Freedom Plaza Commits to 100 Percent Affordable Housing

Soloviev Group and Mohegan amend application to deliver an unprecedented response to the housing crisis facing New York City residents.

NEW YORK, Sept. 20, 2025 /PRNewswire/ -- Freedom Plaza, the bold $11.2 billion civic and cultural vision for Manhattan's East Side led by Soloviev Group and Mohegan, today announced a landmark commitment to make 1,080 residential units on site permanently affordable. Reinforced by a legally binding restrictive declaration, this positions Freedom Plaza to deliver the largest number of newly constructed affordable homes in Manhattan's Central Core in more than a decade.

"We are prepared to answer the call from elected officials that New York City is in desperate need of affordable housing. The heartfelt testimony of neighbors – particularly young people – and the thoughtful input of community and civic leaders reinforces this decision," said Michael Hershman, CEO of Soloviev Group. "Soloviev and Mohegan believe a gaming license is a privilege and an opportunity to leverage its full economic power to deliver social, civic, and community benefits that would not otherwise be possible."

According to Ray Pineault, CEO of Mohegan, "Housing is the foundation of stability, and this commitment represents our unwavering investment in New York's future. Honoring our values and culture, we are proud to join Soloviev Group in delivering a fully affordable, inclusive community that will enrich Manhattan's East Side for generations to come."

"By making every single home affordable, Soloviev and Mohegan are addressing New York City's housing crisis with meaningful action," said Jamie A. Smarr, President of the NYC Housing Partnership. "I have spent my career advocating for affordable housing, and I did not think I would ever see this type of commitment from private development. This will ensure that working families, seniors, and future generations will have access to quality housing paired with world-class amenities and public spaces that make neighborhoods thrive."

As part of its broader community investment, Freedom Plaza recently announced a new partnership with Settlement Housing Fund, a nonprofit that has preserved more than 8,900 homes for low- and moderate-income families since 1969. Soloviev Group and Mohegan have committed $1 million to support the organization's work at Tanya Towers. Located at 620 East 13th Street, Tanya Towers provides 138 permanently affordable apartments, many of which are home to residents living with disabilities, seniors, or veterans.

Over the past two years, Freedom Plaza leadership has engaged thousands of residents, activists, advocates, and civic leaders to talk about the public benefits that Freedom Plaza will bring together. Recognizing the impact of this once-in-a-generation project, more than 58 percent of those that participated in the two Community Advisory Committee (CAC) public hearings spoke in favor of the project, in addition to more than 5,000 individuals who have submitted written testimony to the CAC.

They join the 10,000 Manhattan residents and 250 local small businesses who previously signed a petition supporting the proposal. A September 2025 Tulchin Research poll further confirms this momentum, finding that nearly two-thirds of Manhattan voters support the project and 58 percent of voters in Midtown East specifically in favor.

About Freedom Plaza
Freedom Plaza is an $11.2 billion mixed-use development from Soloviev Group and Mohegan, spanning 6.3 acres from 38th to 41st Street east of First Avenue on Manhattan's East Side. The project will deliver 1,080 new permanently affordable homes alongside nearly five acres of public open space, locally oriented retail, and a wide range of shopping and dining options, plus a daycare center, food market, museum dedicated to democracy, and community center. Two world-class hotels from Mohegan and the owners of Banyan Tree will feature retail, dining, and entertainment, including modern gaming for those 21 and over. Built entirely with union labor, Freedom Plaza will support 17,000 high-quality full- and part-time union jobs during construction and operations and nearly 40,000 jobs overall throughout the economy, while generating $3.2 billion in annual economic impact. For more information, visit freedomplaza.nyc.

About Soloviev Group 
Unwavering in its commitment to environmental sustainability and social responsibility, the Soloviev Group brings four generations of successful development across community-focused verticals, including hospitality, residential and commercial development, agriculture, energy, logistics and philanthropy. The firm's most recent project, Freedom Plaza, will encompass more than 6 acres on Manhattan's East Side from 38th to 41st Street east of First Avenue and is committed to helping New York City thrive. The mixed-use development will feature nearly 5 acres of publicly accessible green space; two world-class hotels by global resort leaders Mohegan and the owners of the Banyan Tree hotels and resorts, featuring the option of modern gaming for those 21-and-over; locally oriented retail and an array of shopping and dining options; a museum dedicated to democracy and community center; and two residential towers with 1,080 units of permanently affordable housing. For more information, visit freedomplaza.nyc.

About Mohegan
Mohegan is the owner, developer, and manager of premier entertainment resorts in the United States and Canada. Mohegan's U.S. operations include resorts in Connecticut and Pennsylvania and Canadian operations are based in Niagara Falls, Ontario. The brand's iGaming division, Mohegan Digital, provides cutting-edge online gaming solutions to Mohegan's loyal fan base and meets the digital needs of North American customers. Mohegan is owner and operator of Connecticut Sun, a professional basketball team in the WNBA. For more information on Mohegan and its properties, please visit mohegangaming.com.

SOURCE The Soloviev Group