Posted Jun 10, 2025, 7:43 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,199
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https://therealdeal.com/new-york/202...-hudson-yards/
Related agrees to increase affordable units at Hudson Yards
Developer commits to minimum of 625 units
By Kathryn Brenzel
Jun 10, 2025
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First Deputy Mayor Randy Mastro announced Tuesday that the developer agreed to build a minimum of 625 affordable units, or 25 percent of the total apartments built, whichever is greater. That means if Related builds more than 2,500 apartments, the developer will set aside 25 percent of the units as below-market-rate. The developer has set its sights on building up to 4,000 housing units, though some of those could be condominiums.
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Even without the promise announced on Tuesday, Related would have to set aside more than 400 apartments as affordable if it builds more than 1,600 total units and wants to receive a sizeable tax break. The developer is seeking 485x, which sets its own affordable housing minimums (at least 25 percent for a project of this scale).
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The developer had argued that a casino would be needed to fund the development of the next phase of Hudson Yards to cover the cost of a $2 billion platform over the active train tracks on the development site. Last month, the developer pitched a new way to pay for the platform: using payments in lieu of taxes — a similar financial scheme to what was used for the Eastern Yards.
Now, Related is pursuing that payment method and replacing the casino with an office building and hotel.
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