By: Grubb Properties Development Team
Grubb Properties recently announced two new Link Apartments℠ communities in New York City, bringing much-needed essential housing to one of the most expensive real estate markets in the world. Located in the Financial District of Manhattan and Long Island City in Queens, the two communities will provide more than 700 units of housing to New York.
“Few places have been more impacted by the housing crisis in this country than the New York metropolitan area,” said Clay Grubb, CEO of Grubb Properties. “Our company is dedicated to providing quality rental options for those in the middle of the income spectrum. Link Apartments℠ and essential housing provide a unique path forward to address New York’s housing crisis, as well as a compelling investment opportunity for investors in our funds.”
The two communities mark the ongoing expansion of Grubb Properties’ nationally registered Link Apartments℠ brand, which provides essential housing geared to those earning between 60% and 140% of area median income (AMI). There are currently nine active Link Apartments℠ communities in eight cities, totaling 2,262 multifamily units, with 15 additional communities under construction or announced. The communities offer an amenity-rich living experience to residents who want to live near transit, employment, and entertainment venues. Link Apartments℠ fills the gap between subsidized and luxury apartments, offering residents desirable apartments in accessible locations.
The announcement also received substantial media coverage, with stories in TheRealDeal.com, Crain’s New York Business, and Bisnow.com, among others.
The two locations are:
8 Carlisle, Financial District, Manhattan: This community is proposed to be approximately 50 stories with 400 units and 22,000 square feet of ground-floor retail. Grubb Properties plans to pursue the Affordable New York Housing Program for the development.
Pink Stone Capital Group, a privately held real estate development company located in New York, was the seller and will serve as a partner. Pink Stone purchased the site in 2011 and was instrumental in assembling the air rights and obtaining the permits to build a project of this scale.
25-01 Queens Plaza North, Long Island City, Queens: With direct access to the Queensboro Plaza subway station, this 17-story Link Apartments℠ community would devote approximately 230,000 square feet to residences, yielding 317 units, and 9,000 square feet to retail space. The building will include 30% affordable units at less than 130% of area median income and 70% market-rate units under the Affordable Housing New York Program.
Located in a Qualified Opportunity Zone, the Queens site is funded by Grubb’s Qualified Opportunity Fund program. The 8 Carlisle location is funded by Grubb’s flagship fund. Grubb Properties is looking at pursuing additional essential housing development opportunities in the New York City metropolitan area.
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