The developers of the planned $11.2 billion mixed-use Freedom Plaza in Manhattan announced a commitment to make 1,080 residential units on site permanently affordable.
The five-acre site, which is being developed by Soloviev Group and Mohegan, will stretch from 38th to 41st Streets on First Avenue, just south of the United Nations headquarters complex, will encompass two hotels, retail, dining, a museum focused on democracy, a daycare center, and a community center. The new housing commitment will mark the largest number of newly constructed affordable homes in Manhattan’s Central Core in more than a decade.
“We are prepared to answer the call from elected officials that New York City is in desperate need of affordable housing. The heartfelt testimony of neighbors – particularly young people – and the thoughtful input of community and civic leaders reinforces this decision,” said Michael Hershman, CEO of Soloviev Group.
Ray Pineault, CEO of Mohegan, added, “Housing is the foundation of stability, and this commitment represents our unwavering investment in New York’s future. Honoring our values and culture, we are proud to join Soloviev Group in delivering a fully affordable, inclusive community that will enrich Manhattan’s East Side for generations to come.”
Photo: Artist’s rendering of Freedom Plaza
