The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
Permits have been filed to expand a one-story structure into a four-story residential building at 586 Schenectady Avenue in East Flatbush, Brooklyn. Located between Rutland Road and Winthrop Street, the lot is near the Sutter Avenue – Rutland Road subway station, serviced by the 3 train. Yossi Gershovitz is listed as the owner behind the applications.
Construction is in full swing for Ray Harlem at 2033 Fifth Avenue in the Special Arts District in East Harlem, Manhattan. Designed by Handel Architects and Frida Escobedo, and developed by Ray and LMXD, the ground-up 21-story, 240-foot-tall mixed-use project will yield 222 rental units in the main tower ranging from studios to two-bedrooms, a portion of which are designated towards affordable housing, while the National Black Theatre (NBT) is expected to occupy 25,000 square feet of space on the ground floor, cellar level and floors three through five and feature a 250-seat flexible temple space and a 99-seat studio theater, classrooms, and offices. Little Wing Lee is the interior designer, Charcoalblue, Marvel Architects, and Studio & Projects are overseeing the theater aspect and Chatsworth Builders is listed at the general contractor for the property, which is located along Fifth Avenue between East 125th and East 126th Streets.
Construction is now topped out at 27-09 40th Avenue, a six-story condominium property in Long Island City. The project team includes developers Gus Vorillas and Abdel Aziz Raouf, represented as 40th Ave Dutch Kills Realty LLC, and architect HCN Design & Consulting.
The affordable housing lottery has launched for 88 East 127th Street, a 19-story mixed-use building in East Harlem, Manhattan. Designed by GF55 Architects and developed by Artimus Construction, the structure yields 160 residences. Available on NYC Housing Connect are 40 units for residents at 40 to 130 percent of the area median income (AMI), ranging in eligible income from $29,109 to $198,250.
