News

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.

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.

Facade work is nearly complete on Gotham Point Tower, a 75% affordable housing development from Gotham Organization and Riseboro Community Partnership. When completed, the 57-story Gotham Point Tower (Parcel F) will yield 692 residential units. Photos of the facade progress can be viewed at New York YIMBY.

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.

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.