After Months of Stalled Negotiations, Governor and Local Elected Leaders Reached Agreement to Bring 1,200 Housing Units To 5 WTC Site
One-Third of Units to be Permanently Affordable to Low- and Moderate-Income Families; Portion of Affordable Units to Be Offered to Those Living and Working in Lower Manhattan During 9/11 Attacks
Project Will Also Include Commercial Space, Non-Profit Community Space, Connections to Liberty Park
Complements Governor’s Agenda to Increase New York’s Housing Supply
Governor Kathy Hochul today announced the Public Authorities Control Board’s approval of a major, mixed-use development at 5 World Trade Center in Lower Manhattan that will include approximately 1,200 units of housing — one-third of which will be permanently affordable and a portion of which will be offered for New Yorkers impacted by 9/11. When completed, the development will be one of the largest affordable housing developments in Lower Manhattan and the only residential site at the World Trade Center. It will also include approximately 10,000 square-feet of non-profit community space to be occupied by the Educational Alliance, more than 190,000 square-feet of commercial retail and office space, and a connection to the nearby Liberty Park. Governor Hochul made the announcement alongside elected officials, including New York State Senator Brian Kavanagh, Mayor Eric Adams, Manhattan Borough President Mark Levine and New York City Councilmember Chris Marte.
“The resurgence of lower Manhattan after the 9/11 attacks is an only-in-America comeback story,” Governor Hochul said. “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. It wasn’t easy to get to this point, but I’m committed to doing everything in my power to build more housing across New York.”
One-third of the development’s approximately 1,200 housing units will be made permanently affordable with affordability levels ranging from 40 percent of the area median income to 120 percent of the area median income. In addition, 20 percent of the affordable housing units will be offered to individuals living and working in Lower Manhattan during the 9/11 attacks and the immediate aftermath.
This project is made possible through a variety of local and state funding sources. Through an agreement between the Executive, Senate and Assembly, the State will contribute $60 million while an additional $5 million will be provided from the Battery Park City Authority’s Joint Purpose Fund. In addition, the Port Authority is seeking approval from the Board of Commissioners on a short-term rent deferral to enable the transaction to proceed.
5 World Trade Center is the location of the former Deutsche Bank building, 130 Liberty Street, which was severely damaged on 9/11. In 2019, the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation issued a request for proposals to redevelop 5 World Trade Center. In February 2021, a contract was awarded to a development team comprised of Silverstein Properties, Omni NY, Dabar Development and Brookfield Properties.
Governor’s Housing Agenda
Governor Hochul is committed to increasing the supply of housing, including affordable housing, to make New York State more affordable and more livable for all New Yorkers. Earlier this month, the Governor announced a package of executive actions to promote housing growth across the state. In addition, the Governor spearheaded the enactment of a 5-year, $25 billion Housing Plan to build 100,000 affordable homes as part of the FY 2023 Budget.
“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.”
Governor Hochul
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