Project Basics
Location
New York, NY
MSQUARED ROLE
Acquisition
NUMBER OF UNITS
1,193
PROJECT TYPE
Mixed-income, Mixed-Use
Project Details
Location
New York, NY
PROJECT TYPE
Mixed-income, Mixed-Use
MSQUARED ROLE
Acquisition
NUMBER OF UNITS
1,193
Project Overview
In partnership with Urban American, MSquared acquired 3333 Broadway, a multifamily, mixed-income development in the Manhattanville neighborhood of Upper Manhattan. Currently the largest residential building in Manhattan, it has 1,193 units, and 21,000 square feet of commercial space. At least 50% of all residential units will be affordable to households earning at or below 80% of AMI. Conveniently located near various public transportation options, the property offers residents easy access to Midtown Manhattan in under 30 minutes. MSquared’s investment will add significant value to the building through renovations to the building’s common areas, upgrades to residential units, and continued energy retrofits, positioning the property for long-term sustainability.
Impact
Affordability
At least 597 units, or 50% of the property, will be affordable to households earning at or below 80% of AMI, equivalent to $124,240 for a 4-person household.
Sustainability
In partnership with Urban American, MSquared will implement a value-add capital plan that includes base building improvements, common area and amenity upgrades, and unit renovations. Additionally, the transit-oriented site is located less than a 10-minute walk from multiple subway and bus lines.
Diversity
The project includes approximately 21,000 square feet of commercial space, which will be repositioned into community-serving retail as part of the business plan.
