New York City’s affordable housing policy has created attractive low-cost housing, but the price of success has been high.
In November, an affordable-housing development designed by renowned British architect David Adjaye opened in Manhattan's Sugar Hill neighborhood. The building's unique, cantilevered design, along with its ground-floor school and children's museum was hailed for its beautiful, unique design.
The problem: The nonprofit that built the Sugar Hill Development has asked the City Council to cover $4 million in construction cost overruns on the now $70 million residential portion of the building, bringing the per-unit price to more than $550,000, according to Crain’s New York Business.
The 124-unit structure is one of several financed under the Bloomberg administration that have gone well beyond the average cost for affordable housing in the city, which industry experts say has rarely exceeded $400,000 per unit, Crain’s says.
Though recent affordable housing projects, which have included neighborhood amenities, have been well received, the cost of these projects has reportedly become an increasingly contentious issue.
Related Stories
Multifamily Housing | Aug 11, 2023
Hotels extend market reach with branded multifamily residences
The line separating hospitality and residential living keeps getting thinner. Multifamily developers are attracting renters and owners to their properties with hotel-like amenities and services. Post-COVID, more business travelers are building in extra days to their trips for leisure. Buildings that mix hotel rooms with for-sale or rental apartments are increasingly common.
MFPRO+ New Projects | Aug 10, 2023
Atlanta’s Old Fourth Ward gets a 21-story, 162-unit multifamily residential building
East of downtown Atlanta, a new residential building called Signal House will provide the city with 162 units ranging from one to three bedrooms. Located on the Atlanta BeltLine, a former railway corridor, the 21-story building is part of the latest phase of Ponce City Market, a onetime Sears building and now a mixed-use complex.
Senior Living Design | Aug 7, 2023
Putting 9 senior living market trends into perspective
Brad Perkins, FAIA, a veteran of more than four decades in the planning and design of senior living communities, looks at where the market is heading in the immediate future.
Multifamily Housing | Jul 31, 2023
6 multifamily housing projects win 2023 LEED Homes Awards
The 2023 LEED Homes Awards winners in the multifamily space represent green, LEED-certified buildings designed to provide clean indoor air and reduced energy consumption.
MFPRO+ New Projects | Jul 27, 2023
OMA, Beyer Blinder Belle design a pair of sculptural residential towers in Brooklyn
Eagle + West, composed of two sculptural residential towers with complementary shapes, have added 745 rental units to a post-industrial waterfront in Brooklyn, N.Y. Rising from a mixed-use podium on an expansive site, the towers include luxury penthouses on the top floors, numerous market rate rental units, and 30% of units designated for affordable housing.
Affordable Housing | Jul 27, 2023
Houston to soon have 50 new residential units for youth leaving foster care
Houston will soon have 50 new residential units for youth leaving the foster care system and entering adulthood. The Houston Alumni and Youth (HAY) Center has broken ground on its 59,000-sf campus, with completion expected by July 2024. The HAY Center is a nonprofit program of Harris County Resources for Children and Adults and for foster youth ages 14-25 transitioning to adulthood in the Houston community.
Adaptive Reuse | Jul 27, 2023
Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000
The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).
Multifamily Housing | Jul 25, 2023
San Francisco seeks proposals for adaptive reuse of underutilized downtown office buildings
The City of San Francisco released a Request For Interest to identify office building conversions that city officials could help expedite with zoning changes, regulatory measures, and financial incentives.
Sponsored | Multifamily Housing | Jul 20, 2023
Fire-Rated Systems in Light-Frame Wood Construction
Find guidance on designing and building some of the most cost-effective, code-compliant fire-rated construction systems.
