Developers have secured financing for The Ridge Street Apartments, a 16-story affordable senior housing building at 145 Broome Street on Manhattan’s Lower East Side. Designed by Handel Architects and developed by Grand Street Guild, Catholic Homes of New York, and the New York City Department of Housing Preservation and Development (HPD), the structure will yield 190 100-percent affordable units in studio, one-, and two-bedroom layouts. The bulk of the homes will be available for seniors aged 62 and older earning up to 50 percent of the area median income, with 30 percent reserved for formerly homeless seniors aged 55 and older. The property is located between Ridge and Attorney Streets.
The $176 million project is part of the city’s Senior Affordable Rental Apartments (SARA) program and will include an on-site superintendent unit. HPD has allocated project-based vouchers for all residential units. Amenities will include an outdoor seating area and a range of social services offered by Catholic Charities Community Services.
The Ridge Street Apartments is designed with sustainability in mind, and will be fully electric powered and engineered to Passive House standards. These green elements earned the project a Future Housing Initiative award from the New York State Energy Research and Development Authority.
Funding sources for the Ridge Street Apartments include HPD, the New York City Housing Development Corporation, Citibank, Richman Housing Resources, and federal HOME funds. Wavecrest Management will handle leasing and property management, while Forsyth Street Affordable Housing will serve as financial consultant.
“We want our older New Yorkers to stay right here in the city they love, and this investment in 190 new affordable apartments for older adults will help us meet that mission,” said Mayor Adams. “From creating a record amount of senior housing last year to educating over 1,600 frontline health care workers on helping older patients age in place, our administration is proud to be delivering the housing, help, and healthcare that senior New Yorkers, and all New Yorkers, deserve.”
Construction is scheduled to begin in the second half of 2025 with completion expected in early 2028.
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They really could have done abetter job with the massing to envelope and incorporate the old walk-up on the corner.
Agreed. But if they put an outdoor terrace atop the lobby area, that wall can become an interesting mural or they can do movie nights. They can think of something.
Just shy of $1 million in development costs per unit. I love NYC, but it’s so expensive. Very happy to see some people care enough to house a few of us non-Titans of the world.