A new building constructed entirely through Inclusionary Housing proceeds is now home to 20 low-income households in midtown Manhattan
New York, NY — New York City Housing Preservation and Development (HPD) joined New York City Council Member Ben Kallos, Azimuth Development Group and development partners to celebrate the opening of a new 21-unit residential building located at 321 East 60th Street in the Lenox Hill section of Manhattan. The building is 100% permanently affordable to low-income households, for example, individuals earning at or below $53,440 annually. Event attendees also included TD Bank, Aufgang Architects, and the New York City Housing Partnership Development Corporation.
“Inclusionary Housing provides a powerful tool for creating affordable housing opportunities across New York City’s neighborhoods,” said HPD Commissioner Maria Torres-Springer. “Today we celebrate the completion of this newly constructed 100 percent affordable building in the heart of Manhattan, thanks to our Inclusionary Housing program. We are grateful to Council Member Kallos for his support and all our development partners for their commitment to building a more equitable and affordable city.”
"Today is a great day to celebrate, in the perennial fight for more affordable housing," said Council Member Ben Kallos. "It is truly a pleasure to welcome 21 units of 100 percent affordable housing to 321 East 60th Street here in Lenox Hill. Thank you to New York City Housing Preservation and Development as well as Azimuth Development Group for making this much-needed project a reality for this district. This new building is exactly what low and moderate-income New Yorkers need right now."
“Azimuth Development Group is honored to have the opportunity to participate in such an exciting and transformative development in the heart of the Upper East Side. It is with the continued assistance of our partners in the public and private sectors that we are able to provide a quality and affordable development for families. We live in a time where expiring regulatory periods force families into uncertainty. The permanent affordability at 321 E 60th Street ensures that these families will be provided with the security of a reduced cost of living in perpetuity,” said Guido Subotovsky, founder and President of Azimuth Development Group.
This development received financing under Mayor de Blasio’s Housing New York plan. Launched in 2014, the plan was recently accelerated and expanded through the release of Housing New York 2.0, a roadmap outlining how the City will reach a new goal of 300,000 homes by 2026. The new eight-story building includes 25,360 square feet of residential space. Building features include a nine-car parking garage, storage for 11 bikes, laundry facilities, and private residential storage space.
While the project was entirely financed by inclusionary housing proceeds in the amount of $25,275,947, there are no market-rate units in this building. The development is instead beneficiary to three nearby market-rate compensated developments.
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The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York Plan which was recently expanded and accelerated through Housing New York 2.0 to complete the initial goal of 200,000 homes two years ahead of schedule—by 2022, and achieve an additional 100,000 homes over the following four years, for a total of 300,000 homes by 2026. For full details visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.