Trinity Financial and MBD Community Housing Corporation (MBD) today join Chief Housing Officer, City of New York, Jessica Katz, NYS Senator, District #29, José M. Serrano, NYC Council Member, District #17, Rafael Salamanca, Jr., Deputy Borough President, The Bronx, Janet Peguero, The New York City Department of Housing Preservation and Development (HPD), The New York City Housing Development Corporation (HDC), TD Bank, Red Stone Equity Partners, JP Morgan Chase, Emily Dean, Director of Housing Decarbonization, New York State Energy Research and Development Authority (NYSERDA), Phius, and community members to celebrate the ribbon cutting and official opening for 425 Grand Concourse, a one-of-a-kind, 26-story high-rise building comprising 277 affordable apartments and holistic, community-centered amenities designed to serve the Mott Haven community in the Bronx.
“425 Grand Concourse brings to life the vision we created with neighborhood stakeholders and our development partners to impact the revitalization of the lower Grand Concourse. This building visually transforms the neighborhood and includes a robust combination of on-site amenities and innovative green and sustainable features that will reinvigorate this historic community,” said Thomas Brown, Vice President of Development at Trinity Financial. “We are honored to see this transformational project come to fruition with our co-developer MBD Community Housing Corp., and our partners at the City of New York.”
This $178 million development represents a commitment to strengthening the urban fabric. 425 Grand Concourse is a 100% affordable, 310,000 square-foot, mixed-use and mixed-income project with state-of-the-art housing and amenities that rival market-rate structures. 425 Grand Concourse brings together residents with income levels ranging from less than 30% to 130% of the area median income (AMI). The building meets the needs of individuals and growing families, with 45 studio units, 92 one-bedroom units, 94 two-bedroom units, and 46 three-bedroom units, including apartments targeted for previously homeless individuals.
“MBD Community Housing Corp is honored to be a member of this amazing team, as codeveloper of a state-of-the-art Passive Housing project,” said Derrick Lovett, President & CEO of MBD Community Housing Corp. “While the Bronx history may show its disparities in health, housing, and economic opportunities, this project is just one example of how the Bronx is leading the way in technology, to provide quality housing, job creation, and healthier living for low- and moderate-income families in our community.”
The guiding style of 425 Grand Concourse lies at the intersection of equity and innovation to create a sense of belonging for all residents. Elements like pervasive natural light, stunning artwork by local Bronx artists and elegant, approachable, and consistent design throughout create a welcoming environment. The building is also designed for enhanced long-term resiliency through an exceptionally well insulated building envelope and emergency power generation for elevators, potable water, emergency lighting, Wi-Fi, security, and life safety systems. In an area that was significantly impacted by former weather events like Hurricane Sandy, these features provide crucial support and peace of mind for residents.
“Housing that is energy efficient, affordable, and state of the art can be the norm as 425 Grand Concourse demonstrates. This building will give hundreds of New Yorkers a place to call home while also bringing much needed resources to the community, including a new education facility and supermarket,” said Chief Housing Officer Jessica Katz. “Trinity Financial and MBD Community Housing Corporation have been long time partners of the City, and we are proud to continue working together as we advance the mission of our strategic housing blueprint, Housing Our Neighbors, to ensure that all New Yorkers have a safe, affordable home.”
The design of the development honors the history of the site, which sits on land formerly occupied by P.S. 31. As a Bronx institution originally built in 1899, P.S. 31 graduated thousands of locals. The former property fell into extreme disrepair and was closed in 1997. In 2015, New York City issued a request for proposals to redevelop the property as an affordable housing building with ground floor retail or community space that would add to the fabric of the neighborhood. Trinity Financial created a winning proposal for the project and selected Bronx-based MBD as its local nonprofit development partner. In a tribute to the rich history and iconic Collegiate Gothic style of the former landmark, Trinity Financial is displaying the “P.S. 31” sign and other decorative façade elements that were salvaged by the City prior to P.S 31’s demolition in a double-height corner lobby on the corner of Grand Concourse and the adjacent public playground.
“425 Grand Concourse is exactly the kind of project this Administration wants to see more of under the Housing Our Neighbors blueprint. This Passive House development with an educational facility, health clinic, supermarket, and 277 affordable homes is good for the environment, residents, and the wider community,” said HPD Commissioner Adolfo Carrión. “Congratulations to Trinity Financial and MBD on this vibrant addition to the Mott Haven neighborhood.”
