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Renderings of new projects with affordable housing components
A key part of Mayor Mamdani’s platform is to build more housing. Assuming he succeeds, renters and prospective buyers alike are naturally wondering how adding more housing units will impact housing values and rental prices citywide. On the surface, housing values and rental prices are often assumed to be determined solely by supply and demand: the greater the supply, the more likely it is that values and prices decrease. In fact, the relationship between housing availability, values, and pricing is far more complex, especially in New York City.
In this article:
Common myths about supply and demand
Myth 1: More housing always supports affordability
Housing prices are not determined solely by supply. Instead, they result from supply meeting demand under specific conditions, which is why location matters. Economists describe this as “housing supply elasticity” (i.e., the responsiveness of housing production to demand). As a rule, in cities where there is nearly always high demand and it is difficult or slow to build new housing, prices often continue to rise because supply can never keep up with demand.For example, in New York, where high-paying jobs, a world-class cultural scene, and top-ranked universities converge, demand for housing is consistently strong. As a result, even when new housing is added, it tends to simply slow demand rather than reduce it, meaning there is no guarantee that adding more housing units will make buying a home more affordable. On the rental side of the market, which tends to respond more quickly to changes in supply and demand, higher supply may push prices down. Yet, as historical trends reveal, even when supply spikes (as it did in the early months of the pandemic), relief for renters still tends to be fleeting.
355 Exterior Street, a luxury rental in Mott Haven nearing completion (CityRealty) | https://www.cityrealty.com/nyc/mott-haven/355-exterior-street/182631
Myth 2: Building luxury housing always erodes nearby affordability
Many new local developments fall into the luxury category (i.e., full-service condo developments with multi-million-dollar units). Naturally, one might assume that building more luxury condos has no impact on affordability, but in fact, this too isn’t entirely true. On the one hand, luxury developments alone don’t address the need for more housing and certainly don’t address affordability challenges (unless they include a percentage of affordable or market-rate units, which some local developments do). On the other hand, as a recent report from the W.E. Upjohn Institute for Employment Research suggests, new developments, even those that may appear to be gentrifying a neighborhood, can reduce pressure on existing developments and may even help moderate their pricing over time.Myth 3: If prices aren’t falling, building more units isn’t working
A final, and especially common, myth is that if units are added to the local market and there is no immediate impact on affordability, the building plan has failed. Again, in reality, things are far more complex, especially in a city like New York, where extremely high demand, land scarcity, zoning restrictions, and myriad other factors each play a role in determining both the value of local properties and average rental prices.
478 West 130th Street, new Hamilton Heights tower on the rise (CityRealty)
NYC-specific conditions
New York isn’t just a destination for people from around the world, and therefore, always in demand; it is also one of the most complex places in the world to build new housing. A short list of conditions that make building new housing units challenging in New York City includes:
Land scarcity
Manhattan, an island, is already built out, leaving limited land to build without carving into essential green spaces. Even New York City’s outer boroughs contain limited space for large-scale expansion.Zoning restrictions
While one might wonder, why not simply build up; in reality, this is not possible, since many parts of New York City are zoned for low-density housing, limiting new development, including high-rise development. Also, zoning regulations don’t simply dictate where one can and cannot build higher-density housing—these laws also dictate everything from how many parking spots must be available for local residents to the environmental impact of any new project.
Approved plan to infill lots at Lenox Terrace in Harlem
Site conditions at Lenox Terrace (CityRealty)
Construction costs
With higher-than-average labor, material, and regulatory costs, New York City is also an extremely expensive place to build.Approval timelines
As New Yorkers have witnessed under nearly every recent mayor, approval for new housing often takes so long that a mayor is out of office before they can even break ground on a fraction of the units they promised to build during their campaign. Recently approved city ballot proposals and Governor Hochul's "Let Them Build" initiative were designed to speed up approval processes, but it must be noted that not every new housing development will be eligible.The bottom line is that even with a strong bipartisan movement to build more housing units in New York City, doing so is a complex and lengthy process, one that is nearly always lagging well behind the arrival of new residents who need affordable housing solutions.
Even if Mayor Mamdani and Governor Hochul deliver on their shared promises and finally increase housing starts in New York City through a combination of zoning reforms and developer incentives, New Yorkers may see little impact on affordability. In terms of property values, even a significant increase in supply is unlikely to result in a notable price drop, though it could slow the pace at which housing prices rise in the future. For renters, a similar trend is likely. In other words, while prices may not decline outright, adding more housing units could slow the pace of local market-rate rent increases moving forward. What both buyers and renters are more likely to gain is increased choice and, perhaps, a somewhat less stressful hunt for their next home.
