Construction Begins on Alafia Phase One

As reported in Multi-Housing News, construction has begun on Phase One of Alafia, a wellness-oriented community in the Spring Creek Area of East New York, Brooklyn. Sited on 27 acres that formerly housed the Brooklyn Developmental Center, once completed Alafia will feature more than 2,400 affordable apartments, open space, fitness trails, urban farming, a healthcare facility and food production space. Phase One will account for 576 affordable housing units (about 25% of the total that will eventually be constructed). Alafia is being developed by Apex Building Group, L+M Development Partners, RiseBoro Community Partnership and Services for the Underserved (S:US).


Construction Complete at Sendero Verde Phase One

Construction is now complete on Phase One of Sendero Verde, an affordable housing development that is also the largest Passive House project in the United States. The 15-story residential tower at 60 East 112th Street that comprises Phase One will eventually be joined by a second tower at 50 East 112th Street and a third structure at 75 East 111th Street. In total, Sendero Verde will deliver more than 700 affordable housing units, a 51,000-square-foot charter school, 90,000 square feet of community space, and a connecting park between the first and second towers. More details and renderings of the completed project are available at New York YIMBY.


Supportive Housing Development WFSSH at West 108th Street Debuts on the UWS

As reported in New York YIMBY, West Side Rag, 6sqft, and Real Estate Weekly, the new supportive housing complex WSFSSH at West 108th Street is now completed. Developed by the West Side Foundation for Senior and Supportive Housing, it consists of two buildings on West 108th Street and will provide 198 units of housing, about 60% of which will be for formerly homeless residents over age 55. The remaining units will be designated for low-income households. On-site supportive services will include crisis intervention counseling and case management. WSFSSH at West 108th Street will also include a health center operated by the Institute for Family Health. HSE served as deal counsel.


Ribbon-Cutting for Tremont Residences

Affordable housing development Tremont Residences celebrated its completion with a ribbon-cutting ceremony this week. As reported in Connect CRE, Multi-Housing News, and 6sqft, the 11-story Tremont Residences will bring 199 units of affordable housing to the West Farms area of the Bronx. Sixty percent of the units will be set aside for formerly homeless New Yorkers, and supportive services including case management and mental health services will be provided on-site. Tremont Residences is located on the former site of a vacant, one-story retail building and was developed by Camber Property Group, Slate Property Group, and Westhab. HSE served as deal counsel.


Ribbon-Cutting for Mixed-Use Development Chestnut Commons

Developers and community leaders gathered this week for a ribbon-cutting at Chestnut Commons, a new mixed-use development in East New York that will deliver 275 units of affordable housing. Twenty percent of the housing units will be set aside for formerly homeless New Yorkers who will also receive services from Housing Plus. The remaining units will be available to households earning between 20% -80% of the Area Median Income (AMI).

Chestnut Commons is certified as Passive House and includes solar panels, a rooftop garden, a building-wide organic composting program, and a biodigester that will generate fertilizer for use at Chestnut Commons and local farms.

The main floor of Chestnut Commons will be home to the 34,000-sq-ft Cypress Hills East New York Community Center, which will feature a computer lab, gym, fitness studio and commercial kitchen. Operated by the Cypress Hills Local Development Corporation, the Community Center’s programming will include workforce development; workforce training in construction, IT and the culinary arts; public benefits enrollment; college success preparation; youth and family services; small business technical assistance; recreational activities; youth-oriented music instruction provided by the Brooklyn Conservatory of Music; a satellite campus of CUNY Kingsborough Community College; and Collective Fare, a Black-owned chef collaborative.

The Brooklyn Federal Credit Union and East Brooklyn Mutual Aid will also occupy ground-floor space.

Funding for Chestnut Commons was provided through New York City Housing Development Corporation (HDC) tax-exempt bonds and subsidy, Housing Preservation Department (HPD) subsidy, Low-Income Housing Tax Credits (LIHTC), Brownfield Cleanup Program tax credits, Bank of America, and Reso A funds from Mayor Eric Adams during his time as Brooklyn Borough President and former New York City Council Member Rafael L. Espinal. HSE served as deal counsel.

