It is no secret that housing is at a premium in New York City. This is particularly true when it comes to affordable housing. Fortunately, new residential opportunities are being developed on a regular basis, though it seems as though these properties can never be developed and constructed quickly enough to meet the ever-growing demand. Here is a look at an affordable housing development that has been recently completed, as well as other developments that are scheduled to be completed in the near future.
New Affordable Housing Comes to The Bronx
The massive COOKFOX-designed affordable housing complex known as Park House has officially opened its doors. In June, developer Breaking Ground announced that it had received 55,163 applications for the 248 units being offered at the all-affordable development. Apartments within the development start at $494 per month for a studio.
The twelve-story building, which is one of two buildings at the COOKFOX-designed development in the Tremont neighborhood of The Bronx, offers 248 units. More than half of the units boast two- and three-bedroom floor plans. While all of the units are currently affordable, forty of them are listed as permanently affordable thanks to the city’s Voluntary Inclusionary Housing program. The building will also provide supportive services to 20 formerly homeless households.
According to Breaking Ground president and CEO Brenda Rosen, Park House will help hundreds of families find an affordable and safe place to live. In addition to the apartments, the development also offers a landscaped courtyard, community space, on-site laundry facilities and bike storage.
The second building within the complex, which is to be named Webster Supportive Housing, will open sometime in early 2018. This building will bring an additional 418 affordable homes to the city. Between the two developments that are included as part of this project, more than 650 affordable housing opportunities will become available in the city. While this falls way short of meeting the demand demonstrated by the tens of thousands of applicants, it will put a small dent in the city’s housing demand.
New Financial District Skyscraper Construction Underway
After a rough start, the Rafael Vinoly-designed Financial skyscraper located at 125 Greenwich Street is finally under construction. Shortly after sales got underway for the development, the structure was a couple stories above ground. Once complete, the 88-story condo building will reach 912 feet tall with 273 apartments.
Developed by Bizzi & Partners and the Vector Group, units in the new development will range in price from $1.27 million for a 418-square-foot studio to $6 million for a two-bedroom, two-bathroom condo offering 1,665-square-feet of living space.
While many of the details of the project had not been made public for quite some time, more information about plans for the hotel has recently become available. This includes the fact that the building’s amenities will be located on the top three floors of the tower.
Construction on the building is scheduled to be complete in less than two years. The first set of residents are expected to be allowed to start moving in sometime in September of 2019.