Manhattan
Aria Platt 7, 7 Platt Street, Financial District
Studios through two-beds from $1,819/month
Deadline: June 8, 2026
Studios through two-beds from $1,819/month
Deadline: June 8, 2026
Aria 7 Platt (Housing Connect)
The glass-clad tower at 7 Platt Street was one of the last to take advantage of the 421a tax abatement that expired in 2022. More recently, market-rate leasing is underway with one month free rent on a 14-month lease, and an affordable lottery recently launched. All units feature oversized windows, light wood flooring, kitchens with stone countertops and stainless steel appliances, contemporary baths, and in-unit laundry. Residents arrive to an attended lobby with mail and package room, and indoor and outdoor amenities include a fitness center, a coworking lounge, a gaming and virtual reality lounge, a private dining room with catering kitchen, a lounge with terrace access, and a landscaped roof terrace with BBQ grills.
75 Maiden Lane, Financial District
Conversion planned for 2027
300 units
Conversion planned for 2027
300 units
Google Earth screenshot of 75 Maiden Lane
Developer CSC Real Estate has announced plans to convert the prewar office building at 75 Maiden Lane to partial residential use. The apartments will start on top of four floors of office space, and the developer intends to keep amenities basic so as to compete on prices. The area may make up for that; the site is located in close proximity to The Seaport, popular Downtown dining, and the Fulton Street transportation hub.
233 Park Avenue South, Flatiron District
Conversion TBD
19 stories
Units and affordable apartments TBD
Conversion TBD
19 stories
Units and affordable apartments TBD
Google Earth screenshot of 233 Park Avenue South
Some offices' floor plates make for awkward apartment configurations amidst residential conversions. But at 233 Park Avenue South, the former headquarters of BuzzFeed and Meta, large floor plates, ceilings up to 12 feet high, and oversized windows could make for highly attractive homes. Building owner Orda Management has not said if or when they might embark on a residential conversion, but Crain's New York Business notes that time is running out if they want to qualify for a 30-year property tax exemption under the 467-m program; office-to-residence conversions must begin by June 30, 2026 to qualify, with the exemption shrinking to 25 years for projects starting between July 2026 and 2028.
515 West 57th Street, Hell's Kitchen/Midtown West
Conversion anticipated for 2029
30 stories
394 units | 119 affordable units
Conversion anticipated for 2029
30 stories
394 units | 119 affordable units
Google Streetview of 515 West 57th Street
Months after acquiring the lease of the television studios across the street from the CBS Broadcast Center, developer ABS Partners Real Estate has submitted a rezoning application to build a two-tower, 30-story mixed-use project on the site. The planned housing units will comprise 97 studios, 164 one-bedrooms, 91 two-bedrooms, and 42 three-bedrooms; under Mandatory Inclusionary Housing, 30 percent of units will be affordable.
The proposed development could very well meet Passive House standards with features like an all-electric, a high-efficiency envelope, heat pumps for heating and cooling, and low- and zero-VOC materials. Amenities are to include a fitness center, a business center, a lounge, a screening room, and outdoor terraces.
30 West 67th Street, Lincoln Center
Completion anticipated for 2029
9 stories
91 affordable housing units
Completion anticipated for 2029
9 stories
91 affordable housing units
Rendering of new tower at 77 West 66th Street (Extell Development)
In January 2026, the Landmarks Preservation Commission approved the demolition of 30 West 67th Street, a glassy office building on the former Disney campus in Lincoln Center. Renderings of its replacement, a nine-story building designed by Robert A.M. Stern Architects, depict a tasteful addition to the block with a brick and limestone facade, thoughtful detailing, and a canopied residential entrance. The project will contain 90 affordable units, plus a one-bedroom apartment for the live-in superintendent.
The affordable building is part of Extell Development's redevelopment of the former Disney campus. It also includes 7 West 66th Street, the residential conversion of an office building, and 77 West 66th Street, an 86-story, 430-unit 1,200-foot-tall tower set to outstrip the nearby 50 West 66th Street as the tallest building on the Upper West Side.
