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.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
