7 Dey Street’s rooftop terrace.
REAL ESTATE
Luxury builders look to make
apts. more affordable
BY HAEVEN GIBBONS
Rent prices continue to increase as millennials
and Gen Z move back to the city. But developers
across the fi ve boroughs are making a range of
high-quality apartments in luxury buildings affordable
to renters.
7 Dey St. in the Financial District is the fi rst property
in Lower Manhattan built under the Affordable New
York Housing Program. The property includes 209
new rental units and is located across from the Fulton
Transit Center, providing easy access to Manhattan and
the tri-state area.
The 260,000-square-foot building includes 63
mixed-income apartments and amenities including a
co-working space, outdoor terraces and 26,000 square
feet of commercial space. Leasing launched by SL Green
and Douglas Elliman on Sept. 7.
“Mixed income developments add to the city’s housing
supply and help meet the renter’s demand for the long
term,” said Jarrod Whitaker, Senior Vice President of
Residential Real Estate, RXR Realty.
Gotham Point in Long Island City, Queens, is bringing
1,132 residences to the Hunter’s Point South waterfront
neighborhood with 75 percent priced at affordable
rates. The latest residential development by the Gotham
Organization, in partnership with RiseBoro Community
Partnership, set aside 98 units for low-income seniors.
Gotham Point includes on-site amenities, waterfront
views, a community facility and retail space. The South
Tower is projected to be completed late 2021 with the
North Tower to be completed in 2022.
The Willoughby in Brooklyn is a new 34-story mixeduse
building offering 143 amenitized apartments to New
Yorkers whose income does not exceed 130% of the
Area Median Income. If someone’s combined household
RENDERING COURTESY OF SL GREEN REALTY
income is between $86,503 and $167,570, they could
qualify for a brand new residence in the community,
Whitaker said.
“RXR’s greater mission is to build not only best in
class residential communities, but to also do good by
fostering long positive social impacts in New York City
and every market that we enter,” said Whitaker. “The
HPD Affordable Housing Lottery launch is scheduled
to commence in the coming weeks and we encourage
all New Yorkers to learn more about the value of this
housing.”
The mixed-use building by RXR Realty and Douglas
Elliman includes a fi tness center, outdoor courtyard,
on-site parking, views of New York City in all directions.
Located at the intersection of Fort Greene and
Downtown Brooklyn, the building is a short walk from
the Atlantic Avenue transit hub. The building opened
in September.
“These luxury apartments will be subject to rent stabilization
and we anticipate that our affordable renters
will realize a savings of thousands of dollars a year, and
nearly tens of thousands of dollars over a 15 year period,
as compared to market rate units,” Whitaker said.
The lottery for these rent-restricted apartment homes,
priced for middle- income households will be open to
all income eligible New Yorkers.
Driving factors of rising rent premiums in New York
City include scarcity of land, rising construction costs
and general supply shortages, Whitaker said. But there
are ways for renters to navigate the luxury market in an
affordable way.
The Department of Housing Preservation and Development
recently launched Housing Connect 2.0 to help
people apply for affordable rental and homeownership
opportunities and have streamlined the application
process to an electronic application process.
Affordable options for buyers
There are also affordable options for New Yorkers
looking to buy.
Huxley, a residential new development in East Harlem
located at 181 East 101 Street. The nine-story mixed-use
building, designed by Workshop Design + Architecture,
includes retail space and 71 condominium residences
ranging from studios to three bedrooms. The building by
Wonder Works Construction offers amenities including
a fi tness center, recreation room, bike room, furnished
courtyard with outdoor fi replace and rooftop terrace
with a BBQ area.
Sales launched on Oct. 18 by SERHANT. New
Development, a multidimensional real estate brokerage
founded by Ryan Serhant of Bravo’s Million Dollar
Listing New York.
According to SERHANT. New Developments, what
makes Huxley affordable is the up-and-coming location
and low monthly costs.
Data from SERHANT showed an increasing buyer
demand in East Harlem with condo sales up 43% yearover
year. Huxley brings accessible luxury residences to
the neighborhood with units starting at $480K.
As part of the Huxley sales process, SERHANT.
and Wonder Works Construction are jointly pledging
to donate a portion of all sales commission earned at
Huxley back to the local community – totaling $101,000,
representative of 101st Street, according to a press release
from SERHANT.
These affordable luxury developments across the city
are attracting young professionals who work in a multitude
of industries including fi nance, tech and media,
Whitaker said.
RENDERING COURTESY OF VUW STUDIO
Gotham Point’s North Tower (left) and South
Tower (right).
“Last year there was a ton of supply and very little
demand,” said James McGrath, co-founder of Yoreevo,
an NYC-based residential brokerage. “Over the last year
the city has become much more active with young people
moving back to the city, the vaccine, schools reopening,
offi ces reopening, and all of that inventory got absorbed,
so it’s very competitive.”
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