5 Pointz: The Institute of Higher Burning is located in the heart of Long Island City across the street from MoMA PS1. Also regarded as a graffiti-mecca it became a canvas for legal graffiti mural since 1993. The building is a warehouse that also included artists studios—it quickly became a cultural landmark.
This building is making way to a $400 million Jerry Wolkoff, development approved by the New York City Planning Commission Aug. 2013. The design proposes 1,000 units with 210 of those units deemed ‘affordable housing’ as well as plans to include Artist working studios and 10,000 square feet (929 m2) of Art panel space dedicated to graffiti—curated of course.
Currently around 200 artists pay below market rate for a studio; 450sf was listed at $600 per month in 2009. They also put up monumental pieces of graffiti art on the factory’s existing 200,000 sf canvas.
The numbers in this case dictate the viability of two towers building north of 300 units shy if their ‘as of right’ because of the affordable housing included. With Mayor Bloomberg’s quest to add a number of affordable housing, the current Mayor has the same task during his tenure. Especially the target of providing 200K units.