Governor Kathy Hochul has announced nearly $700 million in state financing for eight housing developments across New York City, part of a broader $2 billion investment across 24 projects statewide. The NYC awards will support the construction and preservation of 3,757 affordable and supportive housing units. The initiative is part of the Governor’s five-year, $25 billion Housing Plan aimed at creating or preserving 100,000 affordable homes.
Projects receiving funding are located in Manhattan, The Bronx, Brooklyn, and Staten Island, with development teams including Breaking Ground, Slate Property Group, Concern for Independent Living, and the Arker Companies.
371 Seventh Avenue, via Slate Property Group.
In Manhattan, the former Stewart Hotel at 371 Seventh Avenue in Midtown will be converted into a 579-unit affordable and supportive housing development with ground-floor retail, backed by $87 million in funding. In The Bronx, two projects will receive a combined $261 million: Concern Inwood, a 210-unit building in Highbridge featuring green space and a gardening terrace, and River II Apartments, a 292-unit mixed-use project in West Concourse that will include supportive units for veterans and individuals experiencing chronic homelessness.
Rendering of River II Apartments, via ESKW/Architects.
Rendering of River II Apartments, via ESKW/Architects.
In Brooklyn, three projects were awarded: Sparrow Square Phase 1 in East Flatbush ($186 million), a 261-unit development on the former Kingsboro Psychiatric Center campus; the preservation of Bay Ridge Towers ($49 million), an 811-unit Mitchell-Lama co-op; and the preservation of Jimerson Apartments ($39 million), a 421-unit co-op in Brownsville.
Rendering of Sparrow Square Phase 1, via nyc.gov.
St. Elizabeth’s Manor, via Purpose by Design Architects.
Staten Island will see more than $60 million directed toward two preservation efforts. The Park Hill complex, consisting of 1,103 affordable and supportive units across six sites, will receive $50 million. An additional $11 million has been allocated to preserve St. Elizabeth’s Manor, an 80-unit development for seniors earning up to 30 percent of the area median income. All funded developments will meet high sustainability standards in line with New York State’s climate goals.
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Yimby is informative and such a great source for newly future constructed buildings. I love scanning through. I only wish that there was information on how to apply for these new apartments.