A 10 Million Story – Manhattan Plaza — New York, NY

Описание: Fannie Mae has financed its 10 millionth multifamily unit! To celebrate this milestone, we’re introducing you to the residents of Manhattan Plaza in New York City.

“The miracle on 42nd Street,” as residents have long called Manhattan Plaza, puts a spotlight on Fannie Mae’s affordable multifamily financing partnership with lender Wells Fargo and developer Related Companies.

Manhattan Plaza was originally built in the heart of Times Square to be market-rate housing. But during this time, the neighborhood was known for being a center for crime and other issues, making it hard to market the apartments. As a result, the city converted the buildings to New York City’s first Section 8 ― low-income ― allocation.

In creating affordable financing, the team’s goal for Manhattan Plaza was to attract residents who would have a vested stake in its success ― namely, performance artists. Alicia Keys, Patrick Dempsey, and Angela Lansbury have all called Manhattan Plaza home.

Today the community’s 689 apartments house 2,800 people: 70 percent artists, 15 percent seniors, and 15 percent community members. As residents’ incomes fluctuate, so does their rent, guaranteed at no more than 30 percent of income.

Jeff Brodsky, Vice Chairman of Related Companies, reflects, “Manhattan Plaza is representative of how affordable housing can be, and is, an economic generator. One building at a time has followed in its footsteps to where real estate in the immediate area is worth billions.” The rich history and success of Manhattan Plaza show how one community can uplift an entire neighborhood.

Get to know the residents of Manhattan Plaza and learn how Fannie Mae can help you access multifamily financing to provide affordable housing for those who need it most.

To see more stories, visit fanniemae.com/10MillionStories.