The Real Deal New York

Greenpoint Landing developers to halve affordable subsidy

Developers broke ground on project's third affordable building Friday
June 26, 2015 03:00PM

L+M Development and Park Tower Group announced that they have renegotiated with the de Blasio administration to reduce their affordable housing subsidy on the Greenpoint Landing mixed-income housing development by half.

The 10-building, 22-acre development will house 5,500 new apartments along the Greenpoint waterfront. Around 1,400 of those units will be affordable housing, with the first 300 such affordable units expected to be delivered in the next two years.

The developers broke ground Friday on the third of the development’s three affordable buildings, 5 Blue Slip, which will feature 103 “deeply affordable” units available to residents earnings between 30 percent and 60 percent of the area’s median income.

L+M and Park Tower Group division Greenpoint Landing Associates also worked with the de Blasio administration to reduce their projected per-unit subsidy for the project by half – from a projected $136,000 per unit to $65,000 per unit.

The deal is “consistent with the de Blasio administration’s commitment to stretching every dollar to produce more affordable housing,” the developers said in a statement. – Rey Mashayekhi