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.
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 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.
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‘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.