MIDTOWN EAST — A planned residential tower in Midtown will bring 87 affordable units to the neighborhood, including 31 studio apartments for just $883 per month, according to a spokeswoman with the Department of Housing Preservation and Development.
The below-market-rate units at 222 E. 44th St., which will reach 39 stories, or 449 feet, according to The Real Deal, will also include 41 one-bedroom apartments available for $895 per month and 15 two-bedroom apartments available for $1,082 per month, the spokeswoman said.
The apartments are available to families and individuals making 60 percent of the area median income, or individuals making an annual income of up to $36,300, a family of two earning $41,460, and family of three making $46,620, according to the NYC Housing Development Corporation.
The new building will rise on the site of a former five-story parking garage, which the developer began tearing down after the city approved demolition permits in June, according to Department of Building records.
Developer BLDG bought the property for $32 million in April of 2014 city records show, and the firm reportedly secured $251 million in financing to bankroll the project, according to The Real Deal.
The developer secured financing under HPD’s inclusionary housing program, the now-defunct 421A tax-abatement program, and the state’s low-income housing tax credit program, according to an HPD spokeswoman.
The building is scheduled to be completed in 2018, according to information posted to the worksite's fence. A representative of the developer did not immediately respond to a request for comment.
Representatives of BLDG will present plans for the building’s affordable apartments at Community Board 6's housing committee meeting at 6:30 p.m. on March 7 at NYU Langone Medical Center, 550 First Ave. near East 32nd Street.