NEW YORK—National real estate developer PMG has announced its first project for its recently-formed affordable housing division—a $35 million housing joint-venture project with M/WBE, Brisa Builders. The project will be located in Far Rockaway, Queens.
Launched in 2019, PMG Affordable will acquire existing affordable housing and Section 8 properties nationwide. It plans to partner with groups such as M/WBE-certified businesses, municipalities and local housing authorities as well as both nonprofit and for-profit JV co-development partners.
PMG Affordable's markets include New York along with the Southeast with a focus on Florida, Texas, and select areas in the Southwest where PMG is currently active with development projects.
"We look forward to announcing other transactions very soon in Florida and other markets across the country," said Dan Coakley, principal of PMG Affordable, in prepared remarks.
PMG is most known for its developments such as Steinway Tower located 111 West 57th, Walker Tower and the Waldorf Astoria Hotel & Residences. PMG Affordable is a departure from the company's traditional luxury apartment orientation, as is another initiative, a national co-living, multifamily division called Society by PMG.
The Queens project will be co-developed by a joint venture between PMG Affordable and Brisa. Construction is expected to commence in late 2021.
The nine-story mixed-use building is proposed in the Downtown Far Rockaway Special Purpose District, an area whose comprehensive plan encourages diverse use of vacant and underutilized sites near mass transit and primary corridors. The 62,500 square foot project is designed by Paul A. Castrucci Architects and will include 92 dwelling units, of which 60 will be supportive housing units and 32 will be M.I.H. units.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
