The Adams administration said Monday that the city had agreed to permanently pause a longstanding plan to redevelop the Elizabeth Street Garden in Nolita in favor of developing three sites in the district of Councilmember Christopher Marte. Whereas the garden redevelopment would have yielded 123 affordable apartments, the three alternative sites will yield 620, or more than five times the original number.
“This incredible win-win for our community shows exactly why we should never give up,” said Marte. “Since the beginning of this fight almost a decade ago, we’ve been saying that we can save community gardens and build new affordable housing. And with this historic agreement with Mayor Eric Adams, this will be the largest influx of new, permanently affordable housing in Lower Manhattan in decades.”
Under the plan announced Monday, Elizabeth Street Garden will remain a community garden open to the public between 8 a.m. and 8 p.m. daily.
Photo courtesy of Elizabeth Street Garden.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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