More details and photos from the ribbon-cutting are available on the City of New York’s website and City Life.


Progress for Sendero Verde’s Second Phase

As reported in New York YIMBY, construction on the second phase of mixed-use affordable development Sendero Verde is more than 50% complete. This phase will deliver 361 permanently affordable rental units for low-to-moderate income families and the formerly homeless. When completed, the 395,000-square-foot tower will be the largest Passive House development in the world. Sendero Verde is developed by Jonathan Rose Companies, L+M Development Partners, and Acacia Network. HSE served as deal counsel.


Affordable Housing Development for Seniors Opens in Mott Haven

Mill Brook Terrace, a 158-unit affordable housing development for senior citizens, is now open in the Mott Haven neighborhood of the Bronx. Developed by the West Side Federation for Senior and Supportive Housing and the New York City Housing Authority (NYCHA) and designed by Perkins Eastman, the nine-story building also includes an 8,700 sqft senior center and a 1,000 sqft public community space. Approximately 30% of the residential units will be set aside for formerly homeless residents.

HSE served as deal counsel. As reported in New York YIMBY, a combination of public and private financing for Mill Brook Terrace was obtained from sources including Capital One, Federal Home Loan Bank of New York, the National Equity Fund, NYC HDC’s Extremely Low and Low Affordability (ELLA) Program, NYC HPD’s Senior Affordable Rentals (SARA) program, the NYC Office of Environmental Remediation, and New York City Council Discretionary Capital sponsored by councilmember Diana Ayala.

More details are also available at Real Estate Weekly, Bronx Times, and News 12 Long Island.


Facade Almost Complete at 55 Suffolk Street Residential Development

As reported in New York YIMBY, facade work is almost complete on the 30-story residential building at 55 Suffolk Street on Manhattan’s Lower East Side. Along with 64 Norfolk Street, 55 Suffolk Street comprises the Broome Street Development, a project from the Gotham Organization that will create 493 new units of housing – 43% of which will be permanently affordable. You can read more details about the project and see progress photos at New York YIMBY‘s website.


Tiffany Court Brings More Affordable Housing to the Bronx

As reported in New York YIMBY, the recently opened Tiffany Court will bring 151 units of affordable housing to the Bronx. Located at 980 Westchester Avenue in the Foxhurst neighborhood, Tiffany Court will also include an outdoor terrace, on-site laundry, a computer room, and 25,000-square-foot retail space. Tenants in approximately 20% of the residential units will receive supportive services provided by project co-developer The Doe Fund, including substance abuse counseling and career training.

Tiffany Court was developed by The Doe Fund and Bolivar Development; HSE served as deal counsel. Financing for the $71.6 million project was obtained through tax-exempt bonds and a second mortgage from the New York City Housing Development Corporation (HDC), subsidies from the New York City Department of Housing Preservation and Development (HPD), and Low-Income Housing Tax Credits (LIHTC). Private funding sources included Chase Bank, a Federal Home Loan Bank of New York grant, and New York City Council discretionary funds from District 17 Councilperson Rafael Salamanca, Jr. and former City Council Speaker Corey Johnson.


Construction Tops Out at 35 Commercial Street

As reported in New York YIMBY, construction has topped out at 35 Commercial Street, a residential development located in the Greenpoint neighborhood of Brooklyn. When completed, 35 Commercial Street will provide 373 affordable housing units, amenities like communal space, fitness center and indoor and outdoor play spaces, along with 7,600 square feet of commercial space. 35 Commercial Street is being developed by Park Tower Group along with Greenpoint Landing Associates. HSE served as deal counsel. You can see photos of the topping out and construction progress on New York YIMBY‘s website.


