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45th Street Partners Affordable Housing Tax Exemption

  • When: 2024/12/19
  • Address: 351-357 West 45th Street, Manhattan, NY
  • City: New York
  • State: NY
  • Category: Affordable Housing
  • Asset Class: Multifamily
  • Property Type: Affordable Housing
  • Size: 80 residential units

The Council approved a 40-year full tax exemption for 45th Street Partners under Section 577 of the Private Housing Finance Law. This project aims to preserve 76 rent-stabilized units and convert 70 units into affordable housing for formerly homeless households. The exemption is part of an initiative to expand affordable housing options in the Hell’s Kitchen neighborhood.

Why it Matters

Supports the preservation of rent-stabilized housing while addressing homelessness by setting aside units for vulnerable populations.

Source

Applicant - New York City Department of Housing Preservation and Development (HPD)

Ownership - 45th Street Housing Partners LLC

Allowed Uses: Rent-stabilized and affordable housing units with a 15% set-aside for formerly homeless households