Soloviev Group Announces Affordable Housing Units in Freedom … – New York YIMBY

By: Max Gillespie 7:00 am on October 24, 2023

The Soloviev Group has announced the inclusion of 513 affordable housing units within the proposed Freedom Plaza in Manhattan, significantly contributing to the citys inclusionary housing efforts. Located from 38th to 41st Streets east of First Avenue and covering over six acres in Midtown East, the ambitious mixed-use development was already slated to feature 4.77 acres of green space, a museum, shopping and restaurants, and a hotel. Now with the inclusion of the affordable units, it also stands to be one of Manhattans largest inclusionary housing initiatives in more than a decade.

Michael Hershman, CEO of Soloviev Group, underscored the firms commitment to alleviating the housing crisis by incorporating more than 500 affordable units, aligning with the citys Mandatory Inclusionary Housing program. The affordable housing component is planned to ensure at least 30 percent of the total 1,325 residential apartments are permanently affordable, available to those earning 80 percent or below the average median income.

A notable partner in this venture, Mohegan, will spearhead the entertainment and hospitality elements of Freedom Plaza. The revenue generated by the projects entertainment and hospitality component will allow Freedom Plaza to deliver the affordable housing program and expansive publicly accessible green space, with many more details yet to be announced, said Ray Pineault, CEO and president of Mohegan.

Following this announcement, Mohegan also introduced the Mohegan Momentum Partnership Program for New York City, aimed at boosting local economic activity.

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Soloviev Group Announces Affordable Housing Units in Freedom ... - New York YIMBY