New York Construction Report staff writer
About $2 billion in housing bonds and subsidies have been awarded to 24 housing developments located in communities across New York State that will create or preserve more than 6,600 affordable, supportive, sustainable, and modern homes.
Financing is through New York State Homes and Community Renewal’s recent bond issuances which provided $865 million in housing bonds and $990 million in subsidy. All awarded projects will achieve high levels of sustainability and carbon reduction, complementing New York’s mission to address climate change by decreasing emissions 85 percent by 2050 across all sectors. When coupled with additional private funding and resources, the projects receiving funding are expected to generate $3.5 billion in overall investment.
Projects:
New York City
- $87 million to transform the Stewart Hotel in Manhattan into a 579-unit affordable and supportive housing development. The project also includes ground floor retail space. Developed by Breaking Ground and Slate Property Group.
- $95 million for Concern Inwood in the Bronx to build a 210-unit affordable and supportive housing development in the Highbridge neighborhood, including a terrace with community gardening opportunities and additional green space.
- $166 million for River II Apartments in the Bronx – construction of a 292-unit mixed-use project in the Bronx’s West Concourse neighborhood. The project also includes commercial space, an urban farm, and community facilities.
- $49 million for Bay Ridge Towers in Brooklyn – preservation of an 811-unit affordable development in Brooklyn’s Bay Ridge neighborhood. The development is a Mitchell-Lama co-op located above a Long Island Rail Road rail line that includes playgrounds and other outdoor amenities for families.
- $39 million for Jimerson Apartments in Brooklyn – to preserve a 421-unit affordable development in Brooklyn’s Brownsville neighborhood.
- $186 million for Sparrow Square Phase 1 in Brooklyn – construction of a 261-unit affordable supportive project on the site of the former Kingsboro Psychiatric Center in the East Flatbush neighborhood of Brooklyn for households earning up to 30 percent of the Area Median Income.
- $50 million for Park Hill on Staten Island – to preserve a 1,103-unit affordable and supportive housing project.
- $11 million for St. Elizabeth’s Manor on Staten Island – preservation of an 80-unit affordable and supportive housing development for senior households.
Mid Hudson
- $110 million for Wallace Campus in Poughkeepsie – a 187-unit affordable and supportive housing development that includes the transformation of a former department store as well as new construction.
- Capital Region
- $24 million for Harbor House in Schenectady – A 96-unit affordable and supportive housing development that includes preservation of an existing YWCA building as well as new construction.
- $87 million for Mosaic South in Albany – construction of 166 townhomes and apartments scattered in Albany’s South End neighborhood.
- $74 million for South Mall Towers in Albany – preservation of a 347-unit development.
- $159 million for Steamboat Square Phase 2 in Albany – second phase of the redevelopment of Albany Housing Authority’s Steamboat Square Campus. A 343-unit affordable and supportive project includes preservation as well as new construction.
Central New York
- $99 million for Jensen Avenue Apartments in Syracuse – first phase of a three-phase development that includes affordable and market-rate rental units, as well as homeowner-occupied townhomes to be built on the site of the former Syracuse Developmental Center, a formerly state-owned psychiatric hospital that is now vacant.
- $172 million for East Adams Phase 1 and Phase 2 in Syracuse – first and second phases of a multi-phase redevelopment that will create 1,500 homes and transform the East Adams neighborhood of Syracuse.
Western New York
- $46 million for Amherst Commons in Buffalo – construction of a 133-unit development.
- $39 million for Towne Gardens in Buffalo – preservation of a 360-unit development in East Buffalo including playgrounds, exercise equipment, and walking paths.
- $208 million for Marine Drive Apartments in Buffalo – first phase of a multi-phase redevelopment of a public housing complex on the Lake Erie waterfront..
- $49 million for Jordan Gardens in Niagara Falls – preservation of a 100-unit Niagara Falls Housing Authority development.
- $3 million for Meadowbrooke Apartments in Newfane – preservation of a 26-unit development in the town of Newfane, Niagara County.
- $5 million for Walden Park in Lockport – preservation of a 61-unit affordable senior development in the city of Lockport, Niagara County.
Finger Lakes
- $58 million for Gateway Apartments in Rochester – transforming a vacant office building in downtown Rochester into 129 units of housing.
- $40 million for Los Flamboyanes in Rochester – preservation of a 153-unit Mitchell Lama development in Rochester’s Upper Falls neighborhood.
