Yesterday it was announced that Brookfield Property Partners is making their first Brooklyn venture by purchasing a majority stake in two Greenpoint Landing development sites for $59.7 million. While better known for their commercial ventures, Brookfield will begin construction early next year on 775 market-rate apartments on two waterfront parcels. The towers should be finished sometime in 2019 at the total cost of $600 million as part of the first phases of the of the 22-acre master plan which is being designed by Handel Architects.
Plans filed with the Department of Buildings for Brookfield’s sites call for a 30-story, 372-unit rental building at 37 Blue Slip and a larger 39-story, 401-unit tower at 41 Blue Slip. A cul-de-sac will separate the slab-shaped towers, which will open onto a waterfront esplanade designed by James Corner Field Operations.
More renderings right this way
The hot topic right now in the real estate world is undoubtedly the $5.3 billion sale of Stuyvesant Town to the Blackstone Group and Canadian investment firm Ivanhoe Cambridge. Aside from the huge sum and the fact that the apartment complex has been long-plagued, what makes this deal so huge is that the new owners agreed to preserve 5,000 of the 11,200 units as affordable housing. On the surface this sounds like a fool-proof plan, but many of Stuyvesant Town‘s long-time rent-regulated residents may not like the changes, and the newer generation of young professionals might now find themselves making too much to qualify for an available affordable unit. How do you think it’s going to play out? Vote in our poll and share your thoughts in the comments below!
The saga of Stuyvesant Town continues. The Real Deal reports that the Blackstone Group has partnered with Canadian investment firm Ivanhoe Cambridge to buy Stuy Town and Peter Cooper Village for $5.3 billion, just slightly under 2006’s $5.4 billion sale.
Currently, more than half of the 11,200 apartments in the long-plagued complex (which was built under Robert Moses as affordable housing for veterans returning from WWII) are market rate. And as TRD notes, “As part of the new agreement with the city, Blackstone will reserve 4,500 units at the complex for middle-income families for the next 20 years… An additional 500 units will be slated for low-income families, and Blackstone will not attempt a condominium conversion at the complex.” In order to keep the affordable units, the city will provide $225 million in funding; give Blackstone a $144 million low-interest loan through the Housing Development Corporation; and waive $77 million in taxes.
Find out more about the deal
Groundwork on BLDG Management’s 43-story rental tower at 222 East 44th Street is quickly moving forward now that the large block-through parking garage that occupied the site has been removed. The 441,000-square-foot development situated midblock between Second and Third Avenues will house 429 residential units, 87 of which will be deemed affordable.
East 44th Street is among the most densely built streetscapes in the city, and will be more so once three other high-rises projects on the stretch are complete. But as 6sqft reported in August, the 556-foot-tall, Handel Architects-designed development employs a unique massing where its elevations are torqued away from the street wall, granting additional light and air to residents.
This way for more details and renderings
Construction shot © 6sqft
Applications are now being accepted for the 142 affordable apartments in Bjarke Ingels‘ tetrahedron-shaped rental building dubbed VIA 57 West, aka “the Pyramid Building.” By downloading applications here, you and 141 other lucky families may have the chance to live in a future landmark that is already turning out to be the most audacious rental building ever built in the city.
The massive, half-block-long development will contain a total of 709 units, of which 20 percent will be deemed affordable. Subsidized rents range from $565/month studios for single-person households making between $19,222 – $24,200 annually, to three-bedroom apartments going for $1,067/month for three- to six-person households.
More construction shots and the full pricing breakdown
, Tue, September 22, 2015
Complaining about high rents is nothing new for New Yorkers, but we’re actually not alone in our misery. According to a new study from Harvard University’s Joint Center for Housing Studies and Enterprise Community Partners, reported in the Washington Post, “nearly 15 million [U.S.] households could be ‘severely cost-burdened’ by 2025, meaning they’ll be spending more than half their money on housing.” Today, that statistic applies to 11.2 million households (one in four households), which increased by three million since 2012.
What’s leading to this staggering rise?
, Tue, September 15, 2015
Historic brownstones in Brooklyn Heights via City Realty
The war wages on between the Real Estate Board of New York (REBNY) and citywide preservationists. Many thought the contention between the groups over whether or not historic districts lessen affordable housing was a personal sentiment of former REBNY president Steven Spinola. But his successor John Banks has released a new report that claims landmarking doesn’t protect affordable housing.
The report looks at the number of rent-stabilized units in landmarked and non-landmarked districts between 2007 and 2014, finding that “citywide, landmarked properties lost rent stabilized units (-22.5%) at a much higher rate (-5.1%) than non-landmarked properties.” Of course preservationists quickly fired back. Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation (GVSHP) calls the study “bogus” and says it does nothing to address how many units would have been lost had these areas not been landmarked.
More on the report
Yesterday, we reported that My Micro NY, the city’s first micro apartment complex, was accepting applications for its affordable units, which account for 22 of the building’s 55 studios. Located at 335 East 27th Street on the border of Gramercy and Kips Bay, the building has units that range in size from 260 to 360 square feet. One person earning between $34,526 and $48,350, or two people making between $34,526 and $55,250, qualify for a $950/month studio. And one person making between $53,109 and $78,650, or two people earning between $53,109 and $89,830, qualify for slightly larger $1,492/month studios. Hmm… is this really affordable, especially considering the tiny footprint of these micro dwellings? Tell us what you think and if you’d get in on the action.
Renderings via nARCHITECTS
We knew this day was quickly approaching; just a couple of months ago, we reported that My Micro NY (also known as Carmel Place), the city’s first micro apartment complex, was fully stacked, reaching its 120-foot height at 335 East 27th Street on the border of Gramercy and Kips Bay. Now, Brick Underground reports that the $17 million development began accepting applications this morning for its 260- to 360-square-foot affordable studios. According to the site, the available units are “11 $950/month studios for one person earning between $34,526 and $48,350, or two people making between $34,526 and $55,250; and three $1,492/month studios for one person making between $53,109 and $78,650, or two people making between $53,109 and $89,830.”
Find out how to apply here
Recently on the Brian Lehrer radio show on WNYC, Mayor De Blasio addressed questions about the effects inclusionary development–i.e. giving developers the green light to build market rate housing if they set aside 25-30 percent of the units for low- and middle-income residents–has on the quality of life in lower-income neighborhoods. A growing concern among housing activists is that reliance on this kind of inclusionary zoning leads to gentrification that pushes out the lower income residents due to the 70-75 percent of market rate units bringing new, wealthy residents and new businesses that will cater to them.
Hear what the mayor has to say