“Projects like 425 Grand Concourse exemplify what can be accomplished when we take holistic approaches to solving our city’s housing and economic development needs through unified partnerships,” said HDC President Eric Enderlin. “Built to Passive House standards, this dynamic project will benefit its residents and the Mott Haven community through a combination of safe and secure affordable homes, including units reserved for the formerly homeless, and a variety of amenities and onsite cultural and educational services. Thank you to all of our partners for making today’s event possible.”
The building offers a replicable, financially feasible model for creating community-centered development that aids both New York State and New York City in reaching their goal of carbon-neutrality by 2050. 425 Grand Concourse is the largest Phius (Passive House Institute US) - certified passive house, achieving exceptional energy efficiency at minimal added cost through electrification, enhanced thermal integrity of the exterior envelope and energy recovery measures through balanced ventilation, and heating and cooling systems. By meeting this standard, the development provides tempered fresh air while crucially filtering typical urban pollutants that can trigger respiratory illnesses. The passive house design also minimizes noise transmission from the busy Grand Concourse and LaGuardia air traffic, reduces utility costs, and maintains comfortable apartment conditions for residents year-round.
“425 Grand Concourse offers a roadmap for how developers can use passive house design strategies and other energy efficiency tools to make affordable housing sustainable, more resilient and to the greatest benefit of residents and the local community,” said Christoph Stump, Vice President, Design and Construction, at Trinity Financial. “Carbon neutrality and the long-term health of our cities depends on making our housing infrastructure as energy efficient as possible and eliminating on-site fossil fuel use, and we are hopeful that more and more developers will create such well-designed and highly efficient projects like 425 Grand Concourse.”
The electrification of heating and cooking of passive house design reduces the building’s carbon footprint, significantly minimizing combustion products that would otherwise pollute the Bronx environment. NYSERDA supported the development through its Buildings of Excellence Competition, a one-of-a-kind $40 million design competition which celebrates how decarbonized multifamily buildings can be profitable, affordable, beautiful, and healthy places to live.
“NYSERDA is pleased to help celebrate the ribbon cutting and official opening of 425 Grand Concourse, one of our first awardees through the Buildings of Excellence Competition,” said Doreen M. Harris, President and CEO of NYSERDA. “Projects recognized as Buildings of Excellence are demonstrating that clean, resilient buildings can also be beautiful and affordable, helping to inspire the real estate industry to follow their example and support the State’s efforts to achieve Governor Hochul’s goal to have 2 million climate-friendly homes by 2030.”
Education is another conduit through which 425 Grand Concourses delivers transformative results for the Bronx community. The project hosts a 29,000 square-foot educational facility for Hostos Community College’s branch of the nationally recognized CUNY Accelerated Study in Associate Programs (ASAP) program. The CUNY ASAP program helps students, typically with lower incomes, earn an associate degree as quickly as possible and supplements that mission with resources such as tuition gap and textbook assistance, academic advisors, and more.
“Hostos is proud to be a beacon in the community and mainstay for over 55 years and continue to serve as a place where lives are transformed by means of higher education in the South Bronx,” said Dr. Daisy Cocco De Filippis, President of Hostos Community College. “We hope prospective students who pass by the Grand Concourse will consider entering our new doors at 429 Grand Concourse in hopes of achieving transformative opportunities for their futures.”
Accessible healthcare, food, and cultural programming are foundational necessities that the development also addresses. A supermarket will serve fresh, affordable produce and other key groceries in an area where 22% of residents are food insecure. Additionally, a 1,200 square-foot space on the ground floor will serve as a cultural center where people can express themselves through the arts, host community enrichment events, or engage in other activities.
“Few projects better exemplify what it means to develop a plan that reflects the needs of the surrounding community than 425 Grand Concourse,” stated Council Member Rafael Salamanca, 17th Council District, The Bronx. “In the midst of a housing crisis that has impacted New Yorkers of all walks of lives, the introduction of 277 units of 100% affordable housing that sets aside apartments for individuals needing deeply affordable housing to those working families, 425 Grand Concourse truly reflects the makeup of the neighborhood. Beyond answering the call for much-needed affordable housing, 425 Grand Concourse incorporates cutting-edge green infrastructure that makes it one of the most self-sustainable buildings in the Bronx, while also integrating a 29,000 square-foot facility that neighboring Hostos Community College will utilize to provide critical educational programming to the community. I thank Trinity Financial and MBD Community Housing Corporation for fulfilling their pledge to the community, as well as city and state partners who provided the financial support to make this day a reality.”
