What is the story about?
What's Happening?
A new luxury rental building in Hell’s Kitchen is accepting applications for 42 mixed-income apartments. Located at 250 West 49th Street, the 28-story building offers a range of amenities including a business center, fitness room, and rooftop terrace. The apartments are available to New Yorkers earning 70 to 130 percent of the area median income, with prices ranging from $1,800/month for studios to $4,349/month for two-bedroom units. Developed by Chess Builders and designed by S. Weider Architect, the project includes 138 rental units and 2,500 square feet of retail space. The building is fully vested under the expired 421-a program, securing a 35-year tax abatement.
Why It's Important?
The opening of these mixed-income apartments in Hell’s Kitchen addresses the ongoing demand for affordable housing in New York City. By offering units to individuals earning a range of incomes, the project aims to foster a diverse community within a luxury setting. The inclusion of amenities and prime location near public transit enhances the appeal of the development. The 421-a tax abatement provides financial incentives for developers to create affordable housing, which is crucial in a city facing high living costs and limited housing availability.
What's Next?
Applications for the apartments are open until November 3, 2025. Interested individuals can apply through NYC’s Housing Connect department. The development is expected to attract significant interest due to its location and amenities. The success of this project may influence future developments in the area, encouraging more mixed-income housing initiatives.
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