Key facts
- The Stewart Hotel in Midtown Manhattan is being converted into over 550 affordable apartments.
- The project targets low-income and formerly-homeless New Yorkers.
- The conversion is a partnership between nonprofit Breaking Ground and developer Slate Property Group.
- Financing includes state and city subsidies, and contributions from Wells Fargo, JP Morgan Chase, and the Low Income Investment Fund.
- The building will include an on-site health and social services hub.
- Revenue from the hotel's ballroom will help fund affordable units and social services.
New York City is undertaking a significant affordable housing initiative by converting the historic Stewart Hotel in Midtown Manhattan into over 550 apartments. This project, a collaboration between nonprofit Breaking Ground, led by CEO Brenda Rosen, and property developer David Schwartz of Slate Property Group, aims to address the city's severe housing crisis. The 31-story, 1920s-era hotel, which closed in 2022 and briefly served as a migrant shelter, was purchased for $255 million. The conversion plans include providing homes for low-income individuals and those who have experienced homelessness, with tenants typically paying 30% or less of their income in rent, estimated to be under $2,000 per month. Financing for the project is a mix of state and city affordable housing subsidies, along with contributions from private partners such as Wells Fargo, JP Morgan Chase, and the Low Income Investment Fund. Beyond housing, the converted building will feature an on-site health and social services hub, including a case manager, medical staff, and therapists, designed to support residents' wellness. Revenue generated from renting out the hotel's former ballroom and event spaces will be reinvested into funding the affordable units and social services. This initiative aligns with Mayor Adams' administration's broader housing goals, including building new units and converting underused commercial spaces into residential housing. The project is seen as a model for addressing housing needs in urban environments.