New six-story building going up at 351 East 54th Street

Real Estate Weekly, Oct 31, 2001

A new six-story building is being constructed at 351 East 54th St. on Manhattan's East Side and donated to The Metropolitan Council on Jewish Poverty to create 12 new units of affordable housing for seniors under the city's inclusionary zoning program, according to developer Izak Senbahar.

The new 10,000-SF building, to be operated by the 28-year-old nonprofit organization, will offer rent-stabilized studio apartments, averaging 700 SF each, to senior citizens of any religion with incomes of less than 80 percent of the median for the area.

The City's Department of Housing Preservation and Development will establish the initial rents and administer a lottery for tenants.

Senbahar, who is also developing Grand Beekman, a new 32-story condominium tower at 400 East 51st St. in Beekman Place, purchased the property under the City's inclusionary zoning rules, which provide additional bulk for the provision of off-site affordable housing.

"This is a win-win situation," said Senbahar. "We were able to emphasize the grandeur of Grand Beekman with additional floors while providing needed affordable housing for seniors at a highly-desirable East Side location."

"We're very excited about this project," said Gary Gutterman, the director of housing for the Met Council. "We're being given a great building in a fantastic location. It will offer seniors affordable housing in an area that provides easy access to some of the best cultural amenities and health care options in the City."