NYC: Biggest Affordable Housing In 40 Years

Last week, TF Cornerstone, the chieftains of Long Island City's waterfront development, won the City's RFP to develop NYC's largest affordable housing project since Starrett City and Co-Op City in the '70s. It'll go up across the East River from Manhattan's 34th Street. Of the 1,193 units, 696 are set aside for moderate- and middle-income renters (and another 100 for low-income seniors with an assist from nonprofit partner Selfhelp). The developer way overshot the RFP's minimum requirement for affordable units for parcel C at Hunter's Point South, between Borden and 54th avenues, TF acquisitions and finance head Jeremy Shell (above, at a Bisnow event) tells us. (If this were the movie Office Space, TF would be the star Chotchkie's employee, with more than the minimum required flair.)

Related et al are building parcels A and B now (see our previous story here), which include 925 affordable units. The goal for the entire 30-acre Hunter's Point South is 5,000, with four parcels left to go. ODA's metal, brick, and glass design maxes out the site density, Jeremy tells us. More than half of the two-tower building (with two entrances) will be two- and three-bedroom units, so it'll bring hundreds of new families to the neighborhood. Over 20k SF of commercial space will include restaurants, community space for arts programs, a pre-K, medical space, and a seniors center (so one could age in place from womb to walker).

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Data Center Energy Bill Stalls In Congress As Opponents Say It Lacked 'Real Teeth'

Build Inc. Served With Notice Of Default On India Basin Project

Tennessee University Plans Campus In Chamblee: The Atlanta Deal Sheet

FedEx's Consolidation Plan Puts $3B Of CMBS Debt In Crosshairs

FBI Opens Investigation Into Multifamily Investor Lurin Capital

DWS Plans Liquidation Of Nontraded REIT After Heightened Redemption Activity

Bisnow's 2026 DEI Data Series

America's Data Centers Are Running Out Of People Who Know How To Run Them

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project

Why Data Centers Crave Simplicity As Operations Grow More Complex

Blackstone Looks To Secondary Market To Cash Out Investors In $11B Fund

CalSTRS Plans $5B In New CRE Investments