Affordable housing goes up in Kingsbridge

This development represents an important step forward in increasing affordable housing in our district.”

Councilmember Eric Dinowitz

Construction on an affordable housing development which will consist of more than 300 units located across the street from Van Cortlandt Park is officially underway.

Property owner and developer, Tishman Speyer confirmed construction on the eight-story building at 160 Van Cortlandt South, located in the Kingsbridge neighborhood.

Construction began in late December 2024 and the 279,000-square-foot building is set to provide 100% affordable housing to its 339 residential units, ranging from studios to three-bedroom apartments.

Of the 339 apartments, 285 of them are reserved for individuals and families earning between 40% to 105% of the area median income (AMI).

In 2023, the AMI in New York City was just over $127,000 for a family of three.

The Bronx has the lowest AMI of the five boroughs – listed as $47,260 in 2022, according to nyc.gov.

The remaining 53 apartments will provide supportive housing to individuals who were previously homeless, with project partner Breaking Ground assisting in the placement of these individuals.

Some of the households may be required to pay some portion of the rent depending on the specific terms of their housing arrangement, with Breaking Ground’s social workers helping to ensure these individuals receive the necessary support and services.

NYC Housing Connect will also hold a housing lottery expected to launch in the first quarter of 2027, according to Tishman Speyer. To qualify, applicants must meet specific household income and size requirements.

The residence is being constructed to meet Enterprise Green Communities’ (EGC) sustainable design standards; the only national green building program specifically used for affordable housing. The EGC criteria for sustainable design standards are based on a building’s water and air quality, along with energy efficiency, stormwater management and environmental responsibility.  It will also feature two recreation rooms, a laundry room, a fitness room and a rooftop terrace, among other amenities. 

Part of the development site was previously home to the Visitation Church and School, which merged with nearby St. John’s. The building has been vacant since 2015.

The remainder of the former Visitation property, not part of this project, was purchased by the New York City School Construction Authority and is being developed into a nearly 700-seat public elementary school.

The school, which has yet to be named, is expected to open in September 2028, according to NYC School Construction Authority communications and external affairs officer Kevin Ortiz, who spoke with The Press but would not comment further about the school.

Councilmember Eric Dinowitz said affordability in housing has always been a top priority for him and Council District 11 (CD11), which includes Kingsbridge, Riverdale and Spuyten Duyvil, among other neighborhoods in the West Bronx.

“This development represents an important step forward in increasing affordable housing in our district,” he said.

He added he remains committed to ensuring future developments continue to meet the diverse needs of the residents in his district.

Eric’s father, Assemblymember Jeffrey Dinowitz commended the efforts of Tishman Speyer and others involved in this project.

“I look forward to seeing this project become a cornerstone of our community,” the assemblymember added.

Bronx Borough President Vanessa Gibson was also hopeful about plans for the development.

“With hundreds of modern, energy-efficient homes, this development represents a significant step forward in addressing our community’s housing needs and supporting formerly homeless New Yorkers,” Gibson said. “We are excited about [this] new fully affordable housing project.”

NYC Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. described the site of the future development as, “one of the best sites he has ever seen for affordable and workforce housing.”

A leading owner, developer, operator and investment manager of real estate in 36 key markets across the U.S., Europe, Asia and Latin America, Tishman Speyer specializes in developing affordable residential communities, premier office properties and retail spaces along with industrial and data center facilities as well as mixed-use campuses, such as an apartment building with ground floor retail space.

The city’s housing market was at about $785,000 for the first week of 2025. The median sales price for homes was nearly $765,000 in 2024, and $764,000 in 2023, the latter which was about a 2% drop from 2022, according to StreetEasy and Zillow.

In 2023, less than 16% of homes for sale qualified as “affordable” when compared to local median earners, which is the lowest rate in over 10 years, according to a New York Times article published in January of last year.

For the project, Tishman Speyer collaborated with Aufgang Architects, who designed the development, along with Breaking Ground, NYC Department of Housing Preservation and Development (HPD), NYC Housing Development Corporation (HDC), Urban Investment Group at Goldman Sachs Alternatives and Hudson Housing Capital, while also working alongside the Archdiocese of New York and the United Federation of Teachers to work towards the plans coming to fruition.

“Together, we are delivering a truly remarkable project that will create much-need homes for hundreds of families,” Tishman Speyer senior managing director Michelle Adams said.

A Tishman Speyer spokesperson confirmed the initial excavation and foundation are underway, with construction of the development expected to be completed in 2027.