A development team of Slate Property Group, The Hudson Companies and Volunteers of America–Greater New York was selected to build nearly 1,000 apartments on a long-vacant lot in the Hunter’s Point South neighborhood of Long Island City, Queens. To be known as The Orion, the three-building, $700-million project will designate 658 of its rental units as affordable.
“Solving our affordability crisis will require creative solutions and a roll-up-your sleeves approach to create housing that works for all New Yorkers and allows them to live in dynamic, diverse, and desirable neighborhoods,” said David Schwartz, principal and co-founder of Slate Property Group. “The Orion checks all those boxes and more: it will deliver nearly a thousand new homes for New Yorkers across the income spectrum and provide essential supportive services to those who need it most, all while making Long Island City more resilient to climate change.”
The project will mark the first use of the New York City Department of Housing Preservation and Development’s Mixed Income Market Initiative framework, which leverages market-rate units to help finance affordable ones.
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