Related Companies is best known for high-end developments, including Manhattan’s Hudson Yards, but the New York City Housing Authority announced Dec. 1 that a joint venture of Related and Essence Development was selected to make $366 million in repairs across 2,054 public housing units.
As part of the deal, the companies will take over management of the Fulton, Chelsea, Chelsea Addition and Elliott houses through a Permanent Affordability Commitment Together (PACT) program conversion, which allows the developers to access federal Project-Based Section 8 money to fund the repairs. PACT will cover more than two-thirds of the total project cost, officials say.