Renovations Complete at Newark Affordable Housing Project
Originally built in the early 1970s, 440 Washington Street was in financial and physical distress when New York City-based BRP joined with St. James A.M.E. Development Corp, the City of Newark and the state to stabilize the property and facilitate much-needed upgrades and repairs.
NEWARK, NJ—The $10-million rehabilitation program at the 440 Washington St. affordable residential building here is now complete.
Last week, developer BRP Companies, project partners and city officials celebrated the completion of renovations at the 100%, 200-unit affordable building that included new kitchens and bathrooms in all units, a completely redesigned lobby, elevator repairs, roof and window replacements and several high-quality amenities.
Originally built in the early 1970s, 440 Washington St. was in financial and physical distress when New York City-based BRP joined with St. James A.M.E. Development Corp, the City of Newark and the state to stabilize the property and facilitate much-needed upgrades and repairs.
BRP, which has completed more than 2.5 million square feet of real estate projects and has nearly 10 million square feet of space under development in the New York Tri-State region, states that it is holding discussions on additional ventures throughout the State of New Jersey.
“Access to quality, affordable housing is a necessity in today’s market, and we’re happy to reintroduce an improved 440 Washington Street to its residents and the greater Newark community as we extend our footprint into the Garden State,” says Meredith Marshall, co-founder of BRP Companies.
BRP led the ownership and financial restructuring at 440 Washington St. in November 2017, which included a new rental assistance contract with HUD and an assignment of an existing rental assistance contract with the Newark Housing Authority, and a new tax agreement with the City of Newark and new financing from the New Jersey Housing and Mortgage Financing Agency.
Shortly after, BRP launched the building’s significant renovation project, which has resulted in: roof replacement; new windows and storefronts; a redesigned entrance, lobby and mail room; an upgraded management office; community room and computer room; a new gym for resident use; new kitchens, bathrooms and baseboard heating in all units; accessibility upgrades and substantial elevator repairs.