The Adams administration has launched the public review process on the Metropolitan Transportation Authority (MTA) 125th and Lexington Rezoning application, an MTA proposal to transform a vacant lot at the corner of East 125th Street and Lexington Avenue in East Harlem into a mixed-use tower with 680 new rental apartments, including roughly 150 affordable units.
The proposed 38-story tower will sit above the future East 125th Street Q train station, the terminus of the Second Avenue Subway. The centrally located site has sat undeveloped since the closure of the Pathmark supermarket in 2015.
“Access to transit makes living in New York more convenient and affordable, and this area has all kinds of subway, bus, and commuter rail access,” said MTA Chair and CEO Janno Lieber. “With the coming Second Avenue Subway extension, this area continues to become even more attractive.”
The roughly seven-month public review process for the proposal will culminate in a vote by the New York City Council.
Jonathan Rose Companies and Community Opportunity Fund, a nonprofit focused on expanding affordable housing and connecting residents to opportunity, announced plans for a comprehensive $32.8 million rehabilitation of Ashtabula Towers, a 202-unit affordable senior housing community in Ashtabula, Ohio. The project represents a significant reinvestment in a longstanding community asset, with updates designed to enhance...
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Atlas Capital Group has acquired 360 W. 43rd St., a 256-unit multifamily property located in Midtown Manhattan’s Hell’s Kitchen neighborhood. Although Atlas Capital did not disclose the acquisition price, Crain’s New York Business reported it as approximately $150 million, or about $586,000 per unit. The 23-story, approximately 250,000-square-foot property comprises 256 rental apartments, 13,000 square feet...
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EYA LLC, a D.C.-based urban infill residential developer, is advancing two major residential projects in Northern Virginia. The firm’s Prosperity Park project received approval from the Fairfax County Board of Supervisors, and the Idylwood Hill development reached a key milestone with the closing of its 6.97-acre site in Falls Church. The two projects will bring...
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