Projects

Penn South Cooperative

Penn South Cooperative

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With three HIT commitments totaling $212 million, the Penn South Cooperative in midtown Manhattan continues to provide affordable housing for the community's moderate-income families, many of whom are active or retired union members. The Penn South development occupies 12 city blocks and includes schools, retail and commercial services, gardens and a power plant.

In 2003, the HIT provided $33 million to cover the property’s refinancing in order to keep its 2,820 housing units affordable for residents. In 2011, the HIT announced $134 million for capital improvements and refinancing at Penn South, and in 2014 a supplemental investment of $45 million enabled the co-op to make further improvements. Altogether, these investments are expected to generate approximately 1,295 union construction jobs.

Penn South is one of the largest projects to result from a movement in the 1950s to develop limited-equity cooperative housing that would help meet the need for moderate-income housing in New York City. The movement was spearheaded by the United Housing Foundation, a union-created housing development entity. Penn South’s property management staff is represented by OPEIU Local 153 while the janitors and porters belong to SEIU Local 32 B-J.

Location:

New York, NY

HIT Investment:

$212 Million

Total Development Cost:

$229 Million

Units:

2,820

Affordable Units:

2,820

Union Jobs Created:

Approximately 1,295

Video

Penn South - Rising to the Challenge

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