Projects in the Pipeline
The Perennial
Queens (Forest Hills)
Located in Forest Hills, Queens, this project will convert a blighted former hospital building into state-of-the-art intergenerational affordable housing with sustainability features including geothermal energy, water-source heat pumps, passive house design, and solar panels. This creatively financed project is part of a large-scale MIH development project, and creatively leverages an array of governmental subsidies including those under the Inflation Reduction Act of 2022.
ANTICIPATED CLOSING DATE:
Fall 2024
PARTNERS:
Selfhelp Realty Group
TOTAL DEVELOPMENT COST:
$125 MM
GROSS SQUARE FOOTAGE:
Approx 153,000 gsf
UNIT COUNT/MIX:
144 intergenerational housing units (125 supportive senior and 19 family units) plus 34,000 sf of Community Facility
FINANCING PROGRAM:
HPD SARA
ARCHITECT:
Newman Design
GENERAL CONTRACTOR:
Suffolk Construction
Renderings: Newman Design
Silver Beach
Queens (Far Rockaway)
Located on Beach 19th Street in Far Rockaway, Queens, this project will convert a defunct auto shop into a supportive senior housing project leveraging funds under the Inflation Reduction Act and the NYS Brownfield Cleanup Program.
ANTICIPATED CLOSING DATE:
Late 2024 / Early 2025
PARTNERS:
Lemle & Wolff; Elmcor Youth and Adult Activities Inc.
TOTAL DEVELOPMENT COST:
$102 MM
GROSS SQUARE FOOTAGE:
Approx 108,000 gsf
UNIT COUNT/MIX:
178 Supportive Senior Units
FINANCING PROGRAM:
HPD SARA
ARCHITECT:
Newman Design
GENERAL CONTRACTOR:
Lemle & Wolff Construction Company
Renderings: Newman Design
Sol on Park
The Bronx (Morrisania)
Located on NYCHA’s Morris II Houses campus in the Morrisania section of the Bronx, this project will achieve LEED Platinum and will contain over 10,000 sf pedestrian plaza and 12,000 sf of community facility space.
ANTICIPATED CLOSING DATE:
2025
PARTNERS:
NRP Group; Selfhelp Realty Group
TOTAL DEVELOPMENT COST:
$164 MM
GROSS SQUARE FOOTAGE:
Approx 196,000 gsf
UNIT COUNT/MIX:
195 Supportive Senior Units
FINANCING PROGRAM:
HPD SARA
ARCHITECT:
Magnusson Architecture and Planning PC (MAP)
GENERAL CONTRACTOR:
Touