New York Builds Housing Complex for Mid-income Families

February 11, 2011 / Russell Legato, Residential Property Analyst

New York City is planning to build a large-scale residential development — a housing complex for middle class families in the city. New York Mayor Michael Bloomberg and officials are hoping the housing complex will transform the abandoned lot in Long Island City into a lively residential neighborhood.

New York Builds Housing Complex for Mid-income Families

In LA, Watts Labor Community Action Committee — an agency offers a homeless support services with shelter services and access center, primarily for low-income families living in Los Angeles, with Affordable Housing CDC Inc, its development partner, will be celebrating the grand opening of its affordable apartment project located 9315 Firth Boulevard in Los Angeles.

New York City council chose Related Cos — a real estate developer, manager and financier, New York-based Monadnock Construction, a general contracting, construction management and real estate development firm, and  Phipps Houses, a not-for-profit developer/owner of housing for low-and moderate-income families, to work as the development team for the housing complex’s phase first.

The construction and developer team, according to a report, will construct 908 housing units in the two-building housing complex. About 75 percent or 685 of the housing units are said to be “permanently affordable” to mid-income families in New York, said Mayor Bloomberg.

Mid-income families that are earning $32,000 to $130,000 can avail a housing unit in the housing complex.

City officials in New York said the residential development will cost about $2 billion and will create about 4,600 jobs.

Construction for the two-building housing complex will commence during the summer 2012, and expected completion date will be on 2014.

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