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.
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.
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.