The Related Companies, LP today announced that it has executed a contract to acquire Manhattan Plaza, one of New York City's largest affordable housing communities located on 42nd and 43rd Streets between 9th and 10th Avenues. The 45 and 46 story Mitchell Lama-designated buildings, previously owned by Manhattan Plaza Associates LP, features two residential towers with over 1,500 Section 8 apartments of which 70% are occupied by qualified performing artists, ground level retail space, and a 1,000 car garage.
Since 1972, The Related Companies LP has been committed to affordable housing in New York City and throughout the country. Through its development, finance and management affiliates it has interests in over 200,000 affordable apartments.
Commenting on the acquisition, Stephen M. Ross, Chairman of The Related Companies stated, "We look forward to maintaining Manhattan Plaza as the premier affordable housing resource for New York City for years to come."