Today, Borough President Gale A. Brewer announced her office has negotiated a framework for residential development at 4650 Broadway in Inwood, Manhattan’s first private application considered under the new Mandatory Inclusionary Housing program. Under the framework deal announced by Brewer, the developer committed to a shorter building with a significant number of apartments that will actually be affordable to Inwood residents. Brewer lauded the compromise as a victory for Inwood residents and proof that the Mandatory Inclusionary Housing program can work as intended.
“The original plan for Broadway-Sherman would have created a huge tower with ‘affordable’ units targeted to income levels 50 percent higher than the median income of Inwood residents. The new plan will create affordable units at deeper levels of affordability that this community can actually use,” said Manahttan Borough President Gale A. Brewer. “If we upzoned as high as we could just to build lots of ‘affordable’ units without thinking about who they’re affordable to, Mandatory Inclusionary Housing’s critics would be justified in their fears. But what we’ve shown today is that the program can work as intended when elected officials, the community, and developers all buy into its goal and negotiate. I want to thank the developer for being a good partner and working with us to craft a precedent-setting plan.”
The site at the corner of Broadway and Sherman Avenue, commonly called “Broadway-Sherman,” is the subject of an upzoning application submitted by Acadia Sherman Avenue LLC.
The developer’s original proposal was for a 27-story tower with 30 percent affordable housing targeted to 80 percent of the New York City region’s Area Median Income, meaning a family of three would have had to earn approximately $62,000 per year to get one of the affordable apartments – 50 percent more than the neighborhood’s average median income of $41,000. Under the site’s current zoning, a developer could build a tower of 17 or more stories with no affordable housing at all. Read more…