News

The New York Times explores the unique Alafia development, which is inspired by the practices of Blue Zone communities that are believed to lead to longevity. HSE served as deal counsel.

HSE is pleased to announce that three of the firm’s have been named finalists for the Urban Land Institute (ULI) New York Awards for Excellence in Development. Winners will be announced from 15 total finalists at the Awards for Excellence Gala on October 18.

The Awards “honor outstanding development projects in the private, public, and nonprofit sectors across New York State that best exemplify ULI’s commitment to shape the future of the built environment for transformative impact in communities worldwide.”

Two of the three projects are in the “Excellence in Affordable Housing Development” category. Downtown Far Rockaway Village, developed by Phipps Houses, is a 537-unit affordable housing development created on the site of a former surface parking lot and failed shopping mall in Far Rockaway, Queens. Far Rockaway is a transit-oriented development, sited near the A subway train terminus and a Long Island Railroad stop. Amenities include rooftop solar panels and green space, community courtyards, concierges, and playrooms. The development also features 10,000 square feet of retail space and a new public library. The Peninsula, developed by The Hudson Companies, Gilbane Development Company, and Mutual Housing Association of New York (MHANY), is a 183-unit affordable housing and multi-use development located on two parcels where the former Spofford Juvenile Detention Center once stood in the Bronx. Peninsula 1A includes a shared commercial kitchen for local entrepreneurs, and Peninsula 1B includes multiple subsidized rehearsal, studio and gathering spaces for commercial artists. The Peninsula is currently pursuing LEED GOLD certification, bolstered by features like solar panels, green roof, heat island reduction, rooftop rainwater harvesting, and New York City’s first aerobic food waste-to-fertilizer digester.

One Clinton is a finalist in the “Excellence in Market-Rate Housing Development” category. Developed by The Hudson Companies, One Clinton was created to meet community and housing needs on the site of the original Brooklyn Heights library. When the library grew too expensive to maintain, developers and the community worked together to create a plan that would provide not only a new library but also new housing stock and additional community resources. One Clinton is now home to the new Brooklyn Heights library (the largest library in Brooklyn), as well as 134 market-rate condos with unparalleled views and sustainability features like high-performance exterior walls. Additional proceeds from the sale of the Brooklyn Heights library land helped finance 114 affordable homes at 60 to 125% of AMI at two other sites, one new DUMBO library and $40 million for nine libraries’ deferred capital needs.

Winners will be announced at the Awards for Excellence Gala on October 18, 2023.

As reported by the New York Post, the development at 121 W. 125th Street in the Bronx that has already become home to the National Urban League headquarters, the Urban Civil Rights Experience Museum, and the first Trader Joe’s in Upper Manhattan is now making 90,000 square feet of commercial office space available for lease. Amenities include an 8.000 square-foot roof terrace; a temporary certificate of occupancy is expected this summer.

Construction on a $416 million, 698-unit mixed-income development in Inwood has begun, as announced today by New York Governor Kathy Hochul. The development’s two interconnected residential buildings will include a mixture of studio, one-, two-, and three-bedroom apartments, of which 40% will be reserved for residents earning at or below 80% of Area Median Income (AMI). Additionally, 10% of the units will be rent-stabilized with rents restricted up to 30% of 120% of AMI. As part of an effort to help bridge the digital divide, free broadband will be provided to all residents.

The project is being developed by a joint venture of L+M Development Partners, MSquared, and Taconic Partners. The Community League of the Heights (CLOTH) is the community sponsor and Beyer Blinder Belle Architects are the project architects. HSE represents the joint venture.

Financing for the affordable portion of the new development includes nearly $70 million in Low Income Housing Tax Credit (LIHTC) equity and nearly $82 million in tax-exempt bonds along with almost $182 million in taxable bonds provided by New York State Homes and Community Renewal. In addition, developers have applied for an estimated $39.5 million in tax credits following work completed to investigate and clean up contamination under Department of Environmental Conservation (DEC) oversight as part of the state’s successful Brownfield Cleanup Program (BCP).

The bonds were purchased by Wells Fargo Municipal Capital Strategies and Wells Fargo Bank. Credit enhancement will be provided by Fannie Mae at conversion. The Low-Income Housing Tax Credits were purchased by the Urban Investment Group within Goldman Sachs Asset Management. Additional sources include nearly $87 million in equity from the joint venture and the Urban Investment Group.

With all-electric heating and cooling, the project meets New York State Homes and Community Renewal sustainability standards and supports the goals set by the New York Climate Leadership and Community Protection Act. The project is pursuing a LEED B+C Silver certification.

Amenities will include landscaped courtyards, multiple roof decks, a fitness center, lounge and co-working spaces, and music rehearsal rooms.

In addition to the residential component, the 405 and 407 West 206th Street development will also include a supermarket, neighborhood retail space, parking, and a performing arts center owned and operated by the People’s Theatre Project.

Renderings and more details are available on Patch, 6sqft, and TheCityLife.org.

The team behind the new supportive housing complex at 461 Alabama Avenue in Brooklyn decided to celebrate recently completed construction by honoring residents with a housewarming. On May 10, representatives from Services for the UnderServed (S:US), CB-Emmanuel, and the New York City Department of Housing Preservation and Development (HPD) welcomed residents and members of the community to the new 71-unit building. Approximately 60% of the units will be supportive homes for formerly homeless single adults living with a severe mental illness or substance use disorder, and the remaining units will be set aside for low-income New Yorkers.

The site for 461 Alabama Avenue was previously a vacant lot and was developed through HPD’s first Minority and Women-Owned Business Enterprises Building Opportunity RFP. HSE represented S:US and CB-Emmanuel, which comprise the joint venture that served as project developer.

The development includes a landscaped courtyard, computer lab, 24-hour front desk attendant/security, and live-in superintendent. S:US will provide full wraparound services for residents of the supportive homes, including case management, substance abuse and recovery counseling, medical and symptom management, and leisure and recreation support.