600-Unit Affordable Housing Complex In Inwood Gets Green Light

INWOOD, NY — Maddd Equities recently received approval from the Department of Buildings for a 600-plus unit affordable housing complex in Inwood, according to the RealDeal.

The approval from the city comes more than six years after the real estate development firm purchased the Upper Manhattan site.

Previously released plans show that Maddd Equities plans to build two towers of affordable housing at 373 West 207th Street, as well as a 60,000 square foot commercial space, RealDeal reported.

While the plans use the term affordable housing numerous times, it never specifies how expensive these apartments will actually be.

Reportedly, the towers, named Sherman Creek North Cove, would include a laundry room, fitness center and an outdoor recreation area.

Maddd Equities bought the Inwood site in 2015 for $4.25 million, but had to wait to begin work on the 686,000-square-foot project until the courts made a decision on the Inwood rezoning plan.

Inwood rezoning was eventually approved in the summer of 2020.

The RealDeal reports that the $300 million in funding for the project has not been released yet, but developers hope to start construction by the end of 2021.

You can read the full article on the RealDeal's website.