Property Resources Corporation and Camber Property Group recently hosted a ribbon cutting ceremony for Tiffany Street Apartments in the Foxhurst section of the South Bronx. The affordable housing property is located at 975 Tiffany Street and comprises 161 apartments for low-income families.
The units will be reserved for residents earning 27 percent to 80 percent of the area median income (AMI). A total of 34 apartments will be saved for formerly homeless individuals and families.
Available amenity spaces include a fitness center, a community gathering space, outdoor recreational space, bike storage, and a laundry room.
“Providing safe, secure housing to New Yorkers of all incomes has never been more essential, especially as we look to rebuild in light of an ongoing pandemic,” said Benjamin Linde, principal at Property Resources Corporation. “We are so pleased that 161 families will now be able to call Tiffany Street Apartments home, and we are grateful to our colleagues and the community who worked tirelessly to make that possible. PRC is proud of the work we do to ensure that the Bronx, and New York City, remains affordable to all.”
Tiffany Street Apartments is the third multi-family residential project these developers have completed in the South Bronx. The partnership has also created 1000 Fox Street, an eight-story, 120-unit affordable project, and 960 Simpson Street, a six-story, 80-unit building.
This latest project is valued at $60 million. Funding sources include a combination of $40 million in tax-exempt bonds and subsidy from HPD and HDC and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation.
Peter Clements Architect, P.C. served as architect of record.
“At Tiffany Street Apartments, PRC, Camber and our public partners transformed an underutilized lot in the South Bronx into 161 state-of-the-art affordable apartments,” said Rick Gropper, principal and co-founder of Camber Property Group. “This project is a clear example of what happens when you combine progressive land use policy with the city’s efforts to make it more affordable and livable for all New Yorkers. We are thrilled to provide affordable, modern, and livable apartments for those New Yorkers that need them the most and are proud to welcome our newest residents to the Tiffany Street Apartments.”