Featured Development

Washington Bridge View Coops

Washington Bridge View Coops, located in the Morris Heights Section of the Bronx, is a 83,145 square foot mixed-use development that will house 48 affordable cooperative units, ground floor retail, a community tenant facility, and parking for residents. The residential units will be affordable to families earning 80%, 110% and 130% of Area Median Income and it will be the second affordable cooperative that the New York City Housing Development Corporation has financed in the Bronx.

Financing for the project will be provided by NYC HDC, Bank of America, Bronx Borough President Adolfo Carrion, Jr., the New York City Department of Housing Preservation and Development, and the New York State Affordable Housing Corporation through the Housing Partnership Development Corporation. The cost for the entire project is estimated at close to $18 million and at least 7% of the products used in this development will be manufactured from recycled material and will incorporate green building technologies.

The project is being developed by Mastermind Holdings LLC, which currently controls a portfolio of approximately 3.5 million sq. ft. of commercial property throughout the states of New York and New Jersey.

Louis Nine Boulevard-Jennings Street

HDC issued $37.8 million of tax exempt and taxable bonds to finance a 207-unit, mixed income two building development in the Crotona Park East neighborhood of the Bronx, known as Louis Nine – Jennings Development, which will be built on the site of a former warehouse.The project includes the new construction of 123 units of affordable housing under the LAMP and HPD 421-a Certificate Programs and 84 units of middle income housing under the New Hop and HPD PLP New Construction Programs. Units will be affordable to 60% area median income households (55% rents) in the Louis Nine Boulevard building and up to 130% AMI households (90-100% AMI rents) in the Jennings Street building. There is also 43,000 square feet of ground floor retail and community facility space in the development along with a 100 space underground parking garage that serves both buildings. The Louis Nine-Jennings Development is an important part of the resurgence of the Crotona Park East neighborhood of the Bronx. It is located in the same neighborhood as the historic Charlotte Street homes that were built 25 years ago.

The Louis Nine – Jennings Development is being developed by a joint venture of Best Development Group LLC, Jackson Development Group Ltd. and Joy Construction Corporation. The architect is Hugo S. Subotovsky Architects. JP Morgan Chase Bank is providing credit enhancement for all of the HDC bonds.

Beekman Tower

Beekman Tower, is a 76-story mixed-used building containing 904 rental units, ground floor retail and a PreK-8 Public School. HDC issued $203.9 million in tax-exempt Liberty Bonds and $476 million in taxable debt to realize this addition to the Financial District’s skyline.

Located at 60 Beekman and 8 Spruce Street, the Frank Gehry designed tower represents a significant commitment to Lower Manhattan’s residential development. HDC used its remaining Liberty Bond allocation to finance this iconic structure. Not only is this HDC’s final Liberty Bond project but also the largest financed development to date. HDC is proud partner in Lower Manhattan’s redevelopment.

The Rev. D J Kenna Apartments

The Rev. D J Kenna Apartments, located at Cook and Varet Street in the East Williamsburg section of Brooklyn, consists of two newly constructed buildings containing a total of 152 units of affordable housing.

The Cook Street Apartments utilized $8.36 million in corporate reserves through the LAMP program. The project contains 6,300 square feet of retail and 94 public parking spaces. Cook Street is the first project to be financed in partnership with the upland Greenpoint / Williamsburg inclusionary housing program.

The approval of the Cook Street Apartments continues HDC’s commitment to affordable housing in New York City.

Boricua

Boricua Village, a new 4.5-acre educational, commercial, and residential community in the Melrose section of the Bronx; consists of approximately 750 new residential units and up to 50,000 square feet of retail space.

The residential component’s seven buildings will range in height from 6 to 13 stories, and will be comprised of studios and one-, two-, and three- bedroom apartments. The development is being financed under LAMP and NewHOP programs. Boricua Village will also incorporate a 14-story building that will house a new Bronx flagship location for Boricua College.

The development –jointly sponsored by Atlantic Development Group and Boricua College—is one of The Bronx’ largest and most ambitious community revitalization initiatives in recent years and will serve as an economic catalyst for the Melrose community.

