Hudson Companies, Housing Works Land $105M to Build NYC Affordable Housing
New York City’s Department of Housing Preservation and Development helped financed the mixed-use project providing housing to people with HIV/AIDS
By Brian Pascus April 8, 2024 5:02 pm
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A long-delayed new affordable housing project is soon arriving in Hell’s Kitchen.
A joint venture between The Hudson Companies and the nonprofit Housing Works has secured more than $104.5 million in construction financing to build The Lirio, a 112-unit mixed-use multifamily project that will house people with HIV/AIDS and low-income New Yorkers in need of affordable housing.
The building will include 7,200 square feet of retail and more than 30,000 square feet of office space reserved for the Metropolitan Transportation Authority. There will be a further 14,000 square feet available for other office tenants.
“We’re proud to deliver a project that meets a wide range of needs: supportive and affordable housing at a range of incomes; MTA office space which will enable new technology to be rolled out throughout the subway system; and neighborhood retail space — all in one sustainable building,” said Sarah Pizer, development director, Hudson Companies.
Webster Bank provided two different loans — one for $50.7 million, another for $11.3 million — to a pair of limited liability corporations associated with The Hudson Companies and Housing Works; the New York City Department of Housing Preservation and Development (HPD) provided an additional $42.4 million in financing for the project, according to property records.
Located at 806 Ninth Avenue — and on the former footprint of 362 West 54th Street in the Hell’s Kitchen neighborhood of Manhattan — the new development will include 99 units devoted to low-income housing. Of those units, 67 will provide supportive housing to formerly homeless individuals, while 59 units will be reserved for people who had HIV/AIDS for a long time.
“Housing Works is excited to be part of developing a brand-new building in the heart of New York City that will offer families and individuals, including long-term survivors of HIV, a safe, beautiful, affordable and amenity filled home,” said Andrew Coamey, senior vice president for Housing Works.
The controversial project, which was opposed by some members of the Hell’s Kitchen community for years, received approval from the City Council in August 2022. Construction is anticipated to be completed in 2026.
Brian Pascus can be reached at bpascus@commercialobserver.com
