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    NYC Approves New Budget with $5 Billion Affordable Housing Allocation

    NYC Mayor Eric Adams and the city council reached an agreement on the city’s $101B budget for 2023. $5B is allocated toward affordable housing, which is higher than original expectations. This is part of a larger movement in the city to create units for locals who are being priced out of other upscale projects.

    The Doe Fund and Robert Sanborn Development of NYC have broken ground on a $49M supportive housing project in the North Bronx. The building will be 9-stories and contain 98 units. Certain units will be for the homeless and others will be for seniors. The project is part of an area goal to create better housing for more vulnerable residents. 

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    A massive project in Manhattan is moving along, as Lendlease has removed the crane from their 41-story tower at Claremont Hall near the Columbia University campus. The tower will include 165 units of condominiums and plentiful classrooms and academic offices. The project is expected to be completed in early 2023.

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    Fisher Brothers recently completed a large improvement project at 1345 Avenue of the Americas in Midtown Manhattan. Part of the project is a new mural and augmented reality experience that guides visitors on a multi-stage experience and supports local artists. The project is part of Fisher Brothers goals to “develop creative and inspiring places” in the city.

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    New York City developer Engel Burman’s new project, Bristal at York has opened in Manhattan. The project is the developer’s 23rd under their Bristal Assisted Living brand. The 14-story property on the Upper East Side contains 132 apartments for seniors. Each unit is a studio and rents start at $12,800 per month.

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    Tag(s): New York Digest

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