News/Events

Developer builds with ‘missing middle’ workforce in mind

Felch Street
Posted: February 1, 2021

As founder and CEO of Manhattan-based privately-held real estate development company Magnus Capital Partners, Arora is constructing a mix of studio, one-, two-, and three-bedroom affordable and market-rate apartments dubbed HOM Flats.

“It seems to me there’s not much supply for people making $14 to $20 an hour,” says Arora. “When we see an entire marketplace being ignored, and not really seeing a good reason why it’s being ignored, we see an opportunity to try and figure it out.”

Arora believes he can offer a solution, but he realizes it comes with inherent challenges. Construction costs are high, middle-income wages are stagnant, and housing supplies are limited.

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