Governor Kathy Hochul announced the approval of a major mixed-use development at 5 World Trade Center in Lower Manhattan, which will include approximately 1,200 housing units with one-third permanently affordable. This project marks one of the largest affordable housing developments in Lower Manhattan and is also set to be the only residential site at the World Trade Center. It will feature non-profit community space occupied by Educational Alliance, commercial retail and office space as well as a connection to Liberty Park. Additionally, 20% of these affordable units are reserved for individuals impacted by 9/11. The development team includes Silverstein Properties, Omni NY Dabar Development and Brookfield Properties.
“This project is an incredible opportunity to transform an old parking lot into new homes for thousands of New Yorkers – bringing more accessible housing options along with community spaces to this iconic neighborhood,” said Governor Hochul on her announcement regarding this breakthrough initiative in lower Manhattan’s real estate market..
