News

06.22.2022

The Peninsula Opens on the Former Spot of the Spofford Juvenile Detention Center

Phase 1 of The Peninsula, an affordable housing development constructed on the site of the former Spofford Juvenile Detention Center, opened today in the Hunts Point neighborhood of Bronx. This phase of the Peninsula will bring 183 affordable housing units to market, as well as retail space and studio space for artists. All of the 183 housing units are reserved for individuals and households earning 30-80% AMI and 18 units are specifically set aside for formerly homeless New Yorkers. When the five-acre development is complete, it will include an additional 557 affordable housing units, an early childhood education center, a one-acre public plaza, a wellness center, and a supermarket. You can read more about the Peninsula and watch video from the grand opening on NYC.gov and at Multi-Housing News and the Bronx Times.

06.18.2022

Affordable and Supportive Housing Development Landy Court Opens in Yonkers

Landy Court, an 80-unit affordable and supportive housing development in Yonkers, opened today, as reported in New York YIMBY. All of the units are reserved for individuals and households at 60% AMI. Supportive services, including individual case management, employment assistance, and support for combatting substance abuse, will be provided by St. Joseph’s Medical Center.

The $49 million project was financed through a combination of permanent tax-exempt bonds, Federal Low-Income Tax Credits, a New York State Homes and Community Renewal (NYSHCR) subsidy, and funding from the New York State Office of Temporary and Disability Assistance, the New York State Office of Mental Health, and program development grants.

Landy Court was developed by St. Joseph’s Medical Center and Concern Housing. HSE served as deal counsel.

06.04.2022

Mixed-Use Affordable Housing Development Trinity-Reverend William James Senior Apartments Is Complete

As reported in New York YIMBY, the new Trinity-Reverend William James Senior Apartments located at 1074 Washington Avenue in the Bronx are now open. Formerly known as 1080 Washington Avenue for the address of the land that previously housed a vacant church, the new development creates 154 affordable apartments, a 5,400 square-foot ground floor space for wrap-around social services, recreational spaces, and garden. Thirty-seven percent of the apartments are reserved for formerly homeless or incarcerated senior citizens. The remaining units will be available to residents at or below 60% AMI.

The project was developed by Bronx Pro Group, United Methodist City Society, and The Fortune Society. Curtis + Ginsberg was the architect of record.

HSE served as deal counsel. Financing included $33 million in equity from federal low-income housing tax credits (LIHTC), $15.9 million in permanent state tax-exempt bonds, $13 million from the New York City Department of Housing Preservation and Development (HPD), $11.6 million in subsidies from the New York State Homes and Community Renewal (HCR) and $2 million from HCR’s Community Investment Fund Program. Enterprise Community Partners, Freddie Mac, and JP Morgan Chase provided additional funding.

06.02.2022

The Peninsula Development Featured as Example of Successful Affordable Housing

In “Two Upscale Developments Offer Two Divergent Futures for the South Bronx,” Curbed‘s Justin Davidson compares the architecture, purpose and development of The Peninsula, an affordable housing complex in the Bronx, with that of market-rate development Bankside. “[T]hese two megadevelopments, one a deluxe enclave built by a corporate juggernaut on prime waterfront land, the other a wholly and deeply affordable complex erected by a mission-driven, Black-run nonprofit, lay out two different futures for the South Bronx.”

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.