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NEW YORK CITY-The New York City Housing Development Corp, approved $232 million in bond financing for the construction or preservation of 552 apartments in four buildings in Manhattan, Brooklyn and the Bronx. In the largest deal, the agency approved $210 million in Liberty Bonds to finance the conversion of 20 Exchange Place in Lower Manhattan. The 56-story tower will be converted from offices to 366 apartments.
The group approved the use of $7.97 million in tax exempt bonds to finance the rehabilitation of two 70-year-old, six-story apartment buildings containing 83 apartments at Grand and Tremont avenues in Morris Heights in the Bronx. The two buildings, 1971 and 1975 Grand Avenue, will be purchased by a company controlled by Mill Plain Properties Inc., and Omni New York LLC, a development corporation whose principals are former New York Met Mo Vaughn and Eugene Schneur.
Previously, the team worked together toward the rehabilitation of four developments for low-income families. One project was Grace Towers, two buildings containing 168 apartments at Pennsylvania and Pitkin avenues in East New York.
Two blocks south, a seven-story mixed use building will rise with $14 million in financing. The now mostly vacant lot at 626 Sutter Ave. in Brooklyn will eventually contain 103 apartments reserved for low-income families, 19,700 sf of retail space and 68 parking spaces. Hugo S. Subotovosky are serving as the architects. Granville Payne will be developed by the Jackson Development Group, which is developing two properties in the Bronx that were financed by the Housing Development Corp.
In March, construction began on six apartment buildings on Malta Street and Alabama Avenue, seven blocks from of 626 Sutter. "Land is scarce in East New York, but it is a community that very much needs affordable housing," said Emily A. Youssouf, president of the city's Housing Development Corp.
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