Monadnock Development

Rendering of Wise Towers - Permanent Affordability Commitment Together [PACT]

NYCHA, Affordable Housing Groups, and Private Developers Forge $271M Deal to Upgrade Public Housing Throughout Manhattan

The NYCHA has revealed plans to significantly renovate and repair its aging portfolio of affordable housing properties in a deal valued at $271 million. Referred to as PACT, or Permanent Affordability Commitment Together, the consortium of public and private entities has committed to renovations on 16 individual buildings including 1,718 apartments throughout Manhattan.

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Rendering of the Nehemiah Spring Creek senior facility, courtesy of SLCE Architects

Affordable Housing Lottery Opens for 214 Apartments at Nehemiah Spring Creek, in East New York

The housing lottery is now open for Nehemiah Spring Creek, two separate residential developments in East New York, Brooklyn. Developed by Nehemiah Housing Development Fund Company, a non-profit housing affiliate for East Brooklyn Congregations in partnership with Monadnock Development, the buildings in this phase yield a total 214 rentals in a mix of studios, one-, two-, and three-bedroom units. Available on NYC Housing Connect are the 214 apartments for residents with an eligible income between $18,618 to $126,900, ranging from 30 to 90 percent of the Area Median Income (AMI). The structures are part of a 45-acre development plan that brings a mix of retail, affordable apartment rentals, and townhouse home ownership.

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One East Harlem Tops Out at 201 East 125th Street, in Harlem

Construction has topped out on One East Harlem, a 19-story mixed-use building at 201 East 125th Street in Harlem. Designed by S9 Architecture, the reinforced concrete structure prominently rises above its surroundings and will yield over 420,000 square feet of newly built space. Work broke ground last summer and required the demolition of a couple low-rise structures occupying the site. Richman Group Development, Bridges Development Group, and Monadnock Development are the developers of the project, and received a mix of public and private funding from Citigroup, the Department of Housing Preservation and Development, and the New York City Housing Development Corporation.

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