In NYC, there are currently 7,970 rental buildings in pre-development or under construction that, if built, would total nearly 100,000 units.
Of course, many of these projects won’t come to fruition. Nonetheless, 116 of them are positioned to incorporate affordable housing, potentially adding as many as 21,000 new units to NYC’s affordable housing stock.
Both Astoria and Bed-Stuy have 7 affordable projects, the highest concentration in the city. Next is Mott Haven with 5, and then Crown Heights and Bushwick with 4.
These developments range in size and scope, but a select group could each contribute hundreds of new affordable apartments.
What are the largest rental projects with affordable housing? Let’s take a look.
265 South Street
Located in Two Bridges, 265 South Street is a dual-tower development that combines for roughly 1,800 rental units, a portion of which will be affordable. The project is currently under construction, with permits issued April 2022 that cite Handel Architects. The project was originally developed by CIM Group and L+M Development but was sold to The Chetrit Group in 2021 for around $100 million. More here >>>
Also in Two Bridges, 259 Clinton is a 62-story tower that will rise 710 feet tall and hold roughly 706 units. Construction permits have been issued. Extell reportedly acquired the site from Starrett Development for nearly $100M in fall 2022. Perkins Eastman is listed on permits as the architect. More here >>>
The most expensive private development in Bronx history, Bankside is a $950 million, 4.3-acre mixed-use project with 7 towers totaling 1,376 units. Developed by Brookfield Properties and designed by Hill West, the first phase of development – called Third at Bankside – includes three connected towers with a total of 458 rental units, 134 of which are affordable. The second and final phase is Lincoln at Bankside, which is currently under construction and comprises 921 units. A 2009 rezoning of the Lower Concourse paved the way for the Bankside mega-development.
More here >>>
This is one of two sites that the Lightstone Group purchased in order to build a 2,000-unit residential development in Mott Haven. The second site is the adjacent 399 Exterior Street. Plans for 355 Exterior call for a 400-foot-tall, 43-story building with 710 rental units, 30% of which are expected to be affordable. Hill West Architects is listed on the permits. More here >>>
346 Kent Avenue is part of Two Trees’ 11-acre Domino Sugar Refinery development. The masterplan designed by SHoP Architects includes two rental buildings, two commercial buildings, the adaptive reuse of the former refinery at 295 Kent Avenue (the only original building at the site), and a yet-to-be-announced building that will likely be residential. The entire project will comprise 2,800 rental units, 700 of which will be affordable. According to permits approved in 2019, 346 Kent will be a 52-story tower with 559 rental units. More here >>>
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