(Bronx, NY) - MADDD Equities, Joy Construction, the Department of Housing Preservation and Development (HPD), the Department of City Planning, Council Member Vanessa L. Gibson, and Bronx Community Board 4 are proud to break ground on the final phase of a significant number of new affordable homes on River Avenue. River Crest Apartments, between 167th Street and McClellan Street, is within the Jerome Avenue Corridor, a transit rich area of the Bronx that was successfully rezoned in 2018.
Together with 245 affordable apartments at neighboring 1159 River Avenue, also under construction and developed with nonprofit partner Community Access, these buildings will transform the block with a combined total of 745 affordable homes.
Maddd Equities and Joy Construction are contributing 745 of the projected 3,000 new housing units to the area, which the neighborhood rezoning enabled. With recent financing from the HPD, Wells Fargo, and the NYC Housing Development Corporation, work on the final phase of the River Crest development can be completed, showcasing the steadfast public and private partnership between government agencies, the banking industry, and real estate.
Joy Construction and Maddd Equities remain committed to providing Bronx residents with high-quality homes and helping to combat homelessness as well as providing peace of mind to those most in need. River Crest Apartments also includes over 120,000 square feet of commercial and community space that could feature a nonprofit, schools, or a new supermarket. The development is located near Yankee Stadium, the 4, D and B subway lines, the Metro North station, parks, and houses of worship.
“At a time in which the Bronx is still experiencing high rates of unemployment and attempting to recover from the devastating impact of the COVID-19 pandemic, affordable housing in our borough has never been more essential,” said Council Member and Borough President-elect Vanessa L. Gibson. “These affordable housing units in conjunction with the apartments on 1159 River Avenue will enable hundreds of Bronx families to live in affordable and quality housing without being rent burdened. I want to thank Maddd Equities and Joy Construction for their partnership on these projects and for bringing these housing opportunities to our community.”
“It’s an honor to continue our partnership and commitment to affordable housing and community development in the Bronx with HDC, HPD, Wells Fargo and Maddd Equities,” said Eli Weiss, Principal at Joy Construction. “We look forward to seeing the project completed and providing new quality affordable homes to New Yorkers.”
“Providing New Yorkers with quality, affordable housing has been this Administration's priority since day one, and a key pillar of all our neighborhood planning efforts,” said HPD Commissioner Louise Carroll. “We are grateful to Maddd Equities and Joy Construction for their partnership in bringing nearly 750 affordable homes to the Jerome Avenue rezoning area, making good on the City’s commitment to bringing deeply affordable and permanently affordable homes to the neighborhood.”
“Today’s groundbreaking stands as an important reminder that our city’s collaborative neighborhood planning work results in real investments in affordable housing and healthy communities. As we begin to recover form a deadly pandemic, we will, together, continue to lay the groundwork for equitable growth across New York City’s many and diverse neighborhoods,” New York City Department of City Planning Director Anita Laremont said.
“We’re happy to continue to be a part of the positive transformation of this neighborhood as we bring new affordable housing opportunities to families from this community,” said Jorge Madruga, Principal at Maddd Equities.
“Wells Fargo is thrilled to once again partner with Maddd Equities, Joy Construction, and the City of New York in financing the second phase of River Crest Apartments,” said Vanessa Rodriguez, Head of Community Lending & Investment at Wells Fargo. “River Crest Apartments will be a high-quality affordable housing community and we are excited to help bring this project to the South Bronx.”
“HDC is proud to contribute essential financing towards the creation of the River Crest development,” said HDC President Eric Enderlin. “Today’s celebration is the latest milestone in a multi-phased effort to bring 500 transit-oriented affordable homes, alongside community space and retail, to support greater social and economic opportunity in the South Bronx. We look forward to working with all our partners as we bring this project to fruition.”
Construction on this final phase of development is slated to be completed in 2024, and applications will be open to the community in the spring of 2023. Fifty percent of the 500 new units at River Crest will be made available to local community district residents. Photos of today’s ground breaking are attached.