News

As reported in Real Estate Weekly, financing has closed on the second and final phase of Sendero Verde, a Passive House affordable mixed-use development in East Harlem. $223 million in Phase 2 financing included New York City Housing Development Corporation and New York City Department of Housing Preservation and Development construction loans, a New York State Energy Research and Development Authority grant, and Resolution A funding from the NYC Council and Borough Presidents Discretionary Funding, along with a Citi Bank letter of credit, LIHTCs, and solar investment tax credits.

The closing of Phase 2 financing was also covered by Crain’s New York, Finance Advice Today, the New York Business Journal, Multi-Housing News, and New York YIMBY.

Phipps Houses has closed $217 million in construction financing for Atlantic Chestnut, an affordable housing project in East New York that Bklynr reported will be the largest development in the neighborhood since it was rezoned in 2016. The 14-story building will include 1,165 apartments, 34.5% of which will be reserved for families earning 40-80% of area median income and 15%  of which will be reserved for formerly homeless individuals. The development will feature commercial space, rooftop deck, courtyard, and on-site social services provided by a local non-profit.  Atlantic Chestnut has a planned completion date of 2023.

You can read more about Atlantic Chestnut in Brooklyn Paper, Urbanize New York, Brownstoner, New York YIMBY, Real Estate Weekly, Multi-Housing News, and Construction Equipment Guide.

The Urban Land Institute New York has named Beach Green Dunes as one of three finalists for the 2021 Excellence in Affordable Housing Development award. The ULI New York Awards for Excellence in Development recognize every aspect of the development process, including architecture and design. More information about the awards and the nominees can be found on the Awards for Excellence in Development website.

As reported in YIMBY, two of the five buildings in the new La Central development are now complete. Buildings A and B will provide almost 500 income-restricted units, available to people earning between 30% and 100% of Area Median Income, along with a new YMCA, a mix of retail businesses, and a rooftop farm. When all five buildings are complete La Central will provide more than 1,000 affordable apartments and 80,000 square feet of community facilities.

The opening of buildings A and B was also covered by New York Real Estate Journal, 6sqft, Norwood News, and Bronx Times.

As reported in YIMBY, plans have been updated for a 100% affordable housing development at 4790 Broadway in the Inwood neighborhood of Manhattan. The 14-story facility will include 174 affordable residential units, a public library, a 6,800 square-foot pre-school/pre-kindergarten operated by the New York City Department of Education, 10,000 square feet of community spaces managed by the Community League of the Heights (CLOTH) and Children’s Village, and over 2,000 square feet of flexible classroom space for STEAM managed by First Robotics. The development will be named The Eliza in honor of Eliza Hamilton, the wife of Alexander Hamilton.

You can also read coverage in The Real Deal.

In partnership with developer Gotham Organization, the Chinese-American Planning Council (CPC) has broken ground on two new developments at 55 Suffolk Street and 64 Norfolk Street on New York City’s Lower East Side. The 55 Suffolk Street development will be home to a new, 40,000 square-foot CPC headquarters; 378 rental homes, 25% of which will be affordable, and 18,000 square feet of retail space.

The 84,000 square-foot new construction development at 64 Norfolk Street will create 115 affordable housing units for senior citizens and a new 4,000 square-foot congregation and cultural heritage center for the Beth Hamedrash Hagodol (BHH) synagogue. You can read more about the groundbreaking on CPC’s website.