Mamdani inherits wave of New York affordable housing projects

New York Mayor Zohran Mamdani, sworn in this month, campaigned on a promise to deliver more affordable housing to a city with the nation's highest apartment rents. But the Big Apple already has thousands of affordable housing units either under construction or hitting the market soon.

From Brooklyn to the Bronx, real estate firms were busy in 2025 filing permits and managing hardhat crews, as well as obtaining certificates of occupancy in the final step in the development process that signals a building is ready for tenants.

Now, in the first month of the Mamdani administration, the self-proclaimed democratic socialist has the opportunity to assess all the affordable housing development in the pipeline, including some aimed at reducing the number of people dealing with homelessness in the city.

"We will not wait to deliver action," Mamdani said in a statement. "We will stand up on behalf of the tenants of this city."

Starting on hix first day in the role, Mamdani focused on housing-related issues, signing executive orders that create two task forces aimed at speeding up housing production. He also named housing activist Cea Weaver to run the Mayor's Office to Protect Tenants. Weaver has since faced intense scrutiny for deleted social media posts prior to 2020 that included calling homeownership a "weapon of white supremacy."

Mamdani also tried unsuccessfully to delay a bankruptcy court sale for 5,200 rent-stabilized apartments across New York. The city wanted time to evaluate Summit Real Estate Holdings' $450 million bid and explore alternatives that protect tenant interests.

The Mamdani administration didn't immediately respond to multiple requests to comment from CoStar News on the state of the housing market.

Mamdani took over from Eric Adams, who served as the city's 110th mayor. Adams' office told CoStar News in a statement that his administration eliminated paperwork and bureaucracy so new housing could get built faster while investing "historic amounts of money" to get affordable homes.

Still, Mamdani faces New York asking rent per unit that's near a record high of $3,529 a month, according to CoStar data, about double the U.S average of $1,761.

While nowhere near a comprehensive tally, here are some noteworthy affordable housing developments taking place across New York City:

Scope: Joy Construction and Maddd Equities recently finished work on North Cove, a 30-story mixed-use development in the Inwood neighborhood of Manhattan. North Cove has 611 units of affordable housing for households earning between 27% and 110% of New York's area median income. About 15% of the units are reserved for formerly homeless individuals.

Features: The first two floors of North Cove have 60,000 square feet of retail space and 120 parking spots. Amenities in the building include bike storage, recreation rooms, laundry facilities and picnic areas. Residents also get a short walk's access to the Harlem River.

Why it matters: A growing number of affordable housing developments in New York are targeting the homeless as future residents, and the North Cove project is no different. Another example: In Brooklyn, developers Blue Sea Development and Gilbane Development are building the Brownsville Arts Center and Apartments, where some of the 230 units will be targeted toward the homeless.

Scope: Developers Slate Property and Breaking Ground said they're planning to turn this property, once the site of the Stewart Hotel in Midtown Manhattan, into a 579-unit permanently affordable housing development. Income requirements will be capped at 60% of area median income. Construction is set to begin in the second half of 2026.

Features: Slate Property said it plans to replace the building's mechanical systems, upgrade the lighting and merge some of the hotel rooms. The building will have full-time security and a maintenance staff. Slate said it also plans to build new office space for on-site social services for residents who were formerly homeless.

Why it matters: The Stewart is part of a trend in New York where developers are converting former hotel or office buildings into residential developments. The project marks the sixth residential conversion for Breaking Ground. The developer specializes in converting historic hotels into housing. A growing number of projects are also offering permanently affordable units, meaning housing that cannot be subject to market-rate prices for a set number of years. For example, in Queens, a 10-story, 231-unit complex is under construction in Flushing, where 117 units will be permanently affordable.

Scope: Concern for Independent Living, a Long Island-based nonprofit organization, is building a 210-unit affordable housing development in Bronx borough's Highbridge neighborhood. Income requirements will be capped at 60% of area median income. Construction is scheduled to finish in 2026.

Features: Most details about individual units haven't been made public, but officials at Concern have said the building itself will have a terrace with plots available for community gardening opportunities along with other green space.

Why it matters: Concern Inwood will be the latest in a collection of affordable housing developments the nonprofit group has built and managed across New York state. The organization also has the Rochester Avenue apartment complex in Brooklyn and Concern East Patchogue on Long Island.

Scope: Developer Community Access is building a 292-unit mixed use development in the Bronx Concourse neighborhood. Income requirements for this forthcoming development, known as River Avenue II, will be capped at 80% of area median income. The building is scheduled to open to residents in 2029, Community Access said.

Features: The building is in pre-development, so it doesn't have a physical address yet. Still, once completed, the building will have 20,000 square feet of commercial space on the ground floor, 50 underground parking spots and 6,000 square feet of amenities — including a gym, laundry room, library and garden space. The building will also have 24/7 front desk security.

Why it matters: Like Concern, Community Access has built 20 affordable housing developments across the Big Apple. River II will also focus on housing New Yorkers who have a history of homelessness.

Scope: Developers Breaking Ground and Douglaston Development are constructing a 1,090-unit affordable housing building on land that once housed the Kingsboro Psychiatric Center in Brooklyn's East Flatbush neighborhood. Income requirements for this forthcoming development will be capped at 30% of area median income. The forthcoming development — called Sparrow Square — will be completed in three phases.

Features: Phase one, scheduled to be completed in September 2028, will include two 10-story residential buildings offering 242 units. Amenities include private terraces, bicycle storage racks and a fitness center. The developers are also building a dedicated space on the land for a Brooklyn Ballet studio.

Why it matters: Sparrow Square is part of the state's largest multiyear plan to revitalize parts of central Brooklyn. State officials are also overseeing the construction of Utica Crescent, another affordable housing project in East Flatbush on Rutland Road. The 12-story, two-building development is scheduled to be finished in mid-2026.