Related seeks “inclusionary housing” bonus at 261 Hudson St.

However, the developer will likely transfer the bonus to another site

New York /
Mar.March 23, 2014 12:00 PM

 Related is looking to take advantage of an “inclusionary housing” bonus that will allow it to build bigger than zoning allows in exchange for affordable housing at its 261 Hudson Street development site.

Last year, Related tore down a one-story brick building to make way for a 201 unit — 160 market rate and 41 affordable – residential building. Now the developer has submitted an inclusionary housing application asking for a big floor-area bonus, a spokesperson for the Department of Housing and Preservation and Development told the Villager.

However, since 261 Hudson lies outside of the Hudson Square Special District in a separate zoning district, Related will not be able to use the bonus on site. Instead, the developer will transfer or sell the bonus to another site within Hudson Square.

“Related are the masters of working the system,” said Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation. “They definitely know how to work the system to get the maximum advantage.” [The Villager] Christopher Cameron


Related Articles

arrow_forward_ios
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
Mark Zuckerberg with 55 and 30 Hudson Yards
Meta to cut Hudson Yards office space
Meta to cut Hudson Yards office space
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
From left: Related Companies’ Stephen Ross, Sterling Equities’ Fred Wilpon, and Willets Point in Queens (Getty, Jim.henderson/Public domain - via Wikimedia Commons)
Related, Sterling file first plans for Willets Points housing
Related, Sterling file first plans for Willets Points housing
A photo illustration of Related Companies' Stephen Ross along with 514 West 36th Street (left) and 517 West 35th Street (right) in Hudson Yards (Getty, Google Maps)
Related files plans for Hudson Yards office tower
Related files plans for Hudson Yards office tower
From left: Russ & Daughters' Niki Russ Federman and Josh Russ Tupper; Related Companies' Stephen Ross; and 50 Hudson Yards (Getty, LoopNet)
Russ & Daughters to open shop at Related’s 50 Hudson Yards
Russ & Daughters to open shop at Related’s 50 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...