Project Basics
Location
New York, NY
MSQUARED ROLE
Development & Investment
NUMBER OF UNITS
698
PROJECT TYPE
Mixed-Income, Mixed-Use
Project Details
Location
New York, NY
PROJECT TYPE
Mixed-Income, Mixed-Use
MSQUARED ROLE
Development & Investment
NUMBER OF UNITS
698
Project Overview
Inwood is a 698-unit mixed-income ground-up multifamily development in the recently rezoned Inwood neighborhood of upper Manhattan. The project will deliver 698 units of mixed-income housing including 348 market rate units, 69 rent-restricted units available at 120% AMI rents, and 281 units of affordable housing available to households at a range of incomes between 40% and 80% AMI. The Project’s commercial program will include neighborhood-serving retail and a home for the nonprofit theatre organization, The People’s Theatre, which will host performances and offer programming. The Project will be a first mover in the culturally- and amenity-rich Inwood neighborhood, delivering high-quality housing and community services, while providing convenient access to both Upper and Midtown Manhattan job centers and connecting to a fully renovated public park and open space.
Impact
Affordability
Inwood is a 50/50 project that will offer housing affordable to a range of incomes, from households earning less than 40% of AMI up to households who can afford market-rate rents. 281 units will be affordable to households earning 40%-80%of AMI and an additional 69 units will be rent-restricted at rents affordable to households earning 120% of AMI.
Sustainability
The Inwood project is a LEED Silver project that is all-electric, in a transit-oriented location with excellent access to multiple public transit options, and inter-connected with open space, parks, and multi-modal pathways. The project also includes brownfield remediation work.
Diversity
MSquared, a women-owned firm, is part of the GP/developer team. The development will also include a nonprofit theatre that will offer services and programs to the broader community as well as neighborhood-serving retail that will add important community assets. Finally, the housing is affordable to families at a wide range of incomes, ensuring socio-economic diversity within the building and neighborhood.