Logan Fountain Renderings Unveiled

As reported in New York YIMBY, the designs for the new affordable housing development and homeless shelter Logan Fountain have been revealed. The design from MHG Architects features a paneled facade in an earth-toned palette. When completed, Logan Fountain will include amenities like a fitness room, laundry room, and landscaped courtyard with a children’s play area for affordable housing residents. On-site supportive services provided by the Jericho Project, a co-developer of the project, will be available to all residents according to their specific needs. Co-developer HELP USA will provide care coordination and services for shelter residents. Logan Fountain is expected to be completed in late 2024.


$215M in Financing Closed for Affordable & Supportive Housing and Shelter at Logan Fountain

As detailed in Real Estate Weekly, a new development in the 2016 East New York rezoning area will transform a defunct gas station into permanently affordable housing, transitional housing for homeless families, and retail space. Approximately $215 million in financing was recently secured for Logan Fountain, which is being developed by The Hudson Companies and not-for-profit organizations the Jericho Project and HELP USA. Logan Fountain will follow a hybrid model that will include affordable housing, transitional housing, and a shelter together in one 13-story building, along with 7,677 sqft of ground-floor retail space. In total, Logan Fountain will create some form of housing for 343 families.

HSE served as deal counsel. Financing for the $97 million shelter was provided by a loan from Citi that is backed by a contract with the New York Department of Homeless Services. An additional $117 million for affordable housing financing was provided through a combination of NYS Housing Finance Agency tax-exempt bonds, a construction period Letter of Credit from Citi, an NYC HPD subsidy, a tax credit equity with syndicator Hudson Housing Capital and investor JP Morgan Chase, and funding from former NYC Council Member Rafael Espinal.


Affordable Housing Development Starhill Phase 1 Breaks Ground

Developers have broken ground on Starhill Phase 1, a development that will create 326 units of affordable housing in the Bronx. Approximately 61% of the units will be set aside for New Yorkers currently experiencing homelessness, with the remainder allocated for households earning 30-80% of area median income (AMI) and one on-site superintendent. Starhill Phase 1 is being developed by Bronx Pro and Services for the UnderServed, a housing accessibility and empowerment not-for-profit that will also provide services to Starhill’s residents. The $189 million project is financed by $20.6 million in permanent state tax-exempt bonds; federal Low-Income Housing Tax Credits  (LIHTC); a $31.5 million subsidy from New York State Homes and Community Renewal (NYSHCR); $31.5 million from the New York City Department of Housing Preservation and Development’s Supportive Housing Loan Program; and $1 million from the City Council of New York. HSE served as deal counsel. More details are available at Multi-Housing News.



Bedford Green Affordable Housing Celebrates Opening with Ribbon-Cutting

As reported by News 12, a ribbon-cutting ceremony was held today to celebrate the opening of Bedford Green, an affordable housing development in Bedford Park. Developed by Project Renewal, Bedford Green delivers 117 affordable and supportive housing units, including 71 units set aside for formerly homeless New Yorkers, families impacted by mental health or substance abuse, and people living with HIV/AIDS. The remaining units will be allocated to households earning up to 60% of area median income (AMI). The building designed by ESKW/Architects features a rooftop greenhouse and aquaponic urban farming system, which will be incorporated into horticultural therapy services as part of the wraparound services provided by Project Renewal.

Financing was provided by the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD), and the New York State Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program; a construction letter of credit and tax credit investing from Bank of America; grant funding from the Harold and Jeannette Weinberg Foundation, TD Bank, and Deutsche Bank Foundation; operating funding from the New York City Department of Health and Mental Hygiene and the New York City Human Resources Administration; and a pre-development loan from the Corporation for Supportive Housing. HSE served as deal counsel.

Video of the ribbon-cutting can be viewed at News 12 and more information about Bedford Green is available on the City of New York’s website.


