News

As reported in New York YIMBY, significant construction progress has been made on 550 Tenth Avenue, the new 47-story residential skyscraper developed by the Gotham Organization and Goldman Sachs Asset Management IV. Excavation is now complete and the construction crane that will erect the 520-foot-tall building has been erected.

Located in Hell’s Kitchen, 550 Tenth Avenue will create 453 rental units, 137 of which will be set aside for moderate – and middle-income residents. The development will also include 9,000 square feet of commercial retail space and 26,764 square feet of office space for non-profit Covenant House. Construction was financed with a $212 million construction loan from Wells Fargo and US Bank, and $35 million in mezzanine financing from Lionheart Strategic Management. Hirschen Singer & Epstein LLP served as deal counsel.

More details and progress photos are available on New York YIMBY‘s website.

As reported in The Real Deal and New York YIMBY, $414 million in construction financing has been secured for an affordable housing development at 3875 Ninth Avenue in the Inwood neighborhood of New York City. Developed by Maddd Equities and Joy Construction, the planned 30-story tower will deliver over 600 units of below-market-rate housing. Eligible residents will be those earning 20-90% area median income (AMI) and formerly homeless individuals. HSE served as deal counsel.

Hirschen Singer & Epstein LLP (“HSE”) is proud to announce that Daniela J. Feibusch and Gill Benedek have been promoted to firm partners.

Ms. Feibusch practices in the area of real estate and not-for-profit law with an emphasis on mixed-use and multi-family affordable residential, supportive housing and transitional housing development. Her clients include not-for-profit and for-profit developers involved in the acquisition, construction, rehabilitation and preservation of mixed-use projects that are financed with low-income housing tax credits, municipal bonds and/or private, federal, state and local debt financing. Ms. Feibusch provides counsel on transactional real estate matters including purchase and sales, corporate structuring, commercial financing, government subsidy programs for housing and social services, tax credit equity investment, regulatory regimes, construction and design professional contracts and tax incentives. She has most recently been involved in the development and implementation of the Purpose Built Shelters program created by the NYC Department of Homeless Services which allows not-for-profit organizations to acquire, construct and operate transitional housing projects. Prior to joining HSE, Ms. Feibusch worked at JDF, LLC, a law firm focused on tax credit syndication and development of affordable housing. She was a Legal Fellow at Enterprise Community Partners and a Ginsberg Graduate Fellow at Citizens Housing and Planning Council. Ms. Feibusch also held a position at Local Initiatives Support Corporation as a Community Development Associate. She received her Bachelor of Arts summa cum laude from Boston University and her law degree with a specialization in the David J. Epstein Program in Public Interest Law and Policy from UCLA School of Law, where she participated in the Skid Row Housing Clinic and held internships at Public Counsel and Inner-City Law Center in Los Angeles.

Mr. Benedek represents for-profit and non-profit real estate developers, non-profit organizations, and owner-operators in their real estate development matters. Mr. Benedek’s practice focuses on the acquisition, financing, construction and/or rehabilitation of multifamily affordable housing and mixed-use projects in New York City and New York State. Mr. Benedek counsels clients on all stages of the real estate lifecycle, helping clients realize their goals by identifying interconnected considerations in the varied property ownership, financing, construction and/or regulatory structures. He advises clients on site acquisition and ownership, negotiating purchase and sale agreements, ground leases, multi-member joint venture ownership, HDFC ownership, and “no-action” condominium regimes. Mr. Benedek assists clients optimize debt and equity financing for new projects through private activity bond financing, senior construction loans and forms of credit enhancement, governmental agency loans, acquisition bridge loans, federal low-income housing tax credits, and brownfield redevelopment tax credits. He provides guidance on rent regulations and property tax exemptions, such as inclusionary housing, tax credit, various rental and social service subsidy programs, and real property tax exemptions. Mr. Benedek advises on and negotiated on behalf of clients with respect to construction and land use matters, including construction and design professional contracts, adjoining property owner license agreements, as well as shared facility and easement agreements for project amenities.

