Affordable Housing

The conversation surrounding affordable housing so often focuses on the distorted nature of New York City’s AMI calculations, what percentage of a given project will be affordable, and what an affordable rent really is. Much less common is a conversation with the developers who build affordable housing.

The Commercial Observer has a great interview with Lisa Gomez, the CEO of L+M Development Partners. L+M is currently building the new hip-hop museum in The Bronx (on The Bronx side of the 145th Street Bridge, and Sendero Verde, a 361-unit affordable project in East Harlem that will be built to passive house standards (between Madison/Park and 111/112).

Lisa notes how three main current issues are pushing affordable housing developers out of the market and into other forms of development:

…the expiration of 421a, a major development tax break; understaffed city housing agencies; and rising construction costs

To read more about how her company navigates between the simultaneous call for affordable housing from city council members with passionate anti-development reflexes, see the full article:

https://commercialobserver.com/2022/06/lisa-gomez-talks-about-the-challenges-facing-nycs-affordable-housing-developers/

W.E.B. DuBois

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South Bronx Luxury Development

A short trip across the 3rd Avenue Bridge and luxury units await.

As the first phase nears completion, a fresh set of renderings has been released of one of the most expensive private development in Bronx history. Developed by Brookfield Properties, Bankside is a $950 million seven-tower complex that stretches across two Harlem River-facing parcels in Mott Haven. New images of the massive development show off the project’s 450-unit rental set to open this year, as well as the new public waterfront park and esplanade.

As Seen at The Africa Center

It’s such a shame that the Africa Center hasn’t had the funding to open and activate the amazing space at 110th and 5th Avenue (stretching Museum Mile, certainly).

Still, their distinctive font that echoes the architecture of the building at 5th and 110th, always make me smile.