Bronx Point Phase One Construction Tops Out

Phase One of Bronx Point, a mixed-use building in the Bronx that will provide 542 affordable housing units, has topped out. As reported in New York YIMBY, the brick facade now encloses about half of the 22-story structure. Bronx Point is being developed by L+M Development Partners, Type A Projects, and BronxWorks, and designed by S9 Architecture. HSE served as deal counsel. More project details and progress photos are available at New York YIMBY.


Nevins Street Apartments Featured as Case Study in Affordable Housing Development

The Nevins Street Apartments were included as one of three examples of “what determination and teamwork between stakeholders can accomplish” in Multi-Housing News“Case Studies in Affordable Housing.” Developed by the Institute for Community Living, Nevins Street Apartments provides 60% supportive housing for at-risk populations and 40% affordable housing for residents at 60% area media income (AMI). Financing to redevelop the 1913-era former YMCA into independent living units included Low-Income Housing Tax Credits (LIHTC). HSE served as deal counsel.


The Peninsula Opens on the Former Spot of the Spofford Juvenile Detention Center

Phase 1 of The Peninsula, an affordable housing development constructed on the site of the former Spofford Juvenile Detention Center, opened today in the Hunts Point neighborhood of Bronx. This phase of the Peninsula will bring 183 affordable housing units to market, as well as retail space and studio space for artists. All of the 183 housing units are reserved for individuals and households earning 30-80% AMI and 18 units are specifically set aside for formerly homeless New Yorkers. When the five-acre development is complete, it will include an additional 557 affordable housing units, an early childhood education center, a one-acre public plaza, a wellness center, and a supermarket. You can read more about the Peninsula and watch video from the grand opening on and at Multi-Housing News, the Bronx Times, and New York YIMBY.


Affordable and Supportive Housing Development Landy Court Opens in Yonkers

Landy Court, an 80-unit affordable and supportive housing development in Yonkers, opened today, as reported in New York YIMBY. All of the units are reserved for individuals and households at 60% AMI. Supportive services, including individual case management, employment assistance, and support for combatting substance abuse, will be provided by St. Joseph’s Medical Center.

The $49 million project was financed through a combination of permanent tax-exempt bonds, Federal Low-Income Tax Credits, a New York State Homes and Community Renewal (NYSHCR) subsidy, and funding from the New York State Office of Temporary and Disability Assistance, the New York State Office of Mental Health, and program development grants.

Landy Court was developed by St. Joseph’s Medical Center and Concern Housing. HSE served as deal counsel.


Mixed-Use Affordable Housing Development Trinity-Reverend William James Senior Apartments Is Complete

As reported in New York YIMBY, the new Trinity-Reverend William James Senior Apartments located at 1074 Washington Avenue in the Bronx are now open. Formerly known as 1080 Washington Avenue for the address of the land that previously housed a vacant church, the new development creates 154 affordable apartments, a 5,400 square-foot ground floor space for wrap-around social services, recreational spaces, and garden. Thirty-seven percent of the apartments are reserved for formerly homeless or incarcerated senior citizens. The remaining units will be available to residents at or below 60% AMI.

The project was developed by Bronx Pro Group, United Methodist City Society, and The Fortune Society. Curtis + Ginsberg was the architect of record.

HSE served as deal counsel. Financing included $33 million in equity from federal low-income housing tax credits (LIHTC), $15.9 million in permanent state tax-exempt bonds, $13 million from the New York City Department of Housing Preservation and Development (HPD), $11.6 million in subsidies from the New York State Homes and Community Renewal (HCR) and $2 million from HCR’s Community Investment Fund Program. Enterprise Community Partners, Freddie Mac, and JP Morgan Chase provided additional funding.


The Peninsula Development Featured as Example of Successful Affordable Housing

In “Two Upscale Developments Offer Two Divergent Futures for the South Bronx,” Curbed‘s Justin Davidson compares the architecture, purpose and development of The Peninsula, an affordable housing complex in the Bronx, with that of market-rate development Bankside. “[T]hese two megadevelopments, one a deluxe enclave built by a corporate juggernaut on prime waterfront land, the other a wholly and deeply affordable complex erected by a mission-driven, Black-run nonprofit, lay out two different futures for the South Bronx.”


