$160M Queens High-Rise Rental Tower Completed
The development was financed through a mix of public and private investment from HPD’s and HDC’s M2 program, Wells Fargo and Goldman Sachs.
JAMAICA, NY—A host of city and community leaders were on hand Tuesday to celebrate the completion of the Alvista Towers multifamily high-rise tower here.
The $160-million project features 380-mixed income affordable housing units, including 95 permanently affordable homes. In addition, there are 110 moderate-income units and 174 middle-income units at various income tiers at the Alvista tower property located at 147-36 94th Ave. in Downtown Jamaica.
Officials with the New York City Department of Housing Preservation and Development and the New York City Housing Development Corporation joined City Council Member Daneek Miller, and representatives from the development and financing teams at Artimus, Greater Jamaica Development Corp., Phoenix Realty Group, Goldman Sachs, Wells Fargo, Settlement Housing Fund and the New York City Housing Partnership at the event.
Alvista Towers was the first new construction development in the nation to participate in the Federal Financing Bank Pilot Program, a recently expired risk-sharing program that reduced borrowing costs, saved taxpayer dollars and improved affordability for tenants. FFB had helped to finance more than 3,000 affordable homes in New York City and 20,000 affordable homes across the nation. The city is actively working with public and private industry partners to advocate for the extension of the program.
The multi-family development was part of the Special Downtown Jamaica Rezoning adopted by city in 2007, intended to foster additional transit-oriented development around the multimodal transportation hub in Jamaica.
“Alvista Towers represents a true partnership between government and private enterprise that will provide real benefits for Southeast Queens,” said Council Member Miller. “Before the first cornerstone was laid, we worked collaboratively to ensure that all aspects of this project would tap into the vast resources of our community—embodied best by our human capital and M/WBEs— and residents whose roots lie in the district would be given primary consideration for residing in its 380 mixed income housing units.”
The development was financed through a mix of public and private investment from HPD’s and HDC’s M2 program, Wells Fargo and Goldman Sachs. HDC provided more than $22.1 million in tax-exempt bonds, $30.4 million in corporate reserves, and a $43.5 million conventional loan through Wells Fargo. HPD provided approximately $30.4 million in city subsidy. The project benefits from low-income housing tax credits that generated more than $13.9 million in tax credit equity. Goldman Sachs was the tax credit investor.
“We at Artimus are thrilled and privileged to have successfully developed a much-needed affordable housing development in Jamaica. We very much appreciate the warm welcome and support from the community and we look forward to continuing the progress of future developments in Jamaica,” said Robert Ezrapour, principal at Artimus.
“Alvista Towers has catalyzed new private investment in the Sutphin/LIRR/AirTrain corridor,” added Hope Knight, president and CEO of the Greater Jamaica Development Corporation. “The 380-unit, 100% affordable project, sets the standard with ultra-modern apartments and luxury living amenities.”
The 360,000 square foot development was designed by GF55 Partners to adhere to Enterprise Green Communities standards. Among the amenities at the property include: a 24-hour attended lobby, bicycle room, lounge, terrace, fitness center, yoga room, business center and children’s playroom. The project also includes 111 parking spaces.