October 9, 2023
NY Business Journal

Mixed-income apartments set to break ground in Chelsea

Construction on a new New York City apartment building is about to start in Manhattan’s Chelsea neighborhood. Developer MAG Partners, affordable housing co-op Penn South and investment firm Safanad will host a groundbreaking on Tuesday for a seven-story mixed-use apartment building at 335 Eighth Ave. Demolition on the structure began earlier this summer. 

Construction is expected to be finished in 2026. Lidl Grocery store is planned to be the ground-floor tenant. 

The project will provide 188 units. Architecture firm CookFox designed the building. About 30% of the apartments, or about 57 units, will be reserved for low- and middle income New York households. 

The area median income for “low-income” New York households is considered between 51% and 80% For example, the income range of households of one to three people starts between $49,450 and $63,550, respectively, according to the New York City Department Housing Preservation and Development. 

“Moderate-income” New York households, which sit between low-income and middle income, make between 81% to 120% of the area median income. 

And “middle-income” New York households make between 121% and 165% of the area median income. Their range of income starts at about $120,000 for a single-person households and about $155,000 for a household of three people. That range ends at more than $163,000 for single-person households and $210,000 for households of three. 

The groundbreaking will feature several speakers from the development partners: Ambur Nicosia, president of the Penn South Co-op Board, MaryAnne Gilmartin, founder and CEO of MAG Partners, and Andrew Trickett, partner and head of investment at Safanad.

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