What's Happening?
A new mixed-use residential project in Cypress Hills is set to provide over 200 affordable apartments near the subway. The development, a collaboration between Slate Property Group, Thorobird Companies,
and Bangladeshi American Community Development & Youth Services (BACDYS), will feature 213 homes adjacent to the A train at Grant Avenue. Of these, 66 units will be reserved for formerly homeless residents, while the rest will cater to low-income families. The project, replacing a former parking lot, aims to reduce car dependency and improve access to jobs and services. It includes sustainable features like on-site solar power and high-efficiency systems, and is financed through bonds and funding from Goldman Sachs Alternatives’ Urban Investment Group.
Why It's Important?
This development addresses the critical need for affordable housing in New York City, particularly for low-income families and formerly homeless individuals. By situating the project near public transit, it enhances accessibility to employment and essential services, potentially improving the quality of life for residents. The inclusion of sustainable building practices also aligns with broader environmental goals, setting a precedent for future urban developments. The project reflects a growing trend of integrating community services with housing, as seen with the involvement of BACDYS, which will operate a community space within the development.
What's Next?
Construction is expected to be completed by June 2028, with full occupancy by June 2029. As the project progresses, it will be important to monitor its impact on the local community, particularly in terms of economic opportunities and social integration. The success of this development could influence future housing policies and projects in urban areas, emphasizing the importance of transit-oriented and sustainable housing solutions.
