Cost: $11,300,000
Completed: June 2007
Special Funding/Financing: HDC’s 421-a Negotiable Certificate Program; NYC HDC Tax Exempt Bonds
Type: New Construction

59 unit multifamily building that consists of 14 studios, 15 one-bedrooms and 30 two-bedrooms. The project was developed through a 30-year regulatory agreement with NYC HDC that will set aside units for households earning no more than 55% of the area median income. Ten percent of the units will be set-aside for formerly homeless households. Included in the eight-story building is approximately 3,580 square feet of ground floor commercial space that will be master-leased for 15 years by the project’s sponsor.