Rendering of 30 West 67th Street (Robert A.M. Stern Architects)
50 West 66th Street and project site, April 2026 (CityRealty)
247 East 117th Street, East Harlem
Completion anticipated for 2028
19 stories
Affordable housing TBD
Completion anticipated for 2028
19 stories
Affordable housing TBD
Rendering of 247 East 117th Street (Kao-Hwa Lee Architects P.C.)
Renderings have been revealed for a new high-rise with an affordable housing component near Thomas Jefferson Park, popular area restaurants, retail like Costco, and the 116th Street 6 train. Select units will have private outdoor space, and amenities will include a mailroom, bike room, lounge, and roof terrace.
22 East 119th Street, East Harlem
Completion anticipated for 2030
25 stories
698 affordable housing units
Completion anticipated for 2030
25 stories
698 affordable housing units
Rendering of 22 East 119th Street (Magnusson Architecture & Planning)
In East Harlem, the city-owned site at 22 East 119th Street is currently home to a six-story single-room occupancy building being used by the Department of Homeless Services. However, grander plans are in store for the site: a two-building complex standing 25 stories high and containing 698 affordable housing units, 298 of which will be designated supportive housing units. This project is also to contain new community facility space and new office space for Volunteers of America-Greater New York.
The two buildings are to be constructed to Passive House standards with rooftop solar panels and all-electric infrastructure. They will share a courtyard, and there will be fitness centers, lounges, bike rooms, laundry rooms, outdoor terraces, and green roofs in both buildings.
Harlem African Burial Ground, 2620 Second Avenue, East Harlem
Completion anticipated for 2030
28 stories
600 housing units | As many as 480 affordable housing units
Completion anticipated for 2030
28 stories
600 housing units | As many as 480 affordable housing units
Axonometric map of Harlem African Burial Ground plan (NYCEDC)
The Harlem African Burial Ground, a cemetery for free and enslaved Africans from the mid-1600s to the 1800s was, until recently, forgotten and used as an MTA bus depot. The MTA has since transferred ownership to the City, and the New York City Economic Development Corporation and New York City Department of Cultural Affairs are seeking proposals for a permanent memorial and cultural center. In addition to the memorial, the project is to include new retail and community facility space as well as improvements to the local streetscapes and as many as 600 new housing units, 80 percent of which are to be affordable.
Timbale Terrace, 120 East 119th Street, East Harlem
Completion anticipated for 2028
20 stories
341 affordable housing units
Completion anticipated for 2028
20 stories
341 affordable housing units
Rendering of Timbale Terrace (Lantern Organization, Mega Development, Urban Architectural Initiatives, and the HPD)
In February 2026, Mayor Mamdani participated in a ground-breaking ceremony for Timbale Terrace, a new affordable, mixed-use development to rise on a former parking lot in East Harlem. Of the 341 planned housing units, 97 apartments will be reserved for formerly homeless New Yorkers, including 30 apartments for young people aging out of foster care. On-site social services will be provided by non-profit Lantern Organization.
In addition to the new housing, Timbale Terrace will include the new Casa Belongó Music and Arts Center, a new cultural hub with a state-of-the-art performance hall, music classrooms, community spaces, and cafe/jazz club Chico's Corner. Belongó (nee Afro-Latin Jazz Alliance) was selected as Timbale Terrace's cultural partner early in the planning process.
2453 Second Avenue, East Harlem
Conversion anticipated for 2030
17 stories
140 units | 35 affordable units
Conversion anticipated for 2030
17 stories
140 units | 35 affordable units
Site map of 2453 Second Avenue (Site B East; NYCEDC)
In April 2026, the NYC Economic Development Corporation announced a request for proposals for a city-owned parking lot in East Harlem. The agency seeks a developer to build a 140-unit mixed-use project on the parcel, and the project must use the state's 485x tax abatement program.
Outer Boroughs
165 Willoughby Street, Downtown Brooklyn
Studios and two-beds from $2,063/month
Deadline: June 29, 2026
Studios and two-beds from $2,063/month
Deadline: June 29, 2026
165 Willoughby Street (Housing Connect)
165 Willoughby Street is a high-rise rental tower located in close proximity to Fort Greene Park, Long Island University, City Point dining and retail (including Trader Joe's and Alamo Drafthouse Cinema), and myriad subway stops. All apartments feature oversized windows, high-end finishes, smart thermostats, and in-unit laundry. A full suite of amenities includes a fitness center with rock-climbing wall, a pool and spa, a media and virtual reality room, a coworking lounge, a game room, a social lounge, and a rooftop terrace. Up to two pets weighing 60 pounds are permitted.
