Massive $416 Million Apartment Towers Headed To Inwood: NY Governor

INWOOD, NY — A pair of massive apartment towers are headed to Inwood with nearly 700 units, New York Governor Kathy Hochul announced on Tuesday along with other new details about the project.

The $416 million inter-connected towers will be located at 405 and 407 West 206th Street, as Patch reported in October 2021.

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The towers will have 698 units, including 281 affordable apartment that will go to residents earning at or below 80 percent of the area median income.

"My administration is fighting to ensure every New Yorker has the opportunity to live in a safe, secure, sustainable home in a thriving community like Inwood," Hochul said in a news release. "This development will not only create new homes but will also provide essential services and amenities that increase quality of life and boost the economy for the entire community."

Here's more of a breakdown of what the type of units will look like.

• Mix of studio, one, two, and three bedroom apartments.
• 40 percent of apartments for residents earning at or below 80 percent of AMI.
• 10 percent of apartments will have rents restricted up to 30 percent of 120 percent AMI.
• Remaining apartments will be market-rate units.

Other shared amenities in the building will include landscapes courtyards, a lobby, multiple roof decks, a fitness center, co-working spaces, and music rehearsal rooms.

Funding will also go toward all-electric heating, cooling, and other sustainable features that look to advance the state's climate goals and offer free broadband internet to residents.

The complex will also house a supermarket under the city of New York's Food Retail Expansion to Support Health Program.

Taconic Partners purchased the 20,000 square-foot parking lot where the two towers will go for $7.2 million in 2021.

The development team behind the project is LMXD, MSquared, and Taconic Partners.

The project announced on Tuesday is part of Hochul's $25 billion Housing Plan that aims to create or preserve 100,000 affordable homes across New York.

The $416 million in funding came from multiple sources, including nearly $70 million in Low Income Housing Tax Credit equity, nearly $82 million in exempt bonds, and $182 million in taxable bonds provided by New York State Homes and Community Renewal.

"This project hits at Manhattan's core needs: more housing, more affordable housing, and more sustainable housing," Manhattan Borough President and former Washington Heights Council Member Mark Levine said in a news release. "By addressing two of our borough's most pressing crises - housing and sustainability - this development is building a better future for Inwood and Manhattan."