Battery Park City Providing $500M for Housing Projects Across NYC
By Mark Hallum July 22, 2024 12:53 pm
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A state agency is helping New York City build up its housing supply with a half-billion-dollar fund, Gov. Kathy Hochul announced Monday.
Battery Park City Authority‘s (BPCA) joint-purpose fund will provide $500 million to the city’s Affordable Housing Accelerator Fund, which will be allocated to an undetermined mix of projects across the city in an aim to ease the housing crisis.
The funds are mainly from the state public benefit corporation’s excess operating revenues, which has provided about $461 million to either new construction or preservation of about 10,000 units of affordable housing since the first disbursement agreement made in 2010, according to New York City Mayor Eric Adams.
“When it comes to building the affordable homes that New Yorkers deserve, my administration is leaving no stone unturned,” Hochul said in a statement. “This agreement will turn excess funds from the Battery Park City Authority into a massive $500 million investment to help New York City realize its housing potential.”
The deal was signed off by Hochul, Adams, BPCA President Raju Mann and New York City Comptroller Brad Lander and will be spearheaded by BPCA, which currently only oversees Battery Park City, about 92 acres of housing in Lower Manhattan.
The Hochul administration also announced Monday that Camber Property Group has been chosen as the contractor to convert the Bayview Correctional Facility at West 20th Street and 11th Avenue, which fell into disuse after Superstorm Sandy, into over 170 apartments. It will become known as Liberty Landing, prioritize formerly incarcerated New Yorkers and maintain architectural elements of the building to reflect its origins as housing for maritime workers.
Mark Hallum can be reached at mhallum@commercialobserver.com.
