New York City shutters more than 400 buildings, including high-rise apartment buildings and hotels, to make way for affordable housing
Rockwood shuttered nearly 400 buildings in Manhattan to make room for more than 1,000 affordable units, including apartments and hotels.
The move is the latest move by the city to make it easier for people to live in the city and more affordable to those who need it.
Rockwood, a historic industrial building on Manhattan’s Lower East Side, is one of the city’s most expensive properties to rent, according to the Real Estate Board of New York.
But its owners hope that its sale to a group of investors will help them make it more affordable.
The group is buying the property at a bargain price, said Jeff Kornblum, one of Rockwood’s owners.
Kornblums family owns the building and operates it as a commercial office.
The family is the owners of several other properties in the area, including a luxury condo in the Rockwood Hotel, which has a swimming pool.
The city announced it is closing all of Rockford Road, a street near the site of the hotel, to all traffic.
It also plans to shut down Rockwood Road to pedestrians and cyclists, as well as other streets to make the area more accessible to car traffic.
Kathy Smith, a spokesperson for the New York Department of Transportation, said the city closed all streets to pedestrians on the Upper West Side, the Lower East and East New York, and in the East Village to make streets less accessible to cars.
The city also closed the streets to bikes and pedestrians on Rockford Avenue, Smith said.
The Rockwood buildings were slated to be demolished in 2021, but the developers say the buildings can be turned into affordable housing.
They will move to another location in the City, a move that would make it feasible to sell the buildings to the group.
The group is working on a plan to sell some of the buildings and move the others into the city, Kornstrom said.