News

05.16.2022

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.

05.09.2022

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.

03.31.2022

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.

03.31.2022

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.”

03.30.2022

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.

03.18.2022

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.

03.14.2022

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.

03.01.2022

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 Patch.com. HSE served as deal counsel to (WSFSSH).

02.24.22

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.

02.22.22

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.

02.16.2022

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.

02.14.2022

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.

02.04.2022

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.

01.25.2022

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.

 

01.15.2022

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.