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1200 New Apartments to be Allocated to 9/11 Survivors, & Low Income New Yorkers at 5 World Trade Center
Edited by: TJVNews.com
New York Governor Kathy Hochul recently announced a groundbreaking deal to develop a new apartment-filled skyscraper at 5 World Trade Center in Lower Manhattan. The New York Post reported on Thursday that the deal brings an end to a two-year battle over the site’s future, with developers initially proposing an office tower, but later transitioning to a residential project amidst the city’s housing crisis and reduced demand for commercial space due to the COVID-19 pandemic.
The apartment-filled tower will house 1,200 new units, and a significant portion of these will be allocated to low- and moderate-income New Yorkers. As was reported by the Post, out of the 400 affordable units, 80 will be reserved for survivors of the September 11 attacks and first responders. This move aims to address the housing needs of these heroes who have made significant sacrifices for their community.
Governor Hochul emphasized that this project is about more than just skyscrapers; it’s about the people who will inhabit them. With the city facing a housing crisis and the pandemic affecting commercial space demand, the developers decided to shift the tower’s purpose from an office building to residential. As was reported by the Post, this change was met with opposition from some neighborhood activists who believed the entire tower should be dedicated to affordable housing programs, given that it was being built on government-owned land.
To gain approval for the project, the state’s Public Authorities Control Board, a powerful body overseeing redevelopment projects, provided its blessing, the Post report noted. The collaboration of real estate powerhouses, including Silverstein Properties, Omni New York, Brookfield Properties, and Dabar Development Partners, will be responsible for the tower’s development, according to the Post report. Additionally, $65 million in state funding will be allocated to subsidize an increase in the number of units in rent stabilization.
After extensive negotiations and discussions, a compromise was reached. The Post reported that the final agreement strikes a balance by providing a mix of affordable and market-rate units, with the addition of state funding to subsidize more rent-stabilized units.
Under the terms of the deal, households with three members earning between $50,840 and $152,520 will be eligible for income-bracketed units, with rents ranging from $1,271 to $3,813 per month, as was reported by the Post. Notably, nearly two-thirds of the affordable units will cater to families earning between $50,840 and $101,680, ensuring housing accessibility for those with moderate incomes.
State Senator Brian Kavanaugh, who represents the neighborhood and chairs the housing committee, expressed his enthusiasm for the project, emphasizing its positive impact on housing affordability in a community that has faced a decrease in affordability over the years.
“This is really a huge addition to affordability in a community that has over the last two decades lost affordability at a greater rate than almost any other community in this state,” said Kavanaugh, as was reported by the Post.
The approval from the Public Authorities Control Board, which includes three voting members appointed by Governor Hochul, state Senate Majority Leader Andrea Stewart-Cousins, and Assembly Speaker Carl Heastie, marked the final step in the approval process for this ambitious project, the Post report said.
“We figured out the formula, we didn’t walk away, we walked for each other, and that’s how we got to the right place,” Hochul said, according to the Post report.
By allocating a portion of the units to 9/11 survivors and first responders, the city also honors those who have bravely served and sacrificed for their fellow citizens. As the development progresses, it will stand as a symbol of hope and progress in the heart of Lower Manhattan.
