X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-In two separate deals, another 313 units will be added to the tally of affordable multifamily stock via the Bloomberg administration’s New Housing Marketplace Plan. A groundbreaking ceremony Tuesday for Macquesten Development’s $26.6-million Reverend Dr. Fletcher C. Crawford Housing project in the Bronx follows an announcement on Monday that Pacific Housing Advisors had acquired and launched the preservation of a nine-building Harlem complex for $52 million.

Named for the longtime pastor of the Union Grove Baptist Church, which is located adjacent to the development site, the planned 84-unit Bronx development will be built on land formerly owned by the New York City Housing Authority. The city’s Housing Development Corp issued $13.4 million in tax-exempt bonds for the construction financing. Other funds are coming from HDC, its sister agency the Department of Housing Preservation and Development and the New York State Division of Housing and Community Renewal.

In a release, Macquesten president Rella Fogliano says the project marks “a true partnership” between the city and state. “We are proud of the how the New York City Housing Authority, New York State Division of Housing and Community Renewal, New York City Housing Preservation and Development and New York City Housing Development Corp. supported our endeavor.”

Earlier this week, Seattle-based Pacific Housing’s New York office announced that it would begin rehabilitation of the 229-unit Lexington Courts complex in Harlem. The complex, which had been earmarked for gentrification during the market peak, had not had major improvements for 35 years, Pacific’s Francine Kellman says in a release.

“This essentially sturdy structure has the potential to serve current and future low-income New Yorkers for many decades to come,” Kellman says. Funding is coming through the the HDC and HPD.

Pacific says it plans to maintain Lexington Courts as affordable housing through a federal Section 8 contract. Prior to the acquisition, the complex had failed a key inspection by the US Department of Housing and Urban Development, according to Pacific.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.