A COOKFOX-designed rental building with both market-rate and affordable rentals is coming to Chelsea.
Development firm L&L MAG, along with Atalaya Capital Management and Qualitas, are planning to convert a block-through parking lot at 241 West 28th Street, owned and operated by Edison Properties, into a 460-unit residential building. Since the project is being developed under the Affordable New York Program (formerly the 421-a tax program), 30 percent of the building’s units will be reserved for low- and middle-income New Yorkers.
The development will also reserve space for a public parking garage that Edison will operate and be given a 99-year lease.
Given that L&L MAG has just closed on the deal for the site, details for the development remain scarce. It remains unknown how tall the building will rise or what size apartments to look forward to, though we’ll update as those details become available.
Construction is expected to start in 2019.