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HDC Press Releases
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June
10, 2009
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HDC Issues $9.2M for New Development in the Heart of Crotona Park
With Expectation of 270 Jobs Created
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NEW YORK, NY, June 2nd,
2009 – The New York City
Housing Development
Corporation (HDC), the
New York City Department
of Housing Preservation
and Development (HPD)
and Bronx Pro Real
Estate Management
completed financing for
850 Jennings Street, an
eight-story affordable
rental apartment
building to be
constructed in the
Crotona Park East
section of the Bronx.
HDC issued $9.22 million
in taxable bonds for the
first phase of
construction for this
new development. The
creation of affordable
housing in New York City
is part of the City's
Five Borough Economic
Opportunity Plan to
create jobs for New
Yorkers today and
implement a vision for
long-term economic
growth while
strengthening and
stabilizing
neighborhoods in all
five boroughs.
The building will
contain 103 moderate to
middle-income units, a
6,080-square-foot
community center and 62
parking spaces. Located
on the south side of
Jennings Street, between
Intervale Avenue and
Bristow Street, when
complete seven studio
units, 40 one-bedroom
units, 41 two-bedroom
units and 14
three-bedroom units will
be offered for rent at
80 percent of the Area
Median Income. Crotona
Park, which includes
public swimming pools,
ball fields and running
and bike paths, is
located approximately
four blocks west of the
development. 850
Jennings will also
contain green features,
including high
efficiency boilers,
energy star lighting and
appliances, a solar
powered hot water system
and water sense water
fixtures. The
construction phase of
this development will
create 270 jobs total on
the site and jobs for
the South Bronx.
HDC President Marc Jahr
said: “When complete,
850 Jennings will add
substantially to the
inventory of affordable
homes we have built in
the Bronx. It’s been
said before, and I am
sure it will be said
many more times: the
investment by the City
and its development
partners, whether
for-profit or
not-for-profit, has
achieved a remarkable
change in this borough.
I think we can all be
proud of what we’ve
accomplished—seeing
these homes occupied and
these neighborhoods
getting stronger gives
us reason enough to keep
moving forward with the
development of
affordable housing.”
“The closing on 850
Jennings advances the
extraordinary
transformation already
underway in the Crotona
Park East neighborhood,”
said HPD Commissioner
Cestero. “This closing
exemplifies how in these
difficult times, we
continue to move the
Mayor’s housing plan
forward, working with
our for-profit and
not-for-profit partners.
Indeed, we are committed
as ever to financing the
preservation and
creation of affordable
housing to bring
stability to families to
their neighborhoods.”
"Financing 850 Jennings
was a significant
accomplishment given
today’s difficult
economic climate. It was
accomplished through the
fortitude and the
creativity of all our
Public and Private
affordable housing
partners. Through this
project, Bronx Pro will
continue building green
affordable housing as
well as providing
professional/caring
property management
services to New York
City residents. Our
special thanks HDC and
HPD for their
perseverance,” said
Peter Magistro,
President of Bronx Pro
Real Estate Management,
Inc.
850 Jennings is being
developed under HDC’s
New HOP program which
was created in response
to the need of offering
affordable housing
opportunities to people
that make modest,
middle-income wages.
Typically, apartments
created through New HOP
are reserved for
households earning a
range of $53,800 for an
individual, up to
$134,000 (175% AMI) for
a family of four. JP
Morgan Chase provided
$9,324,493 for the
construction phase.
850 Jennings is part of
larger-scale change in
the Crotona Park East
neighborhood. Within a
two block radius, other
major developments
financed under Mayor
Bloomberg’s New Housing
Marketplace Plan
include:
• BlueSea’s Morrisania
Homes Partnership homes,
• WHEDCo’s Intervale
Green
• 870 Jennings Street
• 1334 Louis Nine
Boulevard
• Procida’s Crotona Park
East III Partnership
homes
• MBD’s Herbert L.
Brooks 202 senior
citizens housing
About Bronx Pro Real
Estate Management
Bronx Pro Real Estate
Management, Inc. was
formed in 1988.
Beginning initially as a
property management
firm, Bronx Pro has
always distinguished
itself from other
property managers by
demonstrating high
maintenance standards
and a strong respect for
its tenants. Its
portfolio of managed
properties consists
primarily of properties
owned by partnerships in
which Peter and Margaret
Magistro, the principals
of the company, are
involved. Bronx Pro
currently manages over
26 multi-family
apartment buildings
containing over 800
residential and 20
commercial units.
In 1998 the company
expanded its business
activities to include
the development of low
and moderate income
housing. Beginning first
with rehabilitation of
occupied city-owned
buildings, the company
has broadened its scope
to include the
development of large new
construction projects
that contain both
residential and
commercial space. The
company has completed
more than $140 million
of affordable housing
projects and currently
has over $25 million in
construction. Currently
the firm has over $30
million worth of
projects in various
stages of
predevelopment.
About HDC
The New York City
Housing Development
Corporation (HDC)
provides a variety of
financing programs for
the creation and
preservation of
multi-family housing
that meets the wide
range of affordable
housing needs of the
City's economically
diverse population.
In 2008, HDC issued more
than $1.3 billion worth
of bonds in the calendar
year, including
approximately $500
million in tax-exempt
housing revenue bonds,
enabling HDC to finance
the construction and/or
preservation of 7,371
apartments and making it
the nation’s #1 issuer
of affordable housing
bonds. For more
information visit
www.nychdc.com
About HPD
HPD’s mission is to
promote quality housing
and viable neighborhoods
for New Yorkers. It is
the nation's largest
municipal housing
preservation and
development agency.
Responsible for
implementing Mayor
Bloomberg's New Housing
Marketplace Plan to
build and preserve
165,000 units of
affordable housing, HPD
also actively promotes
the preservation of
affordable housing
through education,
outreach, loan programs
and enforcement of
housing quality
standards. For more
information visit
www.nyc.gov/hpd.
About New York City’s
Five Borough Economic
Opportunity Plan
The City's Five Borough
Economic Opportunity
Plan is a comprehensive
strategy to bring New
York City through the
current economic
downturn as fast as
possible. It focuses on
three major areas:
creating jobs for New
Yorkers today,
implementing a long-term
vision for growing the
city's economy, and
building affordable,
attractive neighborhoods
in every borough. Taken
together, the
initiatives that the
City has launched to
achieve these goals will
generate thousands of
jobs and put New York
City on a path to
economic recovery and
growth. To learn more
about the plan, visit
www.nyc.gov
Contacts:
Christina Sanchez (HDC), (212)-227-2644, csanchez@nychdc.com
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