While New York City has made a top priority of solving the affordability matter, due to lack of capital availability, scarcity of land and high construction costs, the city’s acute housing crisis persists. The pandemic has put further pressure on the issue, but it has also created new opportunities, such as office and hotel conversion projects.
As of July, New York City had a total of 5,842 affordable housing units under construction and 1,380 in the planning and permitting stages, Yardi Matrix data shows. So far this year, developers have completed five fully affordable properties comprising 1,163 units.
The table below highlights the largest affordable housing developments under construction across New York City, based on Yardi Matrix data. Most projects on the list came to fruition through favorable rezoning policies aimed at revitalizing underutilized space.
|Rank||Property Name||Units||Market||Owner||Anticipated Completion|
|1||90 Sands St.||491||Brooklyn||Breaking Ground||2/2023|
|2||The Far Rockaway Village||457||Queens||Phipps Houses||3/2022|
|3||Surf Avenue||446||Brooklyn||Taconic Investment Partners||2/2023|
|4||Fountain Seaview B6||422||Brooklyn||The Arker Cos.||7/2021|
|5||Archer Green||387||Queens||Omni New York||8/2021|
Source: Yardi Matrix
5. Archer Green, Queens
As part of the Jamaica Now action plan to revive the neighborhood’s downtown area, The Archer Green Apartments is replacing the former New York Police Department parking garage at 92-23 168th St., bringing 387 affordable housing units to the area.
Omni New York broke ground