New York, NY - NYC Department of Housing Preservation and Development (HPD) Commissioner RuthAnne Visnauskas, Monadnock Development, Clinton Housing Association and Elected Officials celebrated the opening of the Park Clinton affordable cooperative. Located at 535 West 52nd Street, the development which was built on formerly city-owned land brings 96 new permanently affordable co-op units available to a diversity of incomes to Manhattan’s Clinton neighborhood.
The Park Clinton was developed under the Bloomberg Administration’s New Housing Marketplace Plan (NHMP). Launched in 2003, the NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing by the close of the 2014 fiscal year. For every dollar invested by the City for affordable housing, the NHMP has leveraged $3.48 billion in additional funding. The total investment equals more than $23.6 billion. To date, the plan has funded the creation or preservation of more than 156,769 units of affordable housing across the five boroughs.
“Affordable homeownership plays a critical role in allowing hardworking families to find stability and put down roots in a neighborhood that is experiencing the sort of rapid growth and change that the Clinton community has seen in recent years,” said HPD Commissioner RuthAnne Visnauskas. “The Park Clinton is 96 beautiful and permanently affordable homes with all the amenities that any homeowner, regardless of income, expects and deserves. More importantly, the Park Clinton adds to the 8,200 affordable apartments and homes that HPD has built and preserved in this Community District – ensuring that working-class New Yorkers will be part of the fabric and character of this neighborhood for years to come.”
The Park Clinton is a new twelve-story building with 44 one-bedroom and 52 two-bedroom co-operative units. Each unit is hardwired for cable and high-speed internet and is furnished with hardwood floors, stainless steel appliances, and a video-intercom system, with some of the units featuring terraces and patios. Shared building amenities include a part-time doorman, a landscaped garden, fitness center, bicycle storage, and laundry room.
“We’re excited to bring another innovative project to New York City, thanks to a strong and collaborative partnership with the City and Clinton Housing Association,” said Nick Lembo, President of Monadnock Development. “Homeownership in Manhattan has been unattainable for most middle-income New Yorkers, forcing them further and further away from their jobs. The Park Clinton changes that for some of the people that power this great City, and we’re proud to make that possible.”
Mary D’Elia, President of Clinton Housing Association, said, “The Park Clinton captures Clinton Housing Association’s mission to provide and maintain affordable housing in our neighborhood. It has been a labor of love for us, and we are so excited to open its doors and welcome our new neighbors!”
"It is an exciting day for our community as we celebrate the opening of the Park Clinton, which brings 96 units of much-needed, permanently-affordable cooperative housing to the rapidly changing west side." said Senator Hoylman (D, WFP-Manhattan). "Thank you to HPD and Commissioner Visnaukas, Monadnock Construction, Clinton Housing Association and Manhattan Community Board 4 for working together to open the door to affordable home ownership for countless generations of middle-income New Yorkers. Developments like Park Clinton are essential if we are to keep Hell’s Kitchen a diverse, dynamic and vibrant neighborhood."
“With a growing income gap in New York City, affordable housing is more critical than ever, so I am pleased that the Park Clinton will be providing 96 units of affordable housing for my constituents in Clinton/Hell’s Kitchen,” said Assemblymember Linda B. Rosenthal (D/WF – Manhattan), who sits on the New York State Assembly’s Housing Committee. “We need more developments like the Park Clinton throughout the City to serve not only our middle-income residents, but also low-income families at risk of eviction and homelessness.”
The Park Clinton was planned as a mixed-income co-operative with units available to households at a broad range of incomes. Fifteen units were available to those earning up to 80% Area Median Income (AMI), or no more than $48,100 for an individual. Twenty-nine units were available to those earning up to 150% AMI, or no more than $90,300 for an individual. Twenty units were available to those earning up to 165% AMI, or no more than $99,330 for an individual. Thirty-one units were available to those earning up to 195% AMI, or no more than $117,390 for an individual, with a preference given to households no more than 175% AMI or $105,350 for an individual. The remaining unit is reserved for an onsite superintendent. AMI levels are based on HUD’s 2013 calculations. During the marketing phase, residents of Manhattan Community Board 4 received a preference for 50% of the units and New Yorkers displaced by Hurricane Sandy received a preference for 25% of the units. All of the co-op units at the Park Clinton have been filled with eligible applicants having been randomly selected through a City-supervised housing lottery.
The City of New York requires that subsidized apartments be rented 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 or 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. Current housing lotteries are also available at www.nyc.gov/housingconnect. Applicants may submit either a paper application or an electronic application. Duplicate applications will be disqualified.
The Park Clinton was built on city-owned which was conveyed to the project’s developer by HPD. The total development cost for the project is $39.04 million. In addition to the land, HPD provided $4.28 million in City Capital funding and $2.38 million in federal HOME funds. The New York State Affordable Housing Corporation (AHC) provided $1.3 million in funding, and the New York State Energy Research and Development Authority (NYSERDA) provided $115,000 towards construction financing. City Council Speaker Christine Quinn provided $618,000 in Reso A funding, with Wells Fargo providing a private bank loan of $25.5 million towards the project. The remainder of the financing was developer equity.
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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 the end of fiscal year 2014. Since the plan’s inception, more than 156,769 affordable homes have been created or preserved. For regular updates on news and services, connect with us via www.facebook.com/nychpd and www.twitter.com/nychousing. For more information, visit our website at www.nyc.gov/hpd
Established in 1975, Monadnock has steadily grown over the years into one of the largest and most reputable residential contractors and developers in the New York area. In that time Monadnock has built and developed over 12,000 units of housing, including luxury hi-rises, modular and site built town homes, mid-rise affordable housing, dormitories, supportive housing, and senior housing. Regardless of the size of the job, Monadnock delivers a commitment to quality and a focus on practical problem solving. For more information, please visit www.moncon.com.