SL Green to build FiDi rental under Affordable New York program

REIT assembled site at 183-187 Broadway over two years

TRD New York /
Dec.December 04, 2017 02:50 PM

183-187 Broadway and SL Green’s Andrew Mathias

SL Green Realty plans to build a mixed-income residential rental tower at 183-187 Broadway under the 421a-successor program, the company announced during its annual investor conference Monday.

The real estate investment trust expects to finish construction by 2020, it said, with 30 percent of the units designated affordable. The project would be one of the first Manhattan developments to use Affordable New York, the program that succeeded 421a. It wasn’t immediately clear how many units the project will include.

The company bought 183 Broadway for $28.5 million in 2016 after shelling out $63.7 million for the other two buildings a year earlier.

SL Green vacated the buildings and received permits in May to start tearing them down. The New York Post reported at the time that the real estate investment trust plans to build an office tower. SL Green also considered a hotel and a dormitory, the company said, but ultimately settled on mixed-income rental apartments because of the 35-year tax abatement under the Affordable New York program.

“This basically won the day,” the company’s president Andrew Mathias said during the conference. The property will also include retail space at the base, he added.

Lawmakers in Albany approved the Affordable New York program, which grants tax breaks to developers who keep a share of rental units affordable, in April.


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
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
Gov. Andrew Cuomo with Judge Lawrence Marks and Judge Daniele Chinea (Getty, Linkedin, iStock)

Flip-flop on eviction ban extension highlights state’s chaotic response

Flip-flop on eviction ban extension highlights state’s chaotic response
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Joe Jonas and Sophie Turner with 199 Mott Street (Getty; Modlin Group)

Joe Jonas and Sophie Turner list NYC pied-à-terre for $5.9M

Joe Jonas and Sophie Turner list NYC pied-à-terre for $5.9M
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
arrow_forward_ios

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

Loading...