The Edge

The Edge, is a high-density NewHop development being constructed along the East River waterfront in the Williamsburg section of Brooklyn. This development which consists of 347 affordable units is participating in New York City’s Waterfront Inclusionary Housing Program.

HDC contributed $15.6 million from its corporate reserve to help realize an affordable waterfront.

Cedars

Cedars, located at 745 Fox Street in the Longwood Historic District of the Bronx consists of an 8-story elevator apartment building with 95 units and 6,000 square feet of landscaped courtyard.

The development is being financed under HDC’s Low-Income Affordable Marketplace Program (LAMP) with 19 of the units set aside for formerly homeless families. The units will also be marketed to senior citizens (55 years and older) and to “grand-families” consisting of a grandparent(s) raising grandchildren. The project will also entail the restoration and reconstruction of an existing dilapidated historic building on the site, Fox Hall, which will serve as a community center for the tenants of Cedars as well as the larger community.

As Cedars is just beginning the construction stage, please continue to monitor the HDC website for application information updates on this building.

State Renaissance Court

State Renaissance Court, located at 200 Schermerhorn Street in Downtown Brooklyn, consists of 158-apartments that merge income restricted units for low- and middle-income tenants with market-rate units.

This multifamily development is financed under HDC’s mixed income tax-exempt program. HDC provided $35.2 million of tax-exempt bond financing and $3.5 million of its corporate reserves for the acquirement and construction of the development which is the third building to receive financing through this program and the first constructed in Brooklyn.

An 8-story, luxury doorman building, this development features a 72-car parking garage and over 17,000 feet of retail space. Other amenities include a 24 hour concierge service, a laundry room, fitness and recreation rooms and a landscaped outdoor area on the second floor terrace.

90 West Street

90 West Street, a newly renovated and converted 23-story commercial building into a 410-unit residential high-rise, is a sign of renewed life in New York’s Lower Manhattan. Originally constructed in 1907, it was coined the “Miracle Building” following September 11th for withstanding the fires that burned inside for days after the attacks. Seven other buildings nearby were destroyed; however, the sound architecture of renowned architect, Cass Gilbert, helped its survival.

HDC stepped in to provide the financing necessary to initiate the rehabilitation of this development by issuing tax-exempt bonds through the federally legislated Liberty Bond Program. Through the program, HDC and the State split an equal share of the $1.6 billion reserved for residential rental development. HDC issued $100 million of Liberty Bonds as well as $8 million of taxable bonds to make the conversion a reality.

The reconstruction of the building’s landmarked exterior encompassed the recreation of 7,000 individual terra-cotta tiles, a new copper roof, hand sculptured gargoyles and other figures donning the façade. The building includes studios, one-bedroom, two-bedroom and 3 three-bedroom units as well as approximately 9,000 square feet of ground level retail space, and an 80-car basement parking garage.

The Sutton

The Sutton is a 134-unit affordable homeownership development located at 102 Bradhurst Avenue in Central Harlem, financed under HDC’s newly created Cooperative Housing Program. Along with $4.5 million in taxable bonds sold to make a first mortgage, HDC provided $6.1 million of its corporate reserves to finance a 1% interest second mortgage.

The building includes studio, one, two and three bedrooms with prices ranging from $55,000 to $429,750. Minimum annual household income for eligible purchasers is estimated to be $36,000 with a 5% down payment and with a maximum income of $157,000. Cooperative loan financing may also be available to qualified purchasers from institutional lenders.

The Sutton is within walking distance of a Rite Aid and UPS store as well as an organic food mart and coffee-pastry shop. Further luxury services include underground parking, a fitness area, landscaped courtyard, state of the art kitchens and baths as well as attended lobby and laundry hookups for each apartment. In addition, all apartments are pre-wired and ready for cable TV and high-speed Internet access.

Jacob's Place

Located at 2342-2350 Webster Avenue in the Fordham neighborhood of the South Bronx, Jacob’s Place is an 8-story, elevator building with 63 rental units. The development also includes 7 units reserved for formerly homeless tenants as well as space for six classrooms for early childhood education, a community meeting room and a backyard recreation area for tenants.

