Stewart Hotel Conversion: 575+ Affordable Apartments Coming To NYC

To be a New Yorker is to complain about rent and apartments. In attempts to take a crack at the housing crisis, Slate Property Group and Breaking Ground have acquired the Stewart Hotel across from Penn Station . In one of Manhattan’s largest hotel-to-residential conversions yet, the Seventh Avenue landmark is set to become 579 permanent affordable homes dedicated to low-income New Yorkers and those transitioning out of homelessness. Located at 371 Seventh Avenue , the central location offers access to over a dozen subway lines, multiple bus routes, the LIRR, and NJ Transit nearby. Rent prices for low-income units will range from $1,385 to $1,731/month. The property features 12,000 square feet of ground-floor retail and a 3,500-square-foot ballroom, along with an underground garage with 100 parking spaces. The building will also have full-time security and maintenance staff. In efforts to promote housing stability and long-term wellness , a new on-site office will soon provide dedicated social services for tenants. These facilities will offer older adults personalized, on-demand support for a variety of needs. Services include home safety and accessibility modifications, referrals to specialized healthcare, and even assistance with essential legal planning, such as wills and powers of attorney. “Permanently affordable housing on this scale just doesn’t happen in Midtown. This project combines extraordinary scale, rapid construction and long-term stewardship by a respected non-profit,” said David Schwartz, Co-Founder and Principal of Slate Property Group in a statement. This acquisition comes after NYC saw its first-ever hotel-to-affordable housing conversion near JFK Airport at the Baisley Pond Park Residences. The $255 million dollar project is set to begin construction at the end of 2026. See Also: NYC is Officially the 3rd Most Expensive Place to Live in The World ----------------------------------------------------------------------------------------------------------------------------------- Source: https://secretnyc.co/stewart-hotel-affordable-apartments/