The New York City Department of Housing Preservation and Development (HPD) has revealed the first of two new affordable housing properties in the southwest corner of The Bronx. Located in Concourse near the intersection of River Avenue and East 168th Street, Site A will eventually debut as River Commons and will comprise 278 affordable apartments.
The affordable housing lottery has launched for Brooklyn Crossing, a 51-story residential building at 18 Sixth Avenue in Prospect Heights, Brooklyn. Designed by Perkins Eastman, and developed by The Brodsky Organization, the structure yields 858 residences. Available on NYC Housing Connect are 258 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $65,315 to $167,570.
Phipps Houses has successfully closed on a $188 million financial package to complete the second phase of renovations at Lambert Houses. Located in the West Farms section of The Bronx, the affordable housing complex spans 12 acres of land near the Bronx Zoo.
The Rabsky Group recently closed on a $72 million construction loan to complete a new high-rise residential building at 240 Willoughby Street in Fort Greene, Brooklyn. Provided by SCALE Lending, the construction loan will also fund the renovation of an existing 21-story, 189-unit multifamily development within the same complex.
Phipps Houses has closed on $116 million in financing to complete the fourth phase of Rockaway Village, a mixed-use affordable housing project in Far Rockaway, Queens. The ongoing development is slowly replacing an abandoned shopping center and will comprise 1,700 units of affordable housing, 120,000 square feet of commercial and community facility space, and 590 parking spaces.
