AvalonBay’s East Harlem Tower 30% Affordable
Developers will give a lot to build a tower in Manhattan. AvalonBay Communities is willing to build three new schools and promises to keep 30% of the 1,100 apartments planned for 321 E. 96th Street affordable “in perpetuity,” according to plans presented to the neighborhood’s community board.
AvalonBay is working with the city’s Educational Construction Fund to rehab the School of Cooperative Technical Education, which has an existing school on the site, the Heritage School and Park East High School.
All the affordable apartments will have rents set low enough to be affordable to households earning less than 60% of the area median income.
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321 East 96th Street. Image by Dartunorro Clark for DNAinfo.