The Department of Housing Preservation and Development (HPD), Housing Development Corporation, and NYCHA have announced plans to construct Sol on the Park, a 195-unit affordable housing property in the Morrisania section of The Bronx. Located at the corner of St. Paul’s Place and Park Avenue, the project sits within the Morris II public housing development.
Hope Street Capital has closed on a $55 million construction loan to finance the completion of a new seven-story residential building in Crown Heights, Brooklyn. The property is located at 959 Sterling Place on a property formerly owned by the Hebron Seventh Day Adventist School, a New York City landmark completed in 1889.
Exterior work is progressing on FÖRENA, a 12-story residential building at 540 Sixth Avenue in Chelsea. Designed by Morris Adjmi Architects and developed by Landsea Homes and DNA Development, the 80,000-square-foot reinforced concrete structure will yield 50 units in one- to three-bedroom layouts marketed by Fredrik Eklund and John Gomes of The Eklund Gomes Team at Douglas Elliman. Ryder Construction Co. is the general contractor for the property, which is located at the corner of West 14th Street and Sixth Avenue.
Camber Property Group has completed a $105 million acquisition of three Project Based Section 8 affordable housing complexes formerly owned by Omni New York. The three properties include Grace Towers, a 168-unit building in East New York, Brooklyn; Target V Apartments in the Morris Heights section of The Bronx; and Madson Apartments in East Harlem.
The affordable housing lottery has launched for 1769 Jerome Avenue, a 16-story mixed-use building in Morris Heights, The Bronx. Designed by Marvel Architects and developed through the Jerome Housing Development Fund, the structure yields 175 residences. Available on NYC Housing Connect are 60 units for residents at 60 to 80 percent of the area median income (AMI), ranging in eligible income from $34,972 to $118,400.