New York City is commonly known as one of the most expensive places to live in the country, with rents topping $3,000 for a one-bedroom in some areas. While its residents often have incomes to match, there have been efforts to create affordable housing options for those that don’t receive a hefty paycheck. One of the largest and rapidly growing of these places is Stuy Town, a family and pet-friendly park-like complex on the east side of Manhattan. With the many iterations the development has faced over the past few decades, a new player in the form of commercial real estate is getting ready to take over ownership as the deed passes hands once again.
At the close of World War II, prominent corporations took upon themselves the task of creating affordable housing for soldiers returning from the frontlines. An 80-acre, low-cost rental development was created in NYC to allow veterans and low-income families closer proximity to their employment, and a comfortable living space. Parks and playgrounds were included in the development to attract families and nearby hospitals, churches, and schools made the area extremely livable. Throughout the years, business adjustments and economic downfalls have caused ownership to change hands, leading to the newest sale, accompanied by the biggest real-estate fund ever.
While a portion of the units will be preserved as low-rent housing in a city-led move that is the largest affordable housing preservation deal in history, the rest of the development will be left in the hands of the new owners. The commercial real estate investors who have purchased the complex have committed to keep 5,000 units at a reduced cost, but will establish market rates for the remaining apartments in order to meet the terms of their financing. New applicants who want to apply for the available rent-stabilized units can do so as soon as ownership transfers.
Residents who have been wondering what the fate of the park-like development will be once the commercial real estate powerhouses take over seem not to be too concerned of their current housing status, their minds seem relatively at ease. There are no plans to disrupt tenants who’ve long made the burgeoning area their homes. The atmosphere of this New York City community will likely stay the same, as the management will remain under the current employee’s jurisdiction — a welcome relief for residents hoping to stay in their homes in the city. These project seem to want to build upon, as opposed to alter, the vibrant community that makes Stuy Town so attractive.
For now, the future of the bayside community of Stuy Town seems to be safely straddled between government and corporate agreements.