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

TRD 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
Mayor Bill de Blasio (Getty, iStock)

Developers fume over city plan to cut affordable housing spending

Developers fume over city plan to cut affordable housing spending
Stephen Ross, chairman of Related Companies (Getty)

Stephen Ross to retailers: Brace yourself for bankruptcies

Stephen Ross to retailers: Brace yourself for bankruptcies
A new study found that almost nine in 10 households have paid at least some rent in May (Credit: iStock)

Almost 90% of renters have made payments in May: report

Almost 90% of renters have made payments in May: report
Neiman Marcus Group CEO Geoffroy van Raemdonck and Neiman Marcus at Hudson Yards (Credit: Raemdonck by NEIL RASMUS/Patrick McMullan via Getty Images; background by Noam Galai/Getty Images)

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards

Neiman Marcus files for bankruptcy, casting uncertainty over Hudson Yards
Douglas Eisenberg, Stephen Ross, Isaac Kassirer and Charles Kushner (Credit: Kushner by Sasha Maslov, Ross by Sean Zanni/Patrick McMullan via Getty Images)

Rent strike targets landlords who can “take the hit”

Rent strike targets landlords who can “take the hit”
arrow_forward_ios

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

Loading...