News

As reported in New York YIMBY, West Side Rag, 6sqft, and Real Estate Weekly, the new supportive housing complex WSFSSH at West 108th Street is now completed. Developed by the West Side Foundation for Senior and Supportive Housing, it consists of two buildings on West 108th Street and will provide 198 units of housing, about 60% of which will be for formerly homeless residents over age 55. The remaining units will be designated for low-income households. On-site supportive services will include crisis intervention counseling and case management. WSFSSH at West 108th Street will also include a health center operated by the Institute for Family Health. HSE served as deal counsel.

Affordable housing development Tremont Residences celebrated its completion with a ribbon-cutting ceremony this week. As reported in Connect CRE, Multi-Housing News, and 6sqft, the 11-story Tremont Residences will bring 199 units of affordable housing to the West Farms area of the Bronx. Sixty percent of the units will be set aside for formerly homeless New Yorkers, and supportive services including case management and mental health services will be provided on-site. Tremont Residences is located on the former site of a vacant, one-story retail building and was developed by Camber Property Group, Slate Property Group, and Westhab. HSE served as deal counsel.

Developers and community leaders gathered this week for a ribbon-cutting at Chestnut Commons, a new mixed-use development in East New York that will deliver 275 units of affordable housing. Twenty percent of the housing units will be set aside for formerly homeless New Yorkers who will also receive services from Housing Plus. The remaining units will be available to households earning between 20% -80% of the Area Median Income (AMI).

Chestnut Commons is certified as Passive House and includes solar panels, a rooftop garden, a building-wide organic composting program, and a biodigester that will generate fertilizer for use at Chestnut Commons and local farms.

The main floor of Chestnut Commons will be home to the 34,000-sq-ft Cypress Hills East New York Community Center, which will feature a computer lab, gym, fitness studio and commercial kitchen. Operated by the Cypress Hills Local Development Corporation, the Community Center’s programming will include workforce development; workforce training in construction, IT and the culinary arts; public benefits enrollment; college success preparation; youth and family services; small business technical assistance; recreational activities; youth-oriented music instruction provided by the Brooklyn Conservatory of Music; a satellite campus of CUNY Kingsborough Community College; and Collective Fare, a Black-owned chef collaborative.

The Brooklyn Federal Credit Union and East Brooklyn Mutual Aid will also occupy ground-floor space.

Funding for Chestnut Commons was provided through New York City Housing Development Corporation (HDC) tax-exempt bonds and subsidy, Housing Preservation Department (HPD) subsidy, Low-Income Housing Tax Credits (LIHTC), Brownfield Cleanup Program tax credits, Bank of America, and Reso A funds from Mayor Eric Adams during his time as Brooklyn Borough President and former New York City Council Member Rafael L. Espinal. HSE served as deal counsel.

More details and photos from the ribbon-cutting are available on the City of New York’s website, BK Reader and City Life.

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.

More details are also available at Real Estate Weekly, Bronx Times, and News 12 Long Island.

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.

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.