Construction has begun on Acacia Gardens, a 12-story affordable housing development at 413 East 120th Street, a site formerly used for parking. The brick building will hold 179 apartments, and the first floor will be divided between community and retail space. Amenities will include a roof deck with lounging area, laundry, recreation space, and 29 surface-level parking places.
Acacia Gardens is the first project to be built under New York’s new Extremely Low and Low-Income Affordability (ELLA) program, which funds construction of rental projects for households earning up to $48,960 for a household of three. It also received financing from the city’s Our Space Initiative, a program to fund new construction of rental units available to formerly homeless households with incomes at or below 30% of the area median income.
Acacia Gardens is the first project to be built under New York’s new Extremely Low and Low-Income Affordability (ELLA) program, which funds construction of rental projects for households earning up to $48,960 for a household of three. It also received financing from the city’s Our Space Initiative, a program to fund new construction of rental units available to formerly homeless households with incomes at or below 30% of the area median income.
Construction progres as of July (CityRealty)
In this article:
The team behind Acacia Gardens is acclaimed for creating vibrant, sustainable communities in low-income areas. For nearly 50 years, developer Acacia Network has been committed to building healthy neighborhoods and integrating such services as health care, affordable housing, and economic development. Also, the project’s designer, Magnusson Architecture and Planning, is known for almost exclusively designing affordable projects.
Entrance of Acacia Gardens (MAP Architects)
Related Articles
Future New York
Views, Light, and Value: A Q&A with Kayla Lee on what today’s NYC buyers really want
Friday, July 24, 2026
Future New York
Flurry of new condos coming to Chelsea include redevelopment of the Corlears School
Friday, July 24, 2026
Future New York
Price Cuts: Four-bed at The Dakota slashed by $3.8M; Majestic 30-foot-wide Brooklyn Heights house trimmed by $500K
Wednesday, July 22, 2026
Future New York
Greenwich Village leads nearly $700M in Manhattan sales; Tribeca penthouse tops the week at $13.25M
Wednesday, July 22, 2026
Future New York
NYC apartments with on-site parking from $350K as new Empire Bins to claim curb space
Tuesday, July 21, 2026
Future New York
Phillies pitcher's Soho penthouse leads Manhattan contracts; Hampshire House penthouse finds buyer after auction
Tuesday, July 21, 2026
Future New York
Bally’s Bronx Casino files construction permits for expansive 19-story waterfront complex
Tuesday, July 21, 2026
Future New York
Urban Edens: 20 NYC condo developments with lush resident gardens; Sales launch at The Morgan from $975K
Monday, July 20, 2026
Content Specialist
Michelle Merritt
Michelle is a contributing writer and editor for real estate news in New York City
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
