Major Housing Breakthrough Brings Affordable Units to 5 World Trade Center
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, one-third of which will be permanently affordable.
This development will be one of the largest affordable housing projects in Lower Manhattan and the only residential site at the World Trade Center. It will also feature non-profit community space occupied by the Educational Alliance, commercial retail and office space, and a connection to Liberty Park. Twenty percent of the affordable housing units will be offered to individuals impacted by 9/11. The development team includes Silverstein Properties, Omni NY, Dabar Development, and Brookfield Properties.
“With this project, we’re about to transform an old parking lot into new homes for thousands of New Yorkers — bringing new affordable housing and community spaces to this iconic neighborhood,” said Governor Hochul
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.