Related Companies has refinanced Manhattan Plaza at 576 10th Avenue with a $750 million loan from Wells Fargo, replacing a $450 million Fannie Mae loan. The property, spanning 2 million square feet with 1,689 units, remains one of New York’s largest affordable housing complexes. The new financing extends the building’s Section 8 agreement for another 20 years, locking in rents for households earning no more than 80% of the area median income. The developer has also allocated funds for ongoing maintenance and repairs, while its HUD agreement prohibits interference with tenant organizations—a protection now more critical as tenant activism grows in New York.
The complex has long housed creative professionals, including Alicia Keys, Timothée Chalamet, and Larry David. A majority of its units are reserved for artists and musicians. Last year, SL Green and its partners withdrew a $22.5 million contribution to the property, instead directing funds to the West Side Community Fund. That decision followed backlash over the original pledge’s connection to SL Green’s casino proposal, which faced criticism after reports suggested the developer had offered a consulting contract to the tenant association president.
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A March state appellate court ruling has added legal uncertainty to affordable housing. The decision struck down New York’s ban on Section 8 discrimination, invalidating the requirement that landlords accept housing vouchers. While city officials and legal experts are still assessing the ruling’s effect, it leaves the voucher system in doubt, particularly in relation to the state’s source-of-income discrimination law.
Separately, Related Companies recently secured a $421.5 million loan from Bank of America to refinance debt at 30 Hudson Yards, replacing an earlier $400 million loan from the same lender.
