A new 24-story residential tower, offering exclusively affordable housing, is set to rise in Lower Manhattan. The development at 50–58 Cliff Street will bring 120 below-market rental units to the Financial District, addressing a critical need for accessible housing in the city.
Key Takeaways
- New 24-story tower at 50–58 Cliff Street will feature 120 affordable rental units.
- Eighteen units are specifically allocated for formerly homeless individuals.
- The project includes ground-floor social services and community amenities.
- Construction is expected to begin in mid-2027, with completion by 2030.
The project, located at the intersection of the Financial District and Seaport District, represents a significant investment in affordable living. Trinity Church, the property owner, and Settlement Housing Fund are collaborating on this venture.
Preliminary renderings showcase a building designed by Dattner Architects. The structure will feature an earth-toned façade with a uniform grid of recessed windows, blending into the historic Lower Manhattan streetscape.
Addressing Housing Needs in Lower Manhattan
The city continues to face a substantial challenge in providing affordable housing. This new development aims to alleviate some of that pressure, particularly for vulnerable populations.
According to project details, 18 of the 120 units are specifically reserved for individuals who have experienced homelessness. This targeted approach highlights a commitment to supporting those most in need within the community.
Project at a Glance
- Location: 50–58 Cliff Street, Financial District, Manhattan
- Height: 24 stories
- Total Units: 120 (all affordable)
- Units for Formerly Homeless: 18
- Estimated Cost: Nearly $70 million
- Architect: Dattner Architects
- Developers: Trinity Church and Settlement Housing Fund
The nearly $70 million project will also include vital ground-floor social services. These services are intended to support residents and contribute to the overall well-being of the building's community.
The 6,000-square-foot property is strategically positioned near the corner of Cliff and Fulton Streets. This location offers excellent access to public transportation, with multiple subway lines available at the nearby Fulton Street station.
Design and Community Integration
The architectural design integrates the new tower into its surroundings while providing modern living spaces. The building will rise slightly taller than some of its immediate neighbors, creating a noticeable presence.
An aerial rendering shows a multi-story podium that will cover the entire site footprint. Above this, the main tower will ascend in an L-shaped massing, topped with a rectangular bulkhead. The slender northeastern face of the building appears to include a series of cutout terraces, offering outdoor space for residents.
"This development represents a crucial step in expanding affordable housing options in one of New York City's most dynamic neighborhoods," a community board representative stated during a recent meeting.
A street-level rendering illustrates the building's entrance on the northeastern elevation. This entrance will align with a pedestrian walkway along Beekman Street. Broad open-air arches will line the ground floor, complemented by stepped garden beds that follow the gently sloped terrain, enhancing the pedestrian experience.
Neighborhood Context
The site for the new tower sits next to several existing structures that define the area. To the south is the 19-story, 249-unit St. Margaret’s House, another affordable senior housing building. An MTA substation lies to the southwest, and the large Southbridge Towers residential complex is situated to the north. This new building will become an integral part of this established urban fabric.
Amenities and Future Timeline
Residents of the new tower will have access to a range of planned amenities designed to foster community and well-being. These include an outdoor terrace, providing a space for relaxation and social gatherings.
A food-focused learning space is also part of the plan, offering opportunities for residents to engage in culinary education. Flexible spaces will be available for various events, workshops, and community programming, encouraging interaction among residents.
The nearest subway connections are robust, with the 2, 3, 4, 5, A, C, J, and Z trains all accessible at the Fulton Street station, just a short walk to the west. This connectivity ensures easy access to other parts of Manhattan and beyond.
Construction for the ground-up development is slated to commence in the middle of 2027. The project is projected to reach completion sometime in 2030. Trinity Church will retain ownership of the land through a 99-year lease, ensuring its long-term commitment to the initiative.
This development underscores a continued effort to provide essential housing and community resources in New York City. It represents a significant step towards creating more inclusive neighborhoods within the bustling Financial District.