getty, Hudson Yards)
Related’s 15 Hudson Yards lands $108M condo inventory loan
Related’s 15 Hudson Yards lands $108M condo inventory loan
David Chang (Getty)
Momofuku Kāwi and Peach Mart close in Hudson Yards
Momofuku Kāwi and Peach Mart close in Hudson Yards
arrow_forward_ios

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

Loading...