News report on Ground Zero apartment subsidies

NYC 9/11 Public Portal Document

T two new apartment buildings in lower Manhat­ tan won't be required to set aside units for low- income tenants, even though they’re getting Traey Paiiwwshl. The city asked the Lower Manhattan Development Corp. to provide additional subsidies sign proposals for Ground Zero but was passed over in favor of Oanto Uteklirt. Some 200 employees have It V ' 08 federal help through Liberty Bonds. to make low-income units feasi­ already started vacating the ble for these buBdings, she said, building, 959 Eighth Ave., at W Instead, ths city will cha^e apartment, 51-story tower on the developers a fee that will but has not received a reply. An 57th St. Good Housekeeping —• Gold Street between Platt Street generate $9 mfllion, enough to and Maiden Lane. Jos®^ Mtoi LMDC spokesman did net re­ the magazine and its famed create 22S new units for low-in­ spond to a request for comment. “institute,* where products are I 1 build a 386-apartinent, come tenants elsewhere. 26-stoiy building at 90 Washing­ The 6% “affordable” apart­ tested for the seal of approval — “It’s not perfect. But it's much ton St,, at Rector Street. ments required by the state moved to another Hearst build­ ing, 250 W 56th St. s better than Some might not be so affordable. In anything liberty the Related Companies’ new Top Hearst execs wiB move to the state’s Bond Liberty-Bond-fonded building in the 10th and 42nd floors of 1345

I a offered us,” said Bettina ■Damiani of BTAI projects fall onder the state’s Battery Park City rents on “rf- • fordable” units will range from Si,700 to $2,400 a month. Sixth Ave,, at W. 54th St. neWM* . € s I Good Jobs bond-issu­ O Jtographer Timothy White New Writ, ing power, HURST Moua • . st sold Ws townhouse I a^oup critical of but these two faD Th® Hearst Corp, kicks off I construction of its $500 studio, known as “Whitespace," on W. 37th Street subsidies under the million, 36-story add-on to its near the Javits Center, The for business. city. The state requires buildings corporate headquarters today. price: $5.85 million. 8 Tte government created liber- set aside -5% of the apartments Ths project will add a futuristic White is known for his celebri­ § ty Bonds as part of a $20 billion as “affordable” bousing. The city glass-and-steel tower atop ty shots, and his book “Portraits’ Q aid package to the city after the is taking another route. Hearst’s 76-year-old stone features an introduction by « terrorists attacks. The bonds According to a spokeswoman landmark. Hanlon Fwd. ■g allow developers to borrow for the city’s Housing Develop- London architect Mermo* Blane Ateaw and Clirlstaphsr < cheaply for downtown projects, ment Corp., requiring below- RwtM designed the addition, Iwtoot* of Brown Harris Stevens encoura^ng them to bufld. niarket rents would make it which will transform the squat, represented White, whBe Aone- I ' a The two latest projects belong impossible for developers to pay six-stoiy building into a 42-story Bngstte SIfrts of the Lerner 8 to H«»-v €;rc3-we.-- ocltrose off their loans. Group acted for the buyer, an yf SS?4> to’A'm office tower. Foster ranked J Developntent and the Moinian “It’s just not feasible unless among the accianned architects artist. .mdttrcy n rtefo rf Otofott C U. 8 EhaTnan®eA?Byrfa1^Sp|rf.^fc' ’ T-rc- Avmae and ’< " ■ ” -OS ; nA' Jal»*t}.rflT

a

NYC-WTC_000142953