In what could be a positive move for affordable housing in New York City, developer Solovlev Group has announced it will include 513 permanently affordable units of housing within its proposed Freedom Plaza mixed-use development on the banks of the East River in New York City. The development will provide the largest number of new affordable units introduced in Manhattan’s core in a decade, Multi-Housing News Online reports.
No less than 30% of the property's 1,325 proposed units will be permanently affordable at an average of 80% or less than the average median income.
“The challenges whenever considering affordable housing are financially related,” Michael Hershman, CEO of Solovlev Group, told Multi-Housing News. “Land and construction costs are very high and, in order to be able to include affordable housing, you need supportive revenue. The Freedom Plaza concept will produce the additional revenue needed to support affordable housing.”