Billionaires’ Row paid for only 89 affordable units citywide

JDS contributed $9M, while Witkoff chipped in $19M

TRD New York /
Jul.July 30, 2015 02:53 PM

The tallest, glitziest new towers on Billionaires’ Row might make their mark on the New York City skyline. They will barely, however, impact New York’s affordable housing supply.

JDS Development and Property Markets Group’s 111 West 57th Street and Witkoff’s 1 Park Lane at 36 Central Park South will fund 23 affordable units, according to DNAinfo. JDS and Witkoff agreed to pay $28 million toward developing more affordable housing. The money will go toward the creation of a $43.3 million, 37-unit affordable housing project at 211 West 28th Street.

JDS’ contribution totaled $9 million for an additional 20,000 square feet. Witkoff chipped in $19 million for roughly 37,000 extra square feet.

In turn, the developers received an additional 57,000 square feet to ad to their mega projects, Department of Housing Preservation and Development and state documents that were obtained by DNAinfo show.

One57 — the most famous Billionaires’ Row condo building at 157 West 57th Street — helped create 66 affordable units in the Bronx. Alltogether, that means that the city’s most lavish stretch has subsidized 89 affordable units across the five boroughs. [DNAinfo] — Claire Moses

 

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