While New York City has made affordability a top priority, the city’s acute housing crisis continues due to lack of capital, land shortages and high construction costs. The pandemic has put the issue under further pressure, but has also created new opportunities, such as office and hotel renovation projects.
According to data from Yardi Matrix, New York City had a total of 5,842 affordable housing units under construction and 1,380 in the planning and approval phases as of July. So far this year developers have completed five fully affordable properties with 1,163 units.
The table below shows the largest affordable housing developments under construction in New York City, based on Yardi Matrix data. Most of the projects on the list have been implemented through a favorable rezoning policy aimed at revitalizing underutilized land.
|rank||Name of the property||units||market||owner||Estimated completion|
|2||The distant Rockaway Village||457||Queens||Phipps houses||3/2022|
|3||Surf Avenue||446||Brooklyn||Taconic investment partner||2/2023|
|4th||Fountain sea view B6||422||Brooklyn||The Arker Cos.||7/2021|
|5||Archer green||387||Queens||Omni New York||8/2021|
Source: Yardi Matrix
5. Archer green, queens
Archer Green Apartments. Rendering courtesy of Marin Architects
As part of the Jamaica Now action plan to revitalize the neighborhood’s downtown area, The Archer Green Apartments are replacing the former New York Police Department’s parking garage at 92-23 168th St., bringing 387 affordable housing units to the area.
Omni New York laid the groundwork for development in 2018 with the help of a nearly $ 170 million home loan funded by New York City Housing Development Corp. The project will provide housing for low- and middle-income tenants who earn 40 to 130 percent of the median land-area income.
The 23-story Archer Green is expected to be completed by the end of this summer and will include studios and one- to three-bedroom apartments. Facilities include 130 covered parking spaces, a fitness center, clubhouse, children’s playroom and playground, and laundry facilities. The development will also include 68,800 square feet of commercial space.
4. Fountain Ocean View B6, Brooklyn
The Fountain Seaview B6 is part of The Arker Cos. ‘ Affordable housing project called The Fountains with a total of 1,163 units in six buildings in Brooklyn. The project was first announced in 2017 and since then two buildings have already been opened for residents. Of the total of 1,163 planned units, 1,078 are aimed at residents who earn up to 60 percent of the median income in the region.
The 422-unit Fountain Seaview B6 at 894 Fountain Avenue received a $ 62 million home loan from the New York State Housing Finance Agency and $ 75 million bond financing from Bank of America Parking Spaces and over in 2018 55,000 square meters of retail space.
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3. Surf Avenue, Brooklyn
Taconic Investment Partners is working with BFC Partners and L + M Development Partners on a 16-story mixed-use development in Coney Island. The project will include 446 affordable units as well as 66,000 square feet of office and 15,000 square feet of retail space.
Surf Avenue received a nearly $ 210 million home loan from New York City Housing Development Corp. in 2018. The development is expected to be delivered in the first quarter of 2023.
The project takes place at 1709 Surf Ave. And is located less than 1 mile from Public School 90 and within walking distance of several shops and restaurants, as well as public transportation.
2. The Far Rockaway Village, Queens
After the rededication of downtown Far Rockaway in September 2017, New York City Housing Development Corp. on behalf of Phipps Houses, raised more than $ 193 million in funding to develop an affordable 457 unit residential development in Far Rockaway Village, Queens. In addition, Phipps Houses financed the project with a construction loan of $ 40.4 million.
The project is located on Mott Ave. 20-02 and represents the revitalization of an abandoned parking lot, bringing housing, public space and approximately 90,000 square meters of retail space into the area.
The project has 46 residential units that are reserved for former homeless people. Phipps Houses laid the foundation stone for the development in early 2019 and is expected to be completed in the first quarter of 2022.
1. 90 Sands St., Brooklyn
90 Sands St. Image courtesy of Breaking Ground
Breaking Ground is transforming a former Jehovah’s Witness hotel at 90 Sands St. in Brooklyn’s DUMBO neighborhood into 491 affordable housing units. The nonprofit began construction in late 2020 after receiving a $ 167 million loan from the New York Department of Housing Preservation and Development and $ 76.4 million from New York City Housing Development Corp.
Of the 491 units, 185 will be available for extremely low and middle income households, while 305 units will be used to accommodate the formerly homeless.
Half of the units, which corresponds to 246 apartments, will be affordable over the long term. The project will also include around 30,000 square meters of communal or commercial space and a newly activated public space. The handover of the building is planned for the beginning of 2023.
Yardi Matrix covers all apartment buildings over 50 units in size in 133 markets in the United States. This ranking reflects the developments that are going on within this sample group.