Mixed-Use Development Caton Flats Opens in Flatbush

Mixed-use and affordable housing development Caton Flats is now open in the Flatbush neighborhood of Brooklyn. The project will provide 255 units of affordable housing capped at 40-130% of Area Median Income (AMI), along with 20,000 square feet of community space.  The Flatbush Central Caribbean Market has reopened on the ground floor of Caton Flats and will include a shared commercial test kitchen to support local entrepreneurs. HSE served as deal counsel. You can read more and see photos of Caton Flats in Brooklyn Paper.


Nevins Street Apartments Opens in Downtown Brooklyn

The affordable housing development Nevins Street Apartments opened today in downtown Brooklyn. Developed and managed by the Institute for Community Living (ICL), Nevins Street Apartments provides 129 affordable apartments, 78 of which are supportive homes reserved for individuals who were formerly homeless, have aged out of the foster care system, are veterans, or are recovering from a substance abuse disorder. ICL will provide onsite support services including life skills and family reunification. HSE represented ICL as deal counsel. You can read more about the Nevins Street Apartments in New York YIMBY, Brooklyn Paper and Brooklyn Eagle.


Peninsula Affordable Housing Development Adopts Zero-Waste Goal

Phase One of the Peninsula, an affordable mixed-use housing development in the Bronx, is implementing a zero-waste strategy. As reported in Building Design + Construction and The Real Deal, the plan covers ways that both residents of the 740 residential units and commercial tenants can reduce and repurpose waste. Each residential unit will include under-the-counter bins for recycling and a caddy for food waste, and refuse rooms on each floor will provide designated containers for recycling by type of material, food waste, and small-item hazardous waste like batteries and sharps so that they are kept out of general waste. On the commercial side, food waste will be processed into fertilizer using a dry aerobic bio-digester. The commercial structure also provides refrigerated storage space so that the onsite food incubator can store leftovers for delivery to local food banks rather than dispose of the food as waste. Consultants will help train building staff on the waste reduction processes and will provide software to track progress toward zero-waste.


Firm Partner Christine A. Coletta Discusses Her Career in Affordable Housing Real Estate Law at WFH Executive Roundtable

Yesterday firm partner Christine A. Coletta served as a panelist for the Women in Housing & Finance – New York 2022 Women’s Executive Roundtable, a conversation with six women executives working in housing and housing finance from the architecture, development, finance, government, law, and non-profit sectors.

The virtual event was designed to give attendees opportunities to speak directly with Christine and fellow panelists Satpal Founder Satpal Kaur, L+M Development Senior Director Elaine Braithwaite, Wells Fargo Managing Director Page Travelstead, NYCHDC Executive Vice President of Development Ruth Moreira, and BRC Chief Real Estate Development Officer Nicole Clare. After brief introductions, panelists rotated among smaller attendee groups for 10-minute sessions in which topics including career paths, mentorship, diversity, professional communications, and leadership style were discussed freely and openly.

“I have always been a strong advocate of affordable housing, and passionate about the idea that healthy communities are only possible when people are afforded the opportunity to have safe, clean, affordable housing,” said Christine. “I feel very lucky that I can put my hands on a lot of the buildings that clients have built over the years. I can go visit and talk with people who’ve moved into communities and see the groups that occupy the spaces in leases I’ve negotiated. It’s very easy as a lawyer to get wrapped up in paperwork, to drown in words and numbers. In this industry, there’s a real tangible effect of the work that we do, and that is completely the result of the amazing community of people doing this work.”


