VIDEO: A Times Square area artists retreat that’s also affordable
New York City’s first Section 8 (low income) allocation was for Manhattan Plaza, a property near Times Square, once considered undesirable because the neighborhood was seedy. Related Companies spearheaded the Plaza’s development with funding from Wells Fargo and Fannie Mae. The goal was to attract residents who would have a vested stake in the project’s success, namely performance artists.
The Plaza’s 689 units now house 2,800 people—70 percent are performance artists, 15 percent seniors, and 15 percent community members. As residents’ finances ebb and flow, so does rent, guaranteed to be no more than 30 percent of income. Patrick Dempsey, Angela Lansbury, and Terrance Howard all once called this “miracle on 42nd Street” home. Watch our video for more.