The Park Clinton Adds 96 affordable Co-op Units to the Clinton neighborhood of Manhattan
The Co-op Offers Income-Eligible New Yorkers Displaced From their Homes Due To Storm Damage a 25% Preference in Lotteries for Affordable Housing
Manhattan, N.Y.— New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua today announced that applications are now being accepted for The Park Clinton. Located at 533 West 52nd Street, the development creates 96 affordable, mixed-income cooperative units in the Clinton neighborhood of Manhattan. In addition, the development offers a twenty-five percent preference to income-eligible New Yorkers displaced from their homes by Hurricane Sandy.
The Park Clinton is being developed as part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing by the close of Fiscal Year 2014. For every dollar invested by the City, the Plan has leveraged $3.43 from other sources for a total commitment of more than $21 billion. To date, more than 147,890 units of affordable housing have been funded across the five boroughs, with more than 48,840 units financed in Manhattan.
“The dream of homeownership, and the opportunity and stability it represents to hardworking families, remains strong in this city of renters,” said HPD Commissioner Wambua. “The Park Clinton co-ops will make affordable homeownership a reality for 96 New York families. I thank Monadnock Construction and all of our partners for helping to make our vision for a more affordable and sustainable City tangible for so many.”
“Park Clinton offers residents displaced by Hurricane Sandy the opportunity to start anew in a great location, with access to parks, transportation and all of the great services this City has to offer. And more importantly, it is safe, affordable and will be available this fall,” said Brad Gair, Director of the Mayor’s Office of Housing Recovery Operations.
Located at 533West 52nd Street in Clinton, Manhattan, The Park Clinton will have a total of 96 affordable co-op units. Of the 96 low-income units, 1 unit will be reserved for a live-in superintendant;15 units will be available to households earning up to 80 percent of the Area Median Income (AMI) which is equal to a household income of $68,700/year for a family of four; 29 units will be available to households earning up to 150 percent of the AMI, equal to a household income of $128,850 /year for a family of four; 20 units will be available to households earning up to 165 percent of the AMI, equal to a household income of $141,735/year for a family of four; and the remaining 31 units will be available to households earning up to 195 percent of the AMI which is equal to a household income of $167,505/year for a family of four. There is a preference for qualified households displaced by Hurricane Sandy for 24 units in the development. There are a total of 44 one-bedroom units and 51 two-bedroom units. The anticipated completion date for the development is in the fall of 2013.
The Park Clinton will be accepting applications starting today. Completed applications must be returned by regular mail only and must be postmarked by September 10, 2013 to the marketing agent. Qualified applicants will be required to meet income and family size guidelines and additional selection criteria. Applications may be downloaded from www.TheParkClinton.com or requested by regular mail from 30 East 125th Street, #156, New York, NY 10035. Please include a self-addressed envelope with your request for an application. As per the City’s affordable housing lottery rules, current and eligible residents of Manhattan Community Board 4 will receive preference for 50 percent of the units. In addition, income-eligible applicants who can document displacement by Hurricane Sandy and/or its related storms will receive preference for 25 percent of the units; these units are subject to a lottery managed by the developer and overseen by HPD.
The Park Clinton is one block away from the Hudson River Park and De Witt Clinton Park and a short walk to Central Park. The project includes a landscaped rear garden, a fully-equipped fitness center, part-time attended lobby, video intercom system, as well as bicycle storage. The project was designed and built sustainably with energy efficient building systems. Units have wood flooring, Caesarstone countertops, stainless steel appliances, and terraces and patios in select units. Tenants of The Park Clinton benefit from a 40-year tax abatement.
The total development cost for The Park Clinton was $39 million. HPD provided $2.3 million in HOME funds and $4.3 million in City Capital funds. The State Affordable Housing Corporation (AHC), a program within the NYS Division of Homes and Community Renewal (HCR), provided grant awards totaling $1.3 million to subsidize the development of 44 units in The Park Clinton. New York State Energy Research and Development Authority (NYSERDA) contributed $115,000for green buildings technology. Council Member Christine Quinn contributed $618,000 in Reso A funds. A construction loan from Wells Fargo and developer equity are funding the remaining cost of development.
The developers for The Park Clinton are Monadnock Development and partners. The site was designed by SLCE Architects.
The City of New York requires that subsidized apartments be rented or sold through an open lottery system to ensure fair and equitable distribution of housing to eligible applicants. Marketing of the apartments and the application process for the lottery typically begin when construction is approximately 70 percent complete. For more information regarding the lottery process, current housing lotteries, how to apply to an open lottery, and if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at www.nyc.gov.
About the NYC Department of Housing Preservation and Development (HPD)
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 147,893 affordable homes have been created or preserved. For more information, visit www.nyc.gov/hpd
About the Mayor’s Office of Housing Recovery Operations
The Mayor’s Office of Housing Recovery Operations is committed to planning and implementing innovative and effective solutions to the housing needs caused by Hurricane Sandy. Through NYC Rapid Repairs, the City has already completed emergency repairs on more than 17,000 residences. These emergency repairs are free of charge and include the restoration of heat, power and hot water and other limited repairs to protect a home from further significant damage.