Mr. Benedek is admitted to practice law in New York. Mr. Benedek is recognized as a “Super Lawyer” by Super Lawyers magazine 2017 to 2022 as a New York-area “Rising Star” in real estate. Mr. Benedek is a former Voting Member, and presently an Affiliate Member with the Housing and Urban Development Committee of the New York City Bar Association. He received his law degree in 2014 from the Benjamin N. Cardozo School of Law, where he graduated cum laude, and was the President of the Real Estate Law Association.

Prior to joining Hirschen Singer & Epstein LLP, Mr. Benedek worked in New Orleans from 2006-2010 as a programs manager with the Neighborhoods Partnership Network, a not-for-profit formed in response to Hurricane Katrina to facilitate civic engagement and training on urban planning, development, and quality-of-life issues. Mr. Benedek received a Master’s Certificate in Urban Development in 2010 from the University of Pennsylvania’s Center for Urban Redevelopment Excellence (“CUREx”) as a Rockefeller Fellow and received a Bachelor of Business Administration degree in 2006 from the University of Massachusetts – Amherst.

As published in New York YIMBY, The Gotham Organization has released new renderings of the amenities that will be available to residents at 55 Suffolk Street. The 30-story tower is part of the Broome Street Development, which, when completed, will include 493 new rental units and a new 40,000 square-foot community facility for the Chinese-American Planning Council. Amenities at 55 Suffolk Street will include a rooftop pool deck and outdoor terrace, as well as a full-floor indoor amenity suite with co-working spaces, chef’s kitchen, and conference rooms. Renderings can be viewed on New York YIMBY, Real Estate Weekly, and Multi-Housing News.

A planned revitalization of the former 54,000 square-foot Greenpoint Hospital campus will transform it into a community hub that provides affordable housing, outdoor open spaces and community spaces, health clinic, senior center, workforce development center, and cafe. Two existing buildings will be rehabilitated and two new buildings will be constructed.

As reported in BKReader, $66 million in financing from Prudential Private Capital and a predevelopment loan from the New York City Energy Efficiency Corporation was secured for the first phase of the redevelopment. The developers are The Hudson Companies, St. Nicks Alliance and Project Renewal. Project partners include the New York City Department of Homeless Services (DHS), the New York City Department of Housing and Preservation Development (HPD), and the New York State Historic Preservation Office. HSE served as deal counsel.

Phase One will focus on creating a 200-bed men’s homeless shelter in the former nurses’ residence. Project Renewal, one of the project’s developers, will provide and manage client coordination and services for the residents. Phase Two will create 311 affordable homes at 30-80% Area Median Income (AMI).

As reported in Multi-Housing News, construction has begun on Phase One of Alafia, a wellness-oriented community in the Spring Creek Area of East New York, Brooklyn. Sited on 27 acres that formerly housed the Brooklyn Developmental Center, once completed Alafia will feature more than 2,400 affordable apartments, open space, fitness trails, urban farming, a healthcare facility and food production space. Phase One will account for 576 affordable housing units (about 25% of the total that will eventually be constructed). Alafia is being developed by Apex Building Group, L+M Development Partners, RiseBoro Community Partnership and Services for the Underserved (S:US).

As reported in New York YIMBY, construction on Gotham Point‘s North Tower is nearing completion. Gotham Point will ultimately create 1,132 new rental apartments, 849 of which will be affordable housing. Gotham Point will also include a 1,100-seat high school and a five-acre waterfront park. Photographs of the project progress can be viewed on New York YIMBY‘s website.

Construction is now complete on Phase One of Sendero Verde, an affordable housing development that is also the largest Passive House project in the United States. The 15-story residential tower at 60 East 112th Street that comprises Phase One will eventually be joined by a second tower at 50 East 112th Street and a third structure at 75 East 111th Street. In total, Sendero Verde will deliver more than 700 affordable housing units, a 51,000-square-foot charter school, 90,000 square feet of community space, and a connecting park between the first and second towers. More details and renderings of the completed project are available at New York YIMBY.

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.