Sendero Verde Hailed as Example of “Innovative” Affordable Housing Approach

Multi-Housing News‘ recent article “Affordable Housing Development Pushes On” explores the current state of affordable housing and ways that existing hurdles can be overcome to deliver much-needed developments. The author cites Sendero Verde as an example of “innovative projects that will serve the community in multiple ways,” noting the mixed-use project’s “709 affordable units, a Pre-K through eighth grade school, a community art center and ground-floor retail.” Sendero Verde is also on track to become the largest certified multifamily passive house project in the United States.


Santaella Gardens Brings 100% Affordable Housing Development to the Bronx

As reported in New York YIMBY, 100% affordable housing development Santaella Gardens recently had its grand opening. Developed by Acacia Network and Phipps Houses, the 249-unit building will provide housing for individuals and households earning between 30-90% of area median income (AMI). Twenty-five units will be set aside for the formerly homeless. The 12-story building was designed by Dattner Architects to meet Passive House standards. The development is named for Justice Irma Vidal Santaella, a champion of housing as a human right and the first Puerto Rican woman to serve as a New York Supreme Court Justice. HSE served as deal counsel to Phipps Houses.


Women in Housing & Finance NYC Executive Roundtable Will Feature Firm Partner Christine A. Coletta

The 2022 Women in Housing and Finance New York Executive Roundtable on March 30 will include HSE partner Christine A. Coletta, who will provide insights into both New York City housing development and her experiences in the legal profession. Christine will be joined by Satpal Kaur, the Founder & Design + Building Science Principal at Satpal; Elaine Braithwaite, Senior Director at L+M Development Partners, Inc.; Page Travelstead, Managing Director at Wells Fargo; Ruth Moreira, Executive Vice President of Development for the New York City Housing Development Corporation; and Jennifer Sun, Co-Executive Director for Asian Americans for Equality. More information and tickets are available at Women in Finance and Housing New York’s website.


W. 108th St. Supportive Housing Complex Hailed as a “Roadmap” for Affordable Housing

Recently opened in November 2021, the West 108th Street supportive housing complex developed by West Side Federation for Senior and Supportive Housing (WSFSSH) has already been hailed as a “roadmap” for the approach New York City should follow to address the current affordable housing crisis.” The complex is comprised of two buildings: a newly constructed, 199-unit affordable housing residential building, and a 110-bed state-of-the-art homeless shelter developed specifically for older New Yorkers that provides assistance in transitioning to permanent housing. Residents enjoy protected outdoor space, laundry room, bike storage, WiFi, and a staffed lobby. A community space will open soon for local events; it will also provide a federally-qualified walk-in health center. More project details and photos are available on HSE served as deal counsel to (WSFSSH).


6309 Fourth Avenue Development Tops Off

The affordable housing development at 6309 Fourth Avenue in the Sunset Park neighborhood of Brooklyn has topped off. Developed by Fifth Avenue Committee and designed by Magnusson Architecture and Planning PC, 6309 Fourth Avenue will provide 84 units of affordable housing for seniors and five universal pre-K classrooms. The development includes the adaptive reuse of adjacent townhomes and will be all-electric, supplemented by rooftop solar panels.


Phipps House Closes on Phase IV of Rockaway Village Affordable Housing Development

As reported in New York Real Estate Journal, Phipps Houses has closed on $116 million in construction financing for the fourth phase of its affordable housing project Rockaway Village in Far Rockaway, Queens. Phase IV will create two mid-rise buildings that provide 184 units of affordable housing for families earning between 30-70% of Area Median Income. Fifteen percent of the units will be set aside for formerly homeless residents. Financing for Phase IV was provided by the New York City Department of Housing Preservation and Development (HPD) and New York City Housing Development Corporation’s Extremely Low & Low-Income Affordability (ELLA) program along with a Letter of Credit from Citi. HSE served as deal counsel for Phipps Houses.


