Related Cos. and The Hudson Cos. have plans to bring 340 new units of affordable housing to New York City’s Roosevelt Island.
The developers and their city and state partners at the New York City Housing Preservation Department, New York City Housing Development Corp., and New York State’s Homes and Community Renewal agencies closed on the property on Dec. 26, 2018. Construction on the 21-story building, located at 460 Main Street, began this month and occupancy is expected in 2021.
The $135.8 million project was funded through a $20.29 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 $12.5 million loan from New York State HCR under its Homes for Working Families program. Citi Community Capital served as the project’s senior lender, providing its $74.6 million construction loan and letter of cre
