Developer LCOR has closed on a $94 million loan to complete a 28-story residential tower in New Rochelle, New York. The property is located at 247 North Avenue and is on track to debut as one of the largest buildings to incorporate a geothermal system for heating and cooling interior spaces.
The affordable housing lottery has launched for Horizon HDFC, a 12-story mixed-use co-op building at 3595 Broadway in Hamilton Heights, Manhattan. Designed by Magnusson Architecture & Planning, the structure yields 43 residences. Available on NYC Housing Connect are 10 units for residents at 130 to 165 percent of the area median income (AMI), ranging in eligible income from $113,500 to $251,625.
New York City’s Department of Housing Preservation and Development (HPD) has selected a trio of companies to convert an existing parking lot into a low income housing property for seniors and the formerly homeless. Located at 542 Dean Street in Prospect Heights, transformation of the city-owned lot will be led by Jobe Development Corp., Mega Group Development, and the Institute for Community Living, a non-profit agency based in New York.
Elected officials and developers celebrated the completion of Avalon Harrison, a mixed-use affordable housing complex in Harrison, New York. Located adjacent to the Harrison Metro-North train station in Westchester County, the project was led by AvalonBay Communities, which worked closely with the Metropolitan Transportation Authority and local officials at every phase of the project.
At the beginning of August, the Yonkers Industrial Development Agency voted to approve financial incentives for a pair of affordable senior housing projects around the city. Together, the projects represent a $22.4 million investment and will support over 170 apartments for low-income seniors.