“425 Grand Concourse is a prime example of the revitalization we are seeing in our borough,” said Bronx Borough President Vanessa L. Gibson. “Not only will this building provide 277 units of affordable housing, but tenants will also get to enjoy a fitness room, community space, and other amenities in the largest passive house building in the nation. More energy-efficient buildings will help to achieve our energy goals while also ensuring residents living there will spend less of their income on energy costs. This level of quality, affordable housing should be a standard and I’m pleased to see this development opening. Thank you to everyone involved in bringing this project to fruition.”
Damian Family Care Centers, a Federally Qualified Health Center (FQHC), will operate Mott Haven Family Health Center, offering the Bronx community long-term primary care and dental services with no insurance requirement. The center will help address health concerns for people with low incomes or people who are uninsured or underinsured and will reduce hospitalizations related to conditions like diabetes and hypertension that can be better controlled with increased access to primary medical care. The center will primarily serve Hunts Point, Mott Haven, High Bridge, and Morrisania, medically underserved and high priority areas for accessible healthcare according to the Community Health Care Association of New York State (CHCANYS).
“Damian Family Care Centers, Inc. is privileged to be a part of this initiative that brings state-of-the-art housing and services to the great residents of these communities, helping everyone reach their full potential,” said Peter Grisafi, President & CEO of Damian Family Care Centers, Inc. “Damian’s contribution towards achieving a healthy body and mind by breaking down barriers to proper health care and breaking down the disparities associated with it will play a major role in the responsibilities of family and as citizens of our City.”
Other attractive, multi-floor amenities round out comprehensive resources built into the project.
On the ground floor, a monumental lobby is complemented with a secure, centrally located package room and management office. The third floor contains a fully equipped gym and an expansive resident terrace complete with greenery and chairs made of recycled plastic. Every floor is conveniently equipped with its own laundry room and all apartments and common spaces benefit from free broadband Wi-Fi.
“This building has given me and my daughter Isabella a chance to have a fresh start,” said Chastity, a resident of 425 Grand Concourse. “When I first arrived here, I was stunned. I couldn't even speak. 425 Grand Concourse is a big step in revitalizing our Bronx community, and it's helping many other families who have come from extreme adversities like myself. I want to thank Trinity Financial and their project partners for not only providing my daughter and myself a beautiful home but providing us with a stability we've never had before.”
The 25th floor, available to all residents, offers wonderful spaces for work, relaxation, and enjoyment with a breathtaking backdrop of Manhattan, New Jersey, and the Long Island Sound. The building’s crown jewel, a skyview terrace with 270-degree views of the Grand Concourse, the Long Island Sound, mid and uptown Manhattan, and other landmarks, is an area fit for small gatherings, meditation, and serene observation of the city. Two distinct community spaces are located adjacent. The Community room facing southwest is programmed for larger parties, meetings, and presentations while the Clubroom, located on the opposite side, is adaptable for small group hangouts and sports and movie screenings. Both rooms have kitchens and comfortable seating.
“TD Bank is proud to support this long-term investment in the South Bronx that promotes education, health, and affordable housing,” said Gregg Gerken, Head of U.S. Commercial Real Estate at TD Bank. “As the largest Passive House structure in the US, this building will help reduce energy consumption and improve the air quality for the residents and community. The combined environmental and social impact of this project makes this a meaningful one for the bank to stand behind, and we want to congratulate our partners at Trinity, MBD and the City of New York.”
“425 Grand Concourse is a shining example of what affordable housing can and should be and it comes at a time of tremendous need in this community, and throughout New York,” said David Walsh, Managing Director of Community Development Banking, Chase. “The on-site education and medical facilities, retail and cultural space and adjacent public park with a new comfort station will be transformative to the community. We are proud to support Trinity Financial and the many partners who are helping to make this a safe, sustainable and thriving neighborhood.”
"Congratulations to our partners, Trinity Financial, on the successful opening of 425 Grand Concourse,” said Richard Roberts, Principal, Managing Director and Co-Head, Acquisitions, Red Stone Equity Partners. “This extremely innovative project--North America's largest passive house-- brings much needed mixed income housing and first class amenities to the Mott Haven neighborhood. Red Stone Equity Partners in collaboration with our developer and investor partners has invested over $100 million of tax credit equity in the immediate area and 425 Grand Concourse represents the culmination of this commitment and we could not be prouder."
