(Read more on the multifamily market.)
NEW YORK CITY-Making a commitment to affordability extending over a period of at least 50 years, the Arker Cos. and the Domain Cos. have signed a 99-year lease for several century-old buildings on Staten Island's Sea View Hospital Rehabilitation Center and Nursing Home campus. The joint venture will convert the buildings into 104 units of mixed-income independent living for seniors age 62 and older.
The Long Island-based Arker Cos. and the Astoria-based Domain Cos. leased the property from the New York City Health and Hospitals Corp. to create the $30-million development. The new owners plan to redevelop the landmark buildings, while preserving the qualities of one of the city's few “Special Natural Districts” and to meet the standards of the New York State Historic Preservation Office and National Park Service. Renovation work is scheduled to be completed by January 2009. HPD commissioner Shaun Donovan notes that the affordable units will be part of Mayor Bloomberg's $7.5-billion New Housing Marketplace Plan, to build and preserve 165,000 units of affordable housing over 10 years.
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