200 Kent Avenue, Williamsburg
Conversion anticipated for 2028
14 stories
143 units | As many as 43 affordable units
Conversion anticipated for 2028
14 stories
143 units | As many as 43 affordable units
In April 2026, lender G4 Capital Partners acquired 200 Kent Avenue in a foreclosure action against former owners Cornell Realty Management and 206 Kent. The transaction comes at a time when ULURP is underway for a rezoning that would allow the low-rise commercial building to be expanded and partially converted to residential use. Brooklyn's Community Board 1 unanimously approved the application, and Brooklyn Borough President Antonio Reynoso is currently reviewing it.
The site is currently home to Williamsburg's Trader Joe's outpost. The beloved grocery store will remain a tenant, and its on-site, underground parking lot will not be affected by the conversion. Apartments will start on the fourth floor of the building, which is located in close proximity to the North Williamsburg ferry, Domino Park, and popular Williamsburg dining and restaurants.
Rendering of 200 Kent Avenue
280 Kent Avenue, Williamsburg
Completion anticipated for 2030
50 stories
1,262 units | 315 affordable units
Completion anticipated for 2030
50 stories
1,262 units | 315 affordable units
Credit: REX for Two Trees Management
As of April 2026, construction of 280 Kent Avenue, also known as Site B in the Domino Sugar master plan, has risen above street level. Renderings depict a two-towered project rising above a six-story podium, not to mention oversized windows and private balconies for the apartments above.
Rendering of 280 Kent Avenue
Balcony detail on 280 Kent Avenue
Residential amenities are not yet available, but residents will benefit from close proximity to Domino Park, popular dining and retail, and the North Williamsburg and South Williamsburg ferry stops. In addition to the new building, the project calls for area improvements like new public space, newly planted trees, widened sidewalks on Kent Avenue, and improved lighting along sidewalks.
280 Kent Avenue progress, April 2026 (Karen Palacios / CityRealty)
289 Kent Avenue, Williamsburg
Conversion anticipated for 2030
18 stories
335 units | As many as 83 affordable units
Conversion anticipated for 2030
18 stories
335 units | As many as 83 affordable units
Rendering of 289 Kent Avenue
As of late April 2026, Brooklyn's Community Board 1 is reviewing a rezoning application that would allow the development of three mixed-use buildings tall to take shape on 289 Kent Avenue, a site which was previously home to Vice Media's headquarters. They are to contain ground-floor retail space, commercial space, community facility space, and new housing units, a portion of which will be affordable to households earning 40 to 80 percent of the Area Median Income (exact number of units and criteria to be determined).
584 Gates Avenue, Bedford-Stuyesant
One-beds for $3,100/month
Deadline: June 29, 2026
One-beds for $3,100/month
Deadline: June 29, 2026
584 Gates Avenue (Housing Connect)
584 Gates Avenue is a sleek mid-rise rental building located in close proximity to Herbert Von King Park, popular local dining and retail, and the Bedford-Nostrand Avenue G train. Renderings show private balconies in many units, and interiors feature oversized windows, warm wood floors, kitchens with energy-efficient appliances, and central heating and air conditioning. The building welcomes pets, and amenities include a fitness center and a shared laundry room.
Westmark, 325 Bond Street, Gowanus
Studios to two-beds from $903/month
Deadline: June 8, 2026
Studios to two-beds from $903/month
Deadline: June 8, 2026
Westmark (Bushberg)
On the Gowanus waterfront, the Westmark complex comprises two buildings: a 23-story building at 395 Carroll Street with a brick podium and metal-clad tower with private balconies, and an all-brick, nine-story building at 325 Bond Street where an affordable lottery is now underway. All interiors feature oversized windows, white oak floors, high-end finishes, energy-efficient stainless steel appliances, and in-unit laundry. Amenities include a fitness center with yoga studio, a coworking lounge, a library, a game room, a children's playroom, an art room, a screening room, a social lounge, a courtyard, and three rooftop terraces.
