With construction on Hudson Yards starting soon, Related Companies is continuing its takeover of the west side with a new affordable apartment tower at 529 West 29th Street. The project was approved by the area community board this summer, and now the Journal reports that Related has secured $54 million in tax-exempt bonds from the New York Public Authority Control Board. The total cost of the building is estimated to be $85.8 million. In addition to the bonds, Related will contribute $33.7 million, with the rest of the financing coming from low-income tax credits.
The 139-unit, 15-story tower, will be affordable apartments available to low- and moderate-income families. Related is still working to gain the necessary government approvals for the building to be 100 percent affordable. The building joins Related's Manhattan Plaza at 400 and 484 West 43rd Street, and the under-construction 500 West 30th Street.
· 'Affordable' Housing On the West Side [WSJ]
· Related and Leyva Team Up for More Residential Near High Line [Curbed]