Tag Archives: Housing Development Corporation

$232M Arverne View Rockaway housing development reopens two years after Sandy


| lguerre@queenscourier.com

Photos courtesy HDC and Kevin J. Laccone

Rockaway seems even more resilient with the return of one of its large residential complexes.

Real estate firm L+M Development Partners and the city Housing Development Corporation cut the ribbon on the $232.3 million Arverne View housing complex in Rockaway on Monday, two years after the buildings were devastated by flooding from Superstorm Sandy.

The 13-acre complex, consisting of 1,093 units throughout 11 buildings, features affordable housing for low- and moderate-income families and has a daycare center, a community center, a supermarket, more than 10,000 square feet of on-site retail space, laundry facilities, 24-hour security, management office and parking.

In October 2012, days before L+M was about to buy what was then known as the Ocean Village housing complex, which had many buildings in need of repairs, Sandy wrecked the community. L+M continued with the purchase in November and committed to rebuilding the housing development. The buildings underwent a $60 million interior and exterior rehabilitation, funded by federal, city and private partnerships, and new storm-proofing and resiliency measures were installed.

“The devastation caused by Superstorm Sandy just two years ago left many of my neighbors in the Rockaways without adequate shelter. I applaud both the public and private partnerships that came together to rebuild and restore Arverne View,” said state Sen. James Sanders Jr.

Ribbon Cutting

The ribbon cutting was only ceremonial as renovations were completed in March.

The apartments range in size from studios to five bedrooms in the buildings, which vary in height from four stories to a 19-story tower.

Originally built in 1974 for low-income families, Arverne View remained affordable housing by accepting individuals and families earning no more than 80 percent of the area median income of $66,400 annually for a family of four. And 25 percent of units in the buildings were reserved for those earning no more than 60 percent of the area median income.

“Throughout the rehabilitation of Arverne View, our goal was to provide quality homes in a great setting and at the same time preserve affordable housing for the many New Yorkers that need it,” said Ron Moelis, CEO of L+M. “Standing here on the second anniversary of Hurricane Sandy among these beautifully renovated buildings truly makes you appreciate just how much we’ve accomplished.”

 

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City reveals winning design for micro apartment


| ctumola@queenscourier.com

Photos courtesy of Flickr/NYC mayor's office

As a way to solve the city’s housing problem, Mayor Michael Bloomberg asked competitors to submit designs for a rental building mostly made up of apartments that are 300 square feet or less.

On Tuesday, he unveiled the winner, a team from Monadnock Development LLC, Actors Fund Housing Development Corporation and nARCHITECTS.

“The growth rate for one- and two-person households greatly exceeds that of households with three or more people, and addressing that housing challenge requires us to think creatively and beyond our current regulations,” said Bloomberg.

Though tiny apartments command sky-high prices in the city, 40 percent of the 55 micro-units will be available for low- and middle-income New Yorkers.

Located at 335 East 27th Street, the apartments will be designed to maximize space and a feeling of openness, and will be the first multi-unit building in Manhattan developed using modular construction.

Apartment features include nine to 10 foot ceilings, Juliette balconies, overhead loft space, a compact kitchen and full-depth closet, and building amenities such as a laundry room, fitness space, residential storage, rooftop garden, porch with picnic tables and multi-purpose lounge.

Residents are expected to move into the apartments in September 2015.

But you don’t need to live in the micro-units to see what they’re like inside. The winning design and four other notable submissions are currently in an exhibit at the Museum of the City of New York.

 

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Flushing set to get affordable housing, retail space


By Queens Courier Staff | editorial@queenscourier.com

Macedonia Rendering 032212w

A nearly $50 million project will soon bring 143 new units of affordable housing to the Flushing community, as well as additional retail space.

Last week, the city’s Department of Housing Preservation and Development (HPD) Commissioner Mathew Wambua, the city’s Housing Development Corporation (HDC) President Marc Jahr, project developer BRP Companies Managing Partner Meredith Marshall, and Macedonia AME Church Senior Pastor Reverend Richard McEachern announced they have closed on $49.6 million in construction financing for the Macedonia Plaza mixed-use development.

Located at 136-50 37th Avenue, Macedonia Plaza will add 143 newly-constructed units of affordable housing. This project, which will be developed by BRP Companies, will transform an underused municipal parking lot into a thriving community hub with affordable low-income apartments, community facility space and economic opportunity through the addition of new retail space.

Macedonia Plaza is part of Mayor Michael Bloomberg’s New Housing Marketplace Plan (NHMP). The NHMP is a multi-billion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of Fiscal Year 2014. For every dollar invested by the city, the NHMP has leveraged $3.41 in private funding, amounting to a total commitment to date of more than $19.4 billion to fund the creation or preservation of over 130,700 units of affordable housing across the five boroughs. More than 12,519 units have been financed in Queens.

“Financing the transaction that allows Macedonia Plaza to be built is another important step in fulfilling the Mayor’s New Housing Marketplace Plan’s goal of creating or preserving 165,000 home by the close of the 2014 fiscal year,” said Wambua. “To date we’ve financed the construction or preservation of more than 130,700 homes, and every one of those units represents a family in need. In BRP Companies and Macedonia AME Church we have dedicated partners who are helping to bring affordable, sustainable housing to the Flushing community, and an opportunity for stability to hardworking New York families.”

Macedonia Plaza will be constructed on approximately 30,000 square-feet of the current municipal parking lot, which was conveyed to the developer at a nominal cost to help subsidize the affordability of this development.

When complete, Macedonia Plaza will be 14 stories tall with 143 affordable apartments;113 of the apartments will be available to low-income families earning not more than $48,140 for a family of four. Nearly 30 of the apartments will be available for low-income families earning not more than $31,540 for a family of four. There will be one apartment reserved for the building’s superintendent. The unit distribution will include 27 studios, 58 one‐bedroom apartments, 55 two‐bedroom apartments, and two three‐bedroom apartments. It is anticipated that construction will be complete in the spring of 2014.

The total development cost for the Macedonia Plaza project is $49.6 million. HDC is providing a $26.3 million first mortgage and $9.3 million in tax-exempt bond subsidy through its Low-Income Affordable Marketplace Program (LAMP). HPD is providing $5.1 million in city capital funding and $1.7 million in federal HOME funding. Hudson Housing Capital is providing $1.8 million in tax credit equity, and BRP Companies has allocated $5.4 million for this project.

In additional to the affordable residential component, the Macedonia Plaza development will include approximately 6,287 square-feet of new retail space, and 2,767 square-feet of community space. It will also incorporate green building practices and amenities consistent with the city’s mission to produce affordable, healthy and sustainable housing.

The project site will incorporate air rights from the adjacent Macedonia African Methodist Episcopal (AME) Church, which recently celebrated its bicentennial and is one of the oldest houses of worship in Queens.

“I am elated that the construction of affordable housing by the Macedonia AME Church is about to begin,” said Councilmember Peter Koo. “This development will create homes for the most socio-economic disadvantage citizens of Flushing and is a reflection that affordable housing concerns still remain as a fundamental need in our communities.”