The parking lot, located at 324 E. 5th Street, will be converted into 131 affordable homes and will include a senior center, community space, and replacement parking facilities, the mayor's office announced on Monday.
The project, dubbed "The Aurea," will reserve 30% of apartments for formerly homeless New Yorkers, on top of providing for low-income New Yorkers.
It will also feature landscaped terraces, green roofs and all-electric building systems and provide on-site supportive services for residents.
Mamdani said it will put community stewardship "at its center" through a "community land trust."
"It's the first City land designation of our administration, and it's exactly the kind of housing we're committed to building across the five boroughs: deeply affordable, community-led and worthy of the greatest city in the world," Mamdani said.
The project advances priorities in Mamdani's "Block by Block: The Housing Plan for a New Era," which plans to build 200,000 new affordable homes and preserve another 200,000 over the next decade.
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