'Just Wonderful.' An All-Affordable Apartment Tower for Downtown
Posted Jan. 14, 2026
A new apartment building in Lower Manhattan, every unit affordable. That has long been the goal of Downtown housing advocates—an elusive one until now.
On a small empty lot at 50-58 Cliff Street, not far from the South Street Seaport, will rise a 24-story tower with 120 units of below-market rents based on income. Eighteen apartments will be set aside for formerly homeless people, with social services on the ground floor.
The project, located next door to St. Margaret’s House senior residence and adjacent to the Southbridge Towers complex, is a collaboration between Trinity Church, owner of the lot, and Settlement Housing Fund, the nonprofit owner of affordable housing in 50 buildings around the city. The estimated $70 million project is made possible, said Caylin Bullock, Settlement Housing Fund’s senior project manager, because her organization is the sole developer. Unlike joint venture partnerships between large for-profit developers and smaller non-profits, she said, “our mission is always forefront in the development and not the larger profit margins that some of the other developers may have.”
https://www.tribecatrib.com/content/...tower-downtown

The planned new building at 50-58 Cliff Street will be 24 stories tall, shorter than the 43 stories that zoning would allow "in order to fit into the neighborhood context." Credit: Settlement Housing Fund (Arrow added.)