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The Bridge, Radson pay $15.8M for 189-unit dev site in Inwood

The Bridge and Radson Development through the entity 3816 Ninth Avenue Housing Development Fund Co Inc paid $15.8 million to Manhattan Bible Church for the development site at 3816 9th Avenue in Inwood, Manhattan. The expected use is ground up development.

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Developer Digest

Adams Directs NYC Agencies to Find City-Owned Land for Potential Housing Development

Mayor Eric Adams is intensifying efforts to build 500,000 new homes in New York City by 2032 by signing an executive order that mandates all city agencies to identify city-owned properties that could be developed for housing. This initiative could involve repurposing underused sites like parking lots or garages. The executive order also establishes the City Housing Activation Task Force, which will evaluate potential sites for housing without disrupting essential municipal operations. A list of potential sites is expected early next year, and the initiative complements ongoing rezoning efforts aimed at addressing the city's housing crisis.

Source: 6sqft

Developer Eyes Doubling Coney Island Affordable Housing

Proto Property Services is expanding its affordable housing presence in Coney Island with plans to add a 17-story, 415-unit building called the Ocean Queen at 2950 West 24th Street, adjacent to its existing Ocean Towers. The new development will include 440,000 square feet of space, featuring 15,000 square feet for community use, 10,000 square feet of retail, and a playground. All residential units will be affordable, likely targeting residents earning up to 60% of the area's median income. This project is part of a broader wave of affordable housing developments in the area, drawn by Coney Island's ocean proximity and development potential.

Source: Commercial Observer

RXR Exploring Conversion of 5 Times Square Office Building Into Residential: Sources

RXR is considering converting part of 5 Times Square, a 1.1 million-square-foot, 39-story office tower in Manhattan, into residential space. The building, jointly owned by RXR and SL Green, has recently removed its office space listings and paused the search for new commercial tenants. Despite a $1.3 billion refinancing package and $300 million in upgrades that added amenities like a fitness center and luxury lounge, the tower has struggled with occupancy, being only 31% occupied as of September 2022. The extent of the potential residential conversion is unclear, but RXR is also exploring similar options at the Helmsley Building, suggesting a broader strategy to adapt underutilized office space amid shifting market demands.

Source: Commercial Observer

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