Largest New Construction Housing Plan in Manhattan
550 West 45th Street Project Will Encompass Nearly an Entire City Block and Provide More Than 1,200 New Apartments with Over 600 Designated As Permanently Affordable, New Retail Space, New School and Open Green Space
550 West 45th Street is the largest affordable new construction housing development project in Manhattan to be created under the Bloomberg Administration’s New Housing Marketplace Plan. The plan, launched by Mayor Bloomberg in 2003, is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the plan has funded the creation or preservation of more than 125,700 units of affordable housing across the five boroughs.
The residential portion of the project will be comprised of three separate buildings. Building A will be a 31-story tower with 698 total units with 141 affordable units (60 units being permanently affordable) and will contain the retail space at the ground floor level. Building B will be a 14-story building with 297 permanently affordable units. Building C will be a 14-story building with north and south segments located over the Amtrak train tracks with a combined 243 permanently affordable units.
Throughout all three buildings there will be 476 studio units, 419 one-bedroom units, 262 two-bedroom units and 81 three-bedroom units. The combined 600 permanently affordable units will be targeted to families with household incomes at ranges between 40 percent and 165 percent of the Area Median Income (AMI) or the equivalent of $32,720 to $134,970 for a family of four. The design by architect Schuman Lichtenstein Claman and Efron (SLCE) respects the scale of Clinton’s streetscapes by organizing the buildings into segments, each with a distinct exterior.
The residential development will be financed with $520 million primarily tax-exempt bonds issued by the New York State Housing Finance Agency , a subsidiary agency of New York State Homes and Community Renewal. These bonds are credit enhanced by a syndicate of lenders led by Wells Fargo Bank. The project also leverages $35.5 million in Low Income Housing Tax Credits.
550 West 45th Street is the largest affordable new construction housing development project in Manhattan to be created under the Bloomberg Administration’s New Housing Marketplace Plan. The plan, launched by Mayor Bloomberg in 2003, is a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the plan has funded the creation or preservation of more than 125,700 units of affordable housing across the five boroughs.
The residential portion of the project will be comprised of three separate buildings. Building A will be a 31-story tower with 698 total units with 141 affordable units (60 units being permanently affordable) and will contain the retail space at the ground floor level. Building B will be a 14-story building with 297 permanently affordable units. Building C will be a 14-story building with north and south segments located over the Amtrak train tracks with a combined 243 permanently affordable units.
Throughout all three buildings there will be 476 studio units, 419 one-bedroom units, 262 two-bedroom units and 81 three-bedroom units. The combined 600 permanently affordable units will be targeted to families with household incomes at ranges between 40 percent and 165 percent of the Area Median Income (AMI) or the equivalent of $32,720 to $134,970 for a family of four. The design by architect Schuman Lichtenstein Claman and Efron (SLCE) respects the scale of Clinton’s streetscapes by organizing the buildings into segments, each with a distinct exterior.
The residential development will be financed with $520 million primarily tax-exempt bonds issued by the New York State Housing Finance Agency , a subsidiary agency of New York State Homes and Community Renewal. These bonds are credit enhanced by a syndicate of lenders led by Wells Fargo Bank. The project also leverages $35.5 million in Low Income Housing Tax Credits.
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