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Freedom Plaza will create 513 units of affordable housing
Real Estate - OCTOBER 23, 2023

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Freedom Plaza will create 513 units of affordable housing

by RELEASED

Soloviev Group announced the inclusion of 513 permanently affordable housing units as part of the proposed Freedom Plaza mixed-use development and public open space plan. Spanning more than six acres from 38th to 41st Street east of First Avenue, the proposed project will be among Manhattan’s largest inclusionary housing initiatives.

“Affordable housing, specifically the creation of new low- and moderate-income units, is a top priority in our city and nationally,” said Michael Hershman, CEO at Soloviev Group. “We are dedicated to mitigating the housing crisis within our community and intend to develop more than 500 affordable units while also introducing meaningful economic and social benefit initiatives.”

The projected affordable housing component will comply with the city’s Mandatory Inclusionary Housing (MIH) program as well as all other applicable affordability guidelines. At least 30 percent of the 1,325 total homes will be permanently affordable at an

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