Greenpoint Landing developers to halve affordable subsidy

Developers broke ground on project's third affordable building Friday

New York /
Jun.June 26, 2015 03:00 PM

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


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
From left: Google's Sundar Pichai, Facebook's Mark Holliday, and Factory_OS's Rick Holliday and Larry Pace (Getty; Factory_OS; iStock)

Facebook, Google back modular housing startup

Facebook, Google back modular housing startup
L+M Development Partners' Ron Moelis and a rendering of Sendero Verdo (Photos via L+M; Handel Architects)

L+M in deal with union laborers to cut wages on affordable projects

L+M in deal with union laborers to cut wages on affordable projects
A rendering of 153-10 88th Avenue in Jamaica (Photo via Zara Realty)

Zara Realty plans 218K-sf Jamaica development

Zara Realty plans 218K-sf Jamaica development
Related chairman Stephen Ross and 265-475 Cherry Street (Getty; Google Maps)

Related to buy Section 8 buildings for $435M

Related to buy Section 8 buildings for $435M
Housing prices in the Rockies see a bump as tech workers move in from the coasts (iStock)

Housing prices soar in mountain towns thanks to tech transplants

Housing prices soar in mountain towns thanks to tech transplants
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
arrow_forward_ios

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

Loading...