Financing for the development was made possible through HDC’s Low-Income Affordable Marketplace Program (LAMP). HDC provided a $7 million loan from the sale of tax-exempt bonds and a 1% second mortgage loan of $2.8 million from its corporate reserves. Jacob’s Place is just one of the many developments created as a result of Mayor Bloomberg’s New Housing Marketplace, a 5-year$3 billion plan to create and preserve more than 65,000 homes and apartments citywide.

Jacob’s Place is named in honor of the late Astin Jacobo – a longtime neighborhood leader from the Crotona section of the Bronx. Known in the community as Jacob, Mr. Jacobo was a key player in the battle in Crotona and the Northwest Bronx for affordable housing, youth recreation and community preservation. Thus, in essence, Jacob’s Place celebrates the life and work of someone who has been a source of inspiration to many in the Bronx community.

The Aspen

Through innovative assistance and an unwavering effort to address the critical need for affordable rental housing in New York City, HDC created the City's first Mixed-income Program, also known as 50/30/20. This program was specifically designed to mix low- and middle-income restricted apartments with market-rate rental apartments. This program sets-aside 20% of the apartments for low-income tenants, 30% for middle-income tenants, and the remaining 50% are rented at market-rate.

The Aspen, a newly constructed seven-story building with 234 apartments and over 15,000 square feet of ground floor commercial space, is located at 1955 Avenue, East Harlem and opened up to residents in October 2004.

HDC provided a $44 million first mortgage through the sale of tax-exempt bonds and a 1% second mortgage was made in the amount of $2.75 million through its corporate reserves.

Amenities at The Aspen include a laundry facility, exercise room, game room, outside, 2nd floor Courtyard and a 110-car garage. In addition, the Harlem RBI will also be moving its headquarters, currently located across the street from 1955 First Ave, to a portion of the retail space. Thus, the Aspen is certainly a homerun for HDC as well as for the community that it serves.

The Fountains at Spring Creek

The Fountains at Spring Creek, located in East New York at 922 and 1101Forbell Street, consists of two newly constructed three-story buildings containing a total of 102 affordable apartments. Near the new Gateway Plaza Shopping Center, Fountains at Spring Creek, is part of the quality of life initiatives and economic revitalization efforts underway in East New York.

A partnership between the public and private sectors enabled the development, which cost $15.5 million to construct, to be financed as affordable housing for low-income residents. Monthly rents range from $586 - $753 for the studio, one- and two-bedroom apartments.

HDC provided a $7.8 million construction loan through its Low-Income Affordable Housing Marketplace Program (LAMP). Through this program tax-exempt bonds are issued to make a low-cost loan and qualify a development to receive Federal Low-Income Housing Tax Credits. WNC and Associates acted as the tax credit investor and Fleet Bank provided the Letter of Credit necessary to secure the bond financing. This combination reduces development costs and allows the rents to be more affordable.

Clinton Parkview

HDC supplied $12.2 million of construction and permanent loan financing for an exciting development that exemplifies the maximization of affordable housing opportunities. The creation of Clinton Parkview Apartments, located at 555 West 52 Street, marks an unprecedented event in the history of Mid-Manhattan. The 11- story, 96-unit building structure provides for an affordable housing component significantly greater than in a conventional "80/20" program, in which only 20% of the units are made available for occupancy by low-income households. In fact, it is the first entirely income restricted development to be built in Clinton since 1981.

Moreover, the Clinton Parkview Apartments contain a combination of one and two bedroom apartments, 70% of which are affordable to households earning no more than 60% of the City's median income, or $37,680 for a family of four. The remaining 30% of the units are be reserved for middle-income families earning no more than 165% of the City's median income.

The apartments include 66 apartments affordable to households earning between 40% and 60% of the City's median income including 27 one-bedroom apartments renting for $425 to $661/month and 39 two-bedroom units with monthly rents ranging from $512 to $795. The monthly rents of the 29 middle-income apartments are also be set at levels well below the market rate for the neighborhood and the building includes nearly 4,000 square feet of ground floor retail space.