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.
The affordable housing lottery has launched for 1182 Ogden Avenue, a seven-story residential building in Highbridge, The Bronx. Designed by Tan Architect and developed by Fabian Ramirez under the 1174 Ogden LLC, the structure yields 21 residences. Available on NYC Housing Connect are seven units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $73,715 to $165,230.
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.
Mayor Eric Adams has ushered in the next phase of the Midtown South Neighborhood Action Plan, a community development plan aimed at facilitating the conversion of office properties into multifamily residential buildings. Over time, the plan will update existing zoning rules and administrative hurdles that slow down the process for developers.
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