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
60 Norfolk Street with Gotham Organization Chairman Joel Picket and CEO David Picket (Gotham/Dattner Architects)
Gotham Org lands more loans for Lower East Side development
Gotham Org lands more loans for Lower East Side development
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Mayor Bill de Blasio (Getty)
City expands free legal services for tenants, fearing eviction rush
City expands free legal services for tenants, fearing eviction rush
(iStock)
Landlords seek up to 5% rent hike on stabilized apartments
Landlords seek up to 5% rent hike on stabilized apartments
Andrew Yang (Getty)
Does Andrew Yang’s housing plan make sense?
Does Andrew Yang’s housing plan make sense?
The Altana Complex and Waterford CEO John Drachman (Waterford)
Waterford Property venture acquires luxury rental complex from Carmel Partners
Waterford Property venture acquires luxury rental complex from Carmel Partners
arrow_forward_ios

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

Loading...