This week Governor Kathy Hochul announced the start of construction on a $416 million residential development in Inwood, Manhattan. The two-building, mixed-income project at 405 and 407 West 206th Street will bring nearly 700 apartments with 281 affordable units with free broadband internet, all-electric heating and cooling, and other sustainable features in line with the state’s climate goals. The development is a joint venture among LMXD affiliate of L+M Development Partners, MSquared, and Taconic Partners with the Community League of the Heights as the community sponsor, and Beyer Blinder Belle Architects responsible for design.
“My administration is fighting to ensure every New Yorker has the opportunity to live in a safe, secure, sustainable home in a thriving community like Inwood,” Governor Hochul said. “This development will not only create new homes but will also provide essential services and amenities that increase quality of life and boost the economy for the entire community.”
405 and 407 West 206th Street are part of Governor Hochul’s $25 billion comprehensive housing plan that will create or preserve 100,000 affordable homes across New York, including 10,000 with supportive services for vulnerable populations, plus the electrification of an additional 50,000 homes that currently use carbon emissions.
“Mixed-use, energy-efficient developments like 405-407 206th Street are critical for addressing our city’s housing needs and help ensure that our communities are built to thrive,” said George Tsapelas, senior vice president of Taconic Partners. “With the addition of nearly 700 homes, vital community resources and cultural amenities, all built with an eye towards sustainable design, residents will have a high-quality, accessible place to call home.”
Together the buildings will have a mix of studios, one-, two-, and three-bedroom apartments. Forty percent of the apartments are reserved for residents earning at or below 80 percent of the area median income (AMI). An additional 10 percent of apartments will have rents restricted up to 30 percent of 120 percent of AMI and be subject to NYC rent stabilization guidelines. The remaining units will be designated as market rate.
Residents will have access to an expansive suite of shared amenities including landscaped courtyards, an attended lobby, multiple roof decks, a fitness center, coworking spaces, lounge spaces, and music rehearsal rooms. The complex will also house a supermarket under the city of New York’s Food Retail Expansion to Support Health Program program, as well as retail space, parking, and an immigrant-centered performing arts center to be owned and operated by the People’s Theatre Project.
The project meets the new sustainability standards established by New York State Homes and Community Renewal in 2022, which promote healthier living environments and highly efficient buildings. It also supports the goals set by the New York State Climate Leadership and Community Protection Act and will pursue a LEED BD+C Silver certification.
Financing for the affordable portion of the new development includes nearly $70 million in low income housing tax credit equity and nearly $82 million in tax-exempt bonds and almost $182 million in taxable bonds provided by New York State Homes and Community Renewal. In addition, the project applicant is applying for an estimated $39.5 million in tax credits following work completed to investigate and clean up contamination under Department of Environmental Conservation oversight as part of the state’s successful Brownfield Cleanup Program.