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City, Developers Strike Affordable MF Deals

NEW YORK CITY-The two separate transaction will lead to construction of an 84-unit Bronx project and preservation of a nine-building Harlem complex.

By Paul Bubny | Updated on April 07, 2010

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.”

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