New York City is continuing its flurry of planned housing projects amid the affordability crisis. This time, Mayor Eric Adams announced he reached a deal with City Council Member Christopher Marte to construct hundreds more affordable homes in Council District 1, Lower Manhattan.
However, it will come at the expense of the redevelopment of Elizabeth Street Garden, which would have delivered just 123 homes. Now, those plans will be scrapped, and Marte will move to rezone three sites in his district to create more than 620 homes, nearly five times what the original proposal called for.
One of the sites is 156-166 Bowery, which consists of seven multiblock lots spanning roughly 15,000 square feet between Broome and Kenmare Streets. The rezoning in the area will allow for at least another 123 apartment units for seniors. Another is located at 22 Suffolk Street, occupying approximately 15,500 square feet and housing roughly 200 new affordable homes. The other, at 100 Gold Street, will welcome 1,000 new homes, with at least 300 designated as affordable.
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“The best way to tackle our city’s housing crisis is to build as much affordable housing as we can," Adams said in a statement.
“This is what smart, responsible leadership looks like: bringing people together to reach common sense solutions that create more housing and protect green space. Whether it’s creating record amounts of affordable housing two years in a row, passing the first citywide rezoning effort in 60 years, or reaching agreements like this to build more housing wherever we can, we are proud to be the most pro-housing administration in New York City history."
The revised plans come after a robust last week for affordable housing in NYC. For one, Adams' administration partnered with BFC Partners Development LLC to add another 420 affordable homes to Coney Island. The total project aims to deliver more than 1,200 homes to Surf Avenue. Additionally, a development involving a joint venture between Comunilife, ELH-TKC, Breaking Ground, BRP Companies, Hudson Companies, J.P. Morgan, and Adams has commenced construction on Phase II, which will build 420 affordable homes in the Bronx. However, perhaps the most significant of all was the City Planning Commission's approval of a proposal to add approximately 9,700 new homes, with as many as 2,900 designated as permanently affordable for Midtown South. It now heads to the City Council for a final vote.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