Construction Tops Out at 55 Suffolk Street

Construction has topped out at 55 Suffolk Street, the 30-story residential building developed by Gotham Organization. 55 Suffolk Street and The Norfolk Senior Housing Building at 64 Norfolk Street make up the forthcoming Broome Street Development, which will span 387,223 square feet and deliver 488 housing units, 209 of which will be permanently set aside for affordable housing. Photos and more details about the construction progress are available at New York YIMBY. HSE served as deal counsel to Gotham Organization.


Affordable Housing Development at 50 Nevins Street Nears Completion

The Nevins Street Apartments, a residential apartment building developed by Institute for Community Living (ICL), is nearing construction completion. When finished, the 114,000 square-foot development will provide 129 affordable housing units and mental health support services for low-income residents. Located at 50 Nevins Street in downtown Brooklyn, the project is the result of a gut renovation of an existing eight-story building combined with a new ten-story addition that extends over the roof of the original structure. HSE served as deal counsel to ICL. Photographs and more project details are available from New York YIMBY.


New York Magazine Features Three HSE Projects as Examples of Model Senior Citizen Housing

New York Magazine‘s recent article of innovative housing options for senior citizens featured three projects in which HSE served as counsel for the developer. In “New York’s Senior Housing Scene is Suddenly Far Less Bleak,” author Kayla Levy profiles 1080 Washington, a 154-bed building developed by Bronx Pro with 37% of units reserved for seniors who were formerly incarcerated; One Flushing, a 232-unit building developed by Monadnock with 28% of units set aside for low-income seniors; and Stonewall House, the country’s largest LGBTQ-friendly affordable housing development for senior citizens, developed by BFC.


BFC Partners Begins Second Phase of Coney Island Project

As reported in Multi-Housing News, BFC Partners has broken ground on the second phase of 1607 Surf Avenue, a mixed-use housing development on Coney Island. The $189 million, 10-story building will create 376 rental apartments, 9,000 square feet of community space, a 2,500 square-foot primary care facility run by New York City Health and Hospital Corp., and an additional 6,500 square feet of commercial space.

Approximately 15% of the apartments will be set aside for formerly homeless residents, with the remaining units earmarked for households with incomes of 40-90% of the Area Median Income (AMI).

HSE served as deal counsel to BFC Partners. Project financing was obtained through the  Voluntary Inclusionary Housing (VIH) program and Extremely Low- and Low-Income Affordability (ELLA) program run by New York City’s Department of Housing Preservation and Development (HPD).

The first phase of the development was recently completed, creating two 16-story towers at 2926 West 19th Street. The third phase will be built at 1709 Surf Avenue.

You can read more about the entire project in Multi-Housing News.



BFC Partners Closes on $151M Affordable Housing Development

As reported in Real Estate Weekly, BFC Partners has closed on what will become a 269-unit affordable housing development on the North Shore of Staten Island. The 100% affordable 475 Bay Street project will provide 131 units for individuals at or below 80% AMI and 138 units for formerly homeless senior citizens who are at or below 30% AMI. A rooftop recreation area with an older outdoor recreation deck, indoor fitness area, children’s play space, laundry facilities, and a multifunctional lounge are among the amenities included in the 250,173 square-foot development. Pedestrian-friendly retail will occupy 9,000 square feet, along with 66 parking spots.

475 Bay Street is the first new construction development in the recently rezoned Bay Street Corridor. Financing for the $151 million project is comprised of a $99,865,000 first mortgage loan from the New York State Housing Finance Agency (NYSHFA) funded by a series of tax-exempt Affordable Housing Revenue Bonds, a $1.5 million subsidy loan funded by NYSHFA, and over $6.5 million in 4% low-income housing tax credits.

The development will also receive an annual subsidy for frail and older adult residents from the New York State Empire State Supportive Housing Initiative (ESSHI). Onsite supportive services will be provided by Selfhelp Community Services, Inc. and will include physical wellness courses and nutrition workshops

You can read more about 475 Bay Street in the Commercial ObserverMulti-Housing News, and the New York Business Journal. Updated renderings can be viewed on New York YIMBY‘s website.