Photograph from 'City of Yes' affordable housing announcement, via nyc.gov

Mayor Adams Issues Executive Order To Review City-Owned Land For Potential Housing Development

7:00 am on August 26, 2024 By Max Gillespie

New York City Mayor Eric Adams has announced the issuance of executive order 43, which requires city agencies to review their city-owned and controlled land for potential housing development sites. The executive order, which builds off the goals of the “City of Yes for Housing Opportunity” proposal, aims to support the Adams administration’s goal of building 500,000 new homes by 2032 to address the city’s affordable housing shortage.

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Demolition Wraps Up For Manhattan Detention Complex At 124-125 White Street In Chinatown, Manhattan

8:00 am on August 25, 2024 By Michael Young and Matt Pruznick

Demolition is finishing up at 124-125 White Street, the site of the Manhattan Detention Complex (MDC) in Chinatown, Manhattan. Led by design-build organization Gramercy Group Inc., the $2.13 billion project will replace the aging detention center known as “The Tombs” with a 15- to 17-story facility standing 295 feet tall and spanning 1.25 million square feet. The property is bound by Walker Street to the north, the Manhattan Criminal Court Building to the south, Baxter Street to the east, and Centre Street to the west. The demolition process is slated to cost $125 million.

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Foundations Underway For 5055 Broadway in Inwood, Manhattan 

7:30 am on August 25, 2024 By Michael Young and Matt Pruznick

Below-grade work is underway at 5055 Broadway, the site of an 11-story mixed-use building in Inwood, Manhattan. Designed by Fischer + Makooi Architects and developed by Timber Equities, the 155-foot-tall structure will span 50,808 square feet and yield 60 rental apartments in one- to two-bedroom layouts, with 25 percent dedicated to affordable housing, as well as amenities and ground-floor retail space. The 7,500-square-foot property is located between West 215th and 216th Streets and was once a surface-level parking lot.

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Transitional housing property owned by Fundamental Advisors, via fundamental.com

Slate Property Group Closes $210 Million Refinancing Package For Transitional And Affordable Housing Portfolio

7:00 am on August 25, 2024 By Max Gillespie

Slate Property Group and Fundamental Advisors have closed on a $210 million refinancing package for their joint venture’s transitional and affordable housing portfolio. The transaction, designated as a social bond, was made possible by Freddie Mac in a first-of-its-kind engagement to provide liquidity to social impact financial institutions that bring affordable housing to low-income communities and underserved populations.
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