Trinity Financial helped transform Evelina Antonetty Playground located next to the building site and built a comfort station as part of the project. By having access to restrooms, NYC Parks can fully staff the playground and maintain its cleanliness. Trinity Financial will fund part of the salaries for maintenance of the park as well. The playground, formerly called Garrison Playground, was completely redesigned and renamed in 2020 in honor of South Bronx community organizer and activist Evelina Antonetty. Antonetty founded United Bronx Parents, a pivotal organization in the South Bronx that advocated for better public school education and provided a range of social services. She also championed the creation of Hostos Community College, whose ASAP program now finds its home at 425 Grand Concourse.
“We are pleased to have collaborated with HPD, Trinity, and the MBD Community Housing Corporation on this project, which brings much needed affordable housing and community space to the neighborhood,” said NYC Parks Commissioner Sue Donoghue. “When we recently redesigned Evelina Antonetty Playground, we heard a strong desire from residents to have restroom facilities nearby, and we’re thrilled that this public/private model has delivered on great new amenities for the community.”
425 Grand Concourse was designed by Dattner Architects and built by Monadnock Construction. TD Bank is both the Low Income Housing Tax Credit and conventional non-LIHTC equity investor. Redstone Equity Partners syndicated the tax credits, which were allocated by HPD. JP Morgan Chase is the participating construction lender. HDC issued the tax-exempt bonds and HPD and HDC both provided subsidies. The Bronx Borough President’s Office and the New York City Council supported the project with RESO A funds. In addition to $750,000 awarded through the Buildings of Excellence Competition, NYSERDA supported the project through its Multifamily New Construction Program with nearly $214,000 in funding.
About Trinity Financial, Inc.
Trinity Financial is a community-driven, diverse real estate development firm with a proven-track record of redeveloping complex urban sites from New York to Greater Boston. The work spans half a dozen residential and commercial specialties, from multi-family housing to transit-oriented development. Over the past 30 years Trinity has developed more than $3 billion in innovative development, delivering high quality, sustainable, multi-family housing, ranging from affordable to luxury - all with a commitment to people and place. For more information about Trinity Financial, please visit www.trinityfinancial.com.
About MBD Community Housing Corp (MBD):
MBD Community Housing Corporation, a 501(c)(3) nonprofit organization, was founded in 1974 to improve the quality of life of Bronx communities through housing development, property management, economic development and the delivery of human services for its residents. Under new management since January 2010, led by Derrick Lovett, President/CEO, in addition to this 184-unit rehabilitation project, MBD is scheduled to close a 362-unit rehabilitation of affordable housing, which is comprised of 19 buildings. Over the next three years, MBD expects to rehabilitate the remainder of its 1,200-unit portfolio and begin construction of three additional buildings consisting of 205 units.
About The New York City Department of Housing Preservation and Development (HPD)
HPD promotes quality and affordability in the city's housing, and diversity and strength in the city’s neighborhoods because every New Yorker deserves a safe, affordable place to live in a neighborhood they love. We maintain building and resident safety and health, create opportunities for New Yorkers through housing affordability, and engage New Yorkers to build and sustain neighborhood strength and diversity. HPD is entrusted with fulfilling these objectives through the goals and strategies of Housing Our Neighbors: A Blueprint for Housing and Homelessness, Mayor Adams’ comprehensive housing framework. To learn more about what we do, visit nyc.gov/hpd and connect with us on Facebook, Twitter, and Instagram @NYCHousing.
About The New York City Housing Development Corporation (HDC)
HDC is the nation’s largest municipal Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing for New Yorkers. HDC also serves as a key financing partner in the rehabilitation of our city’s public housing stock under the NYCHA Permanent Affordability Commitment Together (PACT) initiative. Since 2003, HDC has financed more than 201,000 housing units using over $28 billion in bonds and other debt obligations and provided in excess of $3 billion in subsidy from corporate reserves and other available funds held by the corporation. HDC ranks among the nation’s top issuers of mortgage revenue bonds for affordable multi-family housing on Thomson Reuter’s annual list of multi-family bond issuers. In each of the last five consecutive years, HDC’s annual bond issuance has averaged $2 billion. For additional information, visit: nychdc.com