Roosevelt Island to get fully affordable 21-story rental

Roosevelt Island is about to get a major affordable housing boost. Related Companies and the Hudson Companies announced plans to partner with the city’s Housing Preservation Department, along with the city’s Housing Development Corporation and the New York State Homes and Community Renewal agency to bring 340 new affordable apartments to the island.

The units will be housed in a 21-story building that will begin rising at 460 Main Street later on this month. It’s being designed by Handel Architects and will features a mix of studios through three-bedroom homes. There will be 81 studios, 158 one-bedrooms, 51 two-bedrooms, and 50 three-bedrooms available to households with incomes that range between 40 to 165 percent of the area median income (AMI). Depending on family and apartment size, income-level based rents will vary from a $505 a month for a studio to $3,431 for a three-bedroom. Sixty percent of the building’s units will be permanently affordable, while the remaining 40 percent will be affordable for the next 40 years.

The development is projected to cost nearly $136 million and is being funded through various loans from the agencies it’s partnering with. The application process for the affordable units is expected to launch in 2020 through the city’s Housing Connect site and occupancy is scheduled for 2021.