Program housing · Deals & development · 10/20/2026
Related Gets $750M Loan, Extends Section 8 at Manhattan Plaza 20 Years
Wells Fargo gave Related Cos. a $750M mortgage on Manhattan Plaza, known as Broadway's Bedroom. In a HUD agreement filed at the same time, Related extended the building's Section 8 status for 20 more years. It also agreed to fund maintenance reserves, make repairs and not interfere with tenant organizing.
Reported by Bisnow New YorkRead the original ↗
What happened
Related Cos. has refinanced Manhattan Plaza, a large Section 8 building at 576 10th Ave. in Hell's Kitchen, with a $750M mortgage from Wells Fargo. The loan appears in records filed with the city register. Bisnow New York reported the deal on October 20, 2026. According to PincusCo, the new loan pays off an earlier $450M Fannie Mae loan.
At the same time, Related renewed its agreement with the U.S. Department of Housing and Urban Development (HUD). The agreement was filed together with the mortgage. It extends the building's Section 8 status for another 20 years. It keeps rents affordable for households earning no more than 80% of the area median income.
Under the HUD agreement, Related will also set aside money for maintenance and carry out repairs. The agreement bars the landlord from interfering with tenants who choose to organize. The material does not list the specific repairs or the amount of the reserve.
Manhattan Plaza has about 2 million square feet and 1,689 units. It is nicknamed "Broadway's Bedroom" because of its size, its affordability and its location near the theater district. According to Related's website, 70% of the units are reserved for performing artists under the Section 8 program. Related and Wells Fargo did not immediately respond to Bisnow's requests for comment.
Key facts
- Address
- 576 10th Ave., Hell's Kitchen, Manhattan (Manhattan Plaza)
- Units
- 1,689 units in about 2M SF
- Owner
- Related Cos.
- New loan
- $750M mortgage from Wells Fargo
- Loan retired
- $450M Fannie Mae loan (per PincusCo)
- Section 8 extension
- 20 more years under an agreement with HUD
- Income limits
- Rents kept affordable for households at or below 80% of area median income
- Artist set-aside
- 70% of units reserved for performing artists (per Related's website)
What it means
Tenants and voucher holders
Current residents' Section 8 affordability is extended for 20 more years, with repair and maintenance commitments and protection for tenant organizing. This is a renewal for an existing building, not a new lottery or a new batch of vacancies.
Caseworkers
Clients living at Manhattan Plaza can be told the building's Section 8 status has been renewed with HUD for another 20 years. The material says nothing about openings or how applications work, so do not send clients expecting new units.
Landlords
The deal shows an owner refinancing a large loan and renewing a HUD Section 8 agreement at the same time, with repair and reserve obligations attached. Owners of HUD-assisted buildings should expect similar conditions when renewing.
The highlights
- The 1,689-unit, 2M SF tower is at 576 10th Ave. in Hell's Kitchen.
- The Wells Fargo mortgage retires a $450M Fannie Mae loan.
- Rents stay affordable for households at or below 80% of area median income.
Why it matters
About 1,689 Section 8 homes stay affordable for 20 more years, with repair and tenant organizing protections built into the HUD deal.
Not known yet
- Which specific repairs Related agreed to make, and on what timeline
- How much money will be set aside for maintenance reserves
- Whether any rents or tenant contributions change under the renewed agreement
- Whether the building has a waitlist or ever accepts new applicants, and how
Background
Project-based Section 8 is a HUD program in which the federal government signs a contract with a building owner and subsidizes specific apartments. Assistance stays with the unit, not the tenant, and eligible tenants generally pay about 30% of their income toward rent. This differs from tenant-based Housing Choice Vouchers, which in NYC are administered by NYCHA, HPD and HCR and move with the household. When project-based contracts near expiration, owners can renew them, often alongside a refinancing, or in some cases leave the program. That makes renewals important for keeping affordable units in place.
Summary written by Bulwark from Bisnow New York’s reporting. The original story is at bisnow.com. This is general information, not legal advice.
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