6208 Eighth Avenue, Sunset Park
Completion anticipated for 2029
28 stories
497 units | Affordable housing TBD
Completion anticipated for 2029
28 stories
497 units | Affordable housing TBD
Rendering of 6208 Eighth Avenue (S3 Capital and Arrow Real Estate Advisors)
Construction is underway on 6208 Eighth Avenue, a new high-rise above the 8th Avenue N/W subway stop in Sunset Park. The apartments will start on top of 100,000 square feet of ground-floor retail space, and renderings depict oversized windows throughout and private balconies in several units. Residential amenities are to include bike storage, on-site parking, a fitness center with sauna, a coworking lounge, a screening room, and a roof terrace.
3030 Ocean Parkway and 440 Neptune Avenue, Coney Island
Completion anticipated for 2034
23 stories
701 units | As many as 200 affordable units
Completion anticipated for 2034
23 stories
701 units | As many as 200 affordable units
Area of proposed towers at 3030 Ocean Parkway and 400 Neptune Avenue
In April 2026, developers Cammeby's International and Rybak Development submitted a rezoning application that would allow them to build a pair of residential towers in Coney Island. 3030 Ocean Parkway is to contain 344 apartments on top of ground-floor commercial and community facility space, and 440 Neptune Avenue is to contain 357 apartments. The project is planned for a site currently used as a parking lot for the nearby Shorecrest Towers, and the project is also to include a parking garage to accommodate nearly 750 vehicles.
The Pecora, 41-15 24th Street, Long Island City
Studios to two-beds from $3,271/month
Deadline: May 18, 2026
Studios to two-beds from $3,271/month
Deadline: May 18, 2026
The Pecora (Housing Connect)
The Pecora is a new rental tower located in close proximity to the Queensboro Plaza and 21st Street-Queensbridge subway stops, which allow for a quick commute from Long Island City to Midtown Manhattan. But with amenities like a state-of-the-art fitness center with yoga room and sauna, a screening room, a party room, a children's playroom, a courtyard, and a rooftop terrace, there may be no need to leave the building. All apartments feature abundant natural light from oversized windows, high-end kitchen appliances, and in-unit laundry.
50-14 Vernon Boulevard, Long Island City
Completion anticipated for 2029
5 stories
27 units | Affordable units TBD
Completion anticipated for 2029
5 stories
27 units | Affordable units TBD
Rendering of 50-14 Vernon Boulevard (Z Architecture)
50-14 Vernon Boulevard is a new construction building planned for the corner of 51st Avenue in Long Island City. However, renderings by Z Architecture show a contextually sensitive low-rise building with a red brick facade and oversized, metal-framed windows that nod to the area's industrial history.
Entrance detail
The apartments will start on top of ground-floor retail space, and renderings depict private balconies in select units. Amenities will include mail and package rooms, bike storage, a pet wash station, a fitness center, a lounge, and a rooftop terrace. It is in a prime location near Hunter's Point South Park, Gantry Plaza State Park, Michelin-starred dining on Vernon Boulevard, and the Vernon Boulevard-Jackson Avenue 7 train only one stop outside of Manhattan.
Astoria Cove, 4-34 26th Avenue and 4-42 26th Avenue, Astoria
Studios to two-beds from $2,126/month
Deadline: June 2, 2026
Studios to two-beds from $2,126/month
Deadline: June 2, 2026
Astoria Cove (Housing Connect)
Construction on the massive Astoria Cove project is being done in phases, and the first phase will comprise a 26-story tower and three mid-rise buildings with a total of 731 residential units, a portion of which will be affordable. All apartments will feature oversized windows and contemporary finishes. Residential amenities are set to include bike storage, on-site parking with electric vehicle chargers, a fitness center, a golf simulator, a coworking lounge, a children's playroom, a lounge, a screening room, and a roof terrace with outdoor pool.
198-208 Richmond Terrace, Staten Island
Completion TBD
14 stories
117 units | 30 affordable units
Completion TBD
14 stories
117 units | 30 affordable units
Rendering of 198-208 Richmond Terrace (Z Architecture)
The Richmond Terrace section of Staten Island has traditionally provided access to maritime industrial jobs on the north shore, and is now the site of a proposed rezoning to allow for more residential development. A planned project for 198-208 Richmond Terrace calls for ground-floor community facility space and 117 residential units, a portion of which would be affordable. Staten Island's Community Board 1 praised the design by Z Architecture, but were concerned about the fact that it would only add four parking spaces and unanimously voted to deny the rezoning application in March 2026.
Contributing Writer
Cait Etherington
Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.
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