Related, Hudson Cos. Top Out Affordable Housing Project

The 340-unit building is the first newly built, permanently affordable housing to be developed on New York City’s Roosevelt Island.
Rendering of Riverwalk Park. Image courtesy of Related Companies and Hudson Companies

The Related Cos. and The Hudson Cos. have announced the topping out of a 21-story, 340-unit affordable housing property on Roosevelt Island in New York City. Riverwalk Park is the first newly built, permanently affordable housing to be developed on the island, which is just 2 miles long and is situated in the East River between Manhattan and Queens.

Related and Hudson first broke ground on the development in January. The $135.8 million project was funded through several programs: a $19.8 million permanent subsidy loan provided by New York City Department of Housing Preservation and Development, $12.9 million in new volume cap exempt bonds provided by New York City Housing Development Corporation and a $12.5 million loan from New York State Homes and Community Renewal under its Homes for Working Families program. Citi Community Capital served as the senior lender for the project.

Fully affordable property

Designed by Handel Architects, the building will offer a mix of studio, one-, two- and three-bedroom apartments and a full suite of amenities, according to the companies’ announcement, which did not offer further details. Prospective renters can apply for units at the property in 2020 through the city’s housing lottery system. Rents will range from $505 per month for a studio to $3,431 per month for a three-bedroom, depending on income.

Of the units at the 100 percent affordable building, 60 percent will be permanently affordable and the remaining 40 percent will stay affordable for 40 years. The project is planned as an Enterprise Green Communities Certified building and is expected to be completed in 2021.

Last month, L+M Development Partners and Invesco Real Estate teamed up to buy more than 2,800 market-rate apartments in New York City—including a 1,003-unit residential property on Roosevelt Island—in a $1.2 billion deal. Earlier this year, the City of New York announced the development of two affordable housing projects at city-owned sites in Manhattan. One of the properties, 806 Ninth Avenue in Hell’s Kitchen, is being developed by Hudson in partnership with Housing Works Inc., a nonprofit.