Affordable Housing Building to Rise on 25th Street
KIPS BAY — A new mixed-income affordable housing building is on the way to Kips Bay.
Nonprofit Phipps Houses is constructing a six-story building at 325 E. 25th St. near First Avenue with 55 units, split between middle-income and low-income households, according to HPD spokesman Eric Bederman.
“It’s an empty courtyard now, but we’ll be adding a building,” said Phipps Houses spokeswoman Miriam Rubinton.
Twenty-two apartments will be dedicated to households earning as much as $67,100, 11 for those making as much as $100,680, 11 for up to $121,655 and 11 for those making up to $138,435, according to Bederman.
“Rents [charged at the building] are affordable to households at those specific income ranges and will be set closer to completion and lease-up,” said Bederman. “Affordable rents generally do not exceed a third of annual household income.”
The building, which has already been approved by HPD, will also include a backyard and a laundry room, Rubinton said.
The new development is part of a project to renovate Phipps Houses, an affordable complex along 28th and 29th streets between First and Second avenues. The project will also include upgrading the lobby of two buildings at 442 and 330 Second Ave., installing new sliding glass doors at 444 Second Ave. and adding new planters outside of the buildings.
HPD and Phipps Houses could not immediately provide a timeline for construction or completion.