Hudson Companies and the New York City Department of Housing Preservation and Development today announced the opening of the housing lottery for six affordable studio units at 520 West 48th Street, an acclaimed building in the heart of Hell’s Kitchen. The six affordable studio units at The Clinton available are set at an area median income range of 130 percent at $2,600 monthly rent and eligible incomes between $89,143 and $146,900 for households of one to two people. These apartments will be rent-stabilized for 15 years upon acceptance into the 421a-17 Program mentioned below.
“We’re thrilled to bring high-quality, affordable homes to this thriving arts and culture neighborhood,” said Chris Zedano, Director of Asset Management at Hudson Companies. “We are grateful to our partners in government for their partnership in making this affordable expansion a reality and are excited to welcome more residents to our growing community.”
The facility has over 109 homes ranging from studios to three-bedroom apartments, providing residents access to high-quality amenities, including 24-hour concierge service, a package room, a fitness center, a laundry room, and a landscaped courtyard. Conveniently located near the C and E trains on West 50th Street, the Clinton is steps away from Times Square, Central Park, Hudson River Park, Broadway theaters, Rockefeller Center, world-class restaurants, grocers, and cafes.
The Clinton was developed in 2002 in conjunction with the 421a tax abatement program. Now, as 421a will be completely phased out in June of 2024, the building expects to receive the Extended Low Income Housing Commitment Tax Exemption through the 421a -17 Tax Incentive Program of the New York City Department of Housing Preservation and Development.
About Hudson Companies
At Hudson, we develop housing for everyone. From townhouses to high rises, and gut rehabilitation of warehouses to modest renovations of 100-year-old walk-ups, we have touched all housing typologies. Our collaborative team is guided by entrepreneurial vigor, civic spirit, and deep expertise. We are fully integrated, having close affiliates that handle property management and leasing, Lisa Management, general contracting construction services, and Broadway Builders, a WBE firm. Our team is diverse, and our motivations arise from varied personal and professional experiences, but our crucial commonality is a desire to thoughtfully add to New York’s great blocks and boroughs. Hudson has completed over 8,000 residential units, with almost 7,000 more in the pipeline. https://www.hudsoninc.com/
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