Grand Street Guild, Catholic Homes of New York Advance $176M All-Affordable Senior Housing Tower on Manhattan's Lower East Side

Construction is advancing on Ridge Street Apartments, a 16-story, all-affordable senior housing development at 145 Broome Street on Manhattan's Lower East Side, with the structure making visible progress toward its full height as of mid-2026. The $176 million project is being developed by Grand Street Guild, Catholic Homes of New York, and the New York City Department of Housing Preservation and Development (HPD), and is designed by Handel Architects.

The building will deliver 190 residential units in studio, one-bedroom, and two-bedroom layouts, targeting seniors 62 and older earning up to 50% of area median income. Thirty percent of units are reserved for formerly homeless seniors 55 and older. Project-based vouchers cover all residential units under New York City's Senior Affordable Rental Apartments (SARA) program.

Capital Stack and Financing Partners

The project's $176 million development budget is supported by a blend of public subsidies, private lending, and federal housing funds. Financing sources include HPD, the NYC Housing Development Corporation, Citi, Richman Housing Resources, and federal HOME funds. The Adams administration contributed $32 million in direct municipal capital to the project. At approximately $926,000 per unit, the all-in cost reflects the capital intensity of deeply affordable, service-enriched senior housing developed to high-performance construction standards in New York City.

HPD has allocated project-based vouchers for all residential units, providing a long-term revenue stream to support the building's financing and ongoing operations. Forsyth Street Affordable Housing is serving as financial consultant on the transaction.

Passive House Design and Sustainability

145 Broome Street will be fully electric and engineered to Passive House standards, a combination that earned the project a Future Housing Initiative award from the New York State Energy Research and Development Authority. The building is located near the corner of Broome and Attorney Streets, within the Grand Street Guild campus.

Operations, Services, and Timeline

Wavecrest Management will handle leasing and property management for Ridge Street Apartments. On-site social services will be provided by Catholic Charities Community Services. Planned amenities include an outdoor seating area and an on-site superintendent unit.

Financing for the project closed in 2025, with vertical construction beginning in the second half of that year. By July 2026, the structure was making progress toward its full 16-story height, and construction signage at the site anticipates a fall 2027 completion. Based on the pace of work reported in August 2026, the building is on track to top out before the end of fall 2026, with delivery expected in the 2027–2028 window.

Sources

Wavecrest Management – Ridge Street Apartments All-Affordable Development Rises at 145 Broome Street