POUGHKEEPSIE, N.Y. — PAZ Management has begun leasing The Flats at Raymond, a 39-unit community in the New York City suburb of Poughkeepsie. The community offers one- and two-bedroom apartments ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project called Lofts at The School, opened for residency earlier this year and is now 90 percent occupied.
NEW YORK CITY — Skyline Developers has broken ground on a 97-unit project located at 18 W. 55th St. in Midtown Manhattan, the central portion of New York City’s Manhattan borough. The building will comprise 152,000 square feet across 26 stories. Goldman Sachs Bank USA provided construction financing for the development. Morris Adjmi Architects designed the building. The project is slated for completion in 2025.
NEW YORK CITY — Merchants Capital has provided $320 million in financing for the renovation of Edenwald Houses, an affordable housing complex in The Bronx borough of New York City. The property was originally developed in the 1950s and is the second largest New York City Housing Authority property in the state. Edenwald Houses is currently home to more than 5,000 residents. Merchants Capital secured a New York Housing Development Corp. Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will be used …
NEW YORK CITY — GFI Realty has brokered the $4.7 million sale of an eight-unit community in Brooklyn’s Boerum Hill neighborhood. Zachary Fuchs of GFI Realty represented the seller, Eric Orlofsky, and the buyer, an undisclosed local investor, in the transaction. The property was originally built in 1905 and recently underwent a gut renovation. The building rises five stories and offers two- and three-bedroom floor plans.
NEW YORK CITY — Greystone has brokered an $18.3 million Fannie Mae delegated underwriting and servicing loan to refinance a property at 400 Herkimer St. in Brooklyn, New York. The property was built in 1965 on 18 acres of land. The six-story building offers 154 units in studio, one-, two- and three-bedroom layouts. Anthony Cristi of Greystone originated the loan, which includes a 10-year term and 30-year amortization.
NEW YORK CITY — Stav Equities and Invictus Property Advisors have brokered the $2.5 million sale of a property located at 1362 Pacific St. in New York City. The property rises four-stories in the Crown Heights neighborhood of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors and Jacob Stavsky of Stav Equities LLC executed the off-market transaction. The buyer and seller were not disclosed.
WESTBURY, N.Y. — Terwilliger & Bartone Properties has begun leasing The Cornerstone Westbury, a community located 1,000 feet from the Westbury Train Station in Westbury. The first phase of the development delivers 72 units, and the second phase will add 58 more. The second phase is slated to complete in early 2024. Amenities include a rooftop patio, fire pits, a clubhouse, fitness center, on-site parking and events for residents. Of the total 130 units, 18 will be set aside as workforce housing. The Cornerstone Westbury received over 1,200 applications for these …
NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing for the development of five affordable housing projects in the New York City metro area. Wells Fargo provided the funds through its Community Lending and Investment (CLI) group. The CLI funding team that closed the five loans included Duane Mutti, Korbin Heiss, Katelyn Meehan, Greg Richards, Jason Fernbach, Nancy Dipasquale, Marc Levine, Jessica Liang, Mark Mendenhall, Madalena Tran and Cassandra Clay. The developments, which total more than 1,100 units, are currently under construction, …
NEW ROCHELLE, N.Y. — JLL Capital Markets brokered the $22.7 million sale of The Printhouse, a 71-unit property in the northern New York City suburb of New Rochelle. Invel Capital acquired the asset from an undisclosed seller. JLL’s Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones brokered the deal. The Printhouse was built in 2019. The property offers studio, one- and two-bedroom units as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a …
State of New York to Provide $406 Million in Financing to Build Five Affordable Housing Developments
ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) provided financing for the five developments, which comprised $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. Hochul’s announcement came during …