HDC Press Releases


The Members of the

New York City Housing Development Corporation

Approve $257.8 Million of Financing

to Create Affordable Housing in

New York City
Members Approve Third Liberty Bond Issuance for 63 Wall Street

New York, NY, December 3, 2003


The New York City Housing Development Corporation (HDC) held a Members meeting today to vote on bond financing totaling $257,800,000 which will create over 1,200 units of housing throughout New York City.

The first transaction approved by the Members was for five separate developments to be financed through HDC's Low-Income Affordable Marketplace Program, known as LAMP, totaling approximately $47 million. The LAMP program finances the creation of low-income housing using tax-exempt bonds, as of right "4%" tax credits, as well as direct subsidy from HDC's reserves up to $55,000/unit. The developments approved to receive the financing are as follows:

  • Atlantic Development is the developer of two buildings receiving financing through LAMP as well as through the Department of Housing Preservation and Development's (HPD) 421a- Negotiable Certificates program. 1001 Martin Luther King Jr. Boulevard (a.k.a. University Avenue) will be the new construction of an 8-story building with 89 apartments in the Highbridge section of the Bronx. Seventy-two units will receive HDC subsidy in the amount of $55,000/unit, of which 22 units will be reserved for formerly homeless tenants. 600 Concord Avenue is the new construction of a 6-story building with 83 units in the Melrose section of the Bronx. This development will receive $55,000/unit for 66 units, of which 20 units will be set aside for formerly homeless tenants.


  • Palacio del Sol, located at 760 Melrose Avenue, is the new construction of a 9-story building with 124 apartments in the Melrose section of the Bronx. The developer, L&M Equity Participants and We Stay-Nos Quedamos, is receiving HDC subsidy in the amount of $25,403/unit for all 124 units, of which 13 apartments will be reserved for formerly homeless tenants. The developer is also receiving financing through the New York State Division of Housing and Community Renewal (DHCR).


  • The East Harlem Building for the Community, Inc. and MacQuesten Development Corporation was approved for LAMP financing and subsidy in the amount of $38,513/unit for the 74 apartments that will be newly constructed in two buildings to be known as Olga Mendez Apartments, located at 1652 Park Avenue, in the Harlem section of Manhattan. Eight units will be set aside for formerly homeless tenants. The developer is also receiving financing through the DHCR.


  • The last development to make up this transaction is the refinancing of 1314 Nelson Avenue, which consists of an 8-story building with 115 units constructed by Atlantic Development, in the Highbridge section of the Bronx.


The second transaction approved by the Members was for HDC's third Liberty Bond issuance. The developer, RBNB Wall Street Owner, LLC, an entity controlled by Nathan Berman and Yaron Bruckner will be receiving $132,500,000 of tax-exempt Liberty Bonds to cover the costs of the acquisition, renovation and conversion of a currently vacant 36-story office building located at 63 Wall Street. Once completed, the building will consist of 476 apartments, 85 parking spaces and 12,500 square feet of retail space.

HDC was given the authority to issue up to $800 million of the tax-exempt Liberty Bonds. To-date, including this transaction, HDC will have issued $377.6 million, leaving $422.4 available for future issuances. Developers utilizing Liberty Bond financing through HDC are subject to a 3% origination fee. This fee is used to provide subsidy for the creation of low-income housing developments throughout New York City.

The fee generated from this transaction w ill be applied towards the subsidies provided through the LAMP developments approved during today's meeting. The members also approved a Declaration of Intent for the Wolfson Group. The developer is interested in utilizing Liberty Bond financing for 25 Broadway, which is expected to be a conversion of 296,610 square feet on nine floors in this commercial building, which will create 319 apartments.

The Members also approved financing through HDC's 80/20 program in the amount of $70,000,000 for a development located on t 96th Street between 2nd and 3rd Avenues. The building, to be constructed by Upper East Lease Associates, LLC, an entity controlled by the Related Companies, with 261 rental apartments. Forty-five apartments will be reserved for low-income tenants earning less than 50% of Area Median Income (AMI), or $31,400 for a family of four and eight apartments will be reserved for tenants earning less than 40% of AMI, or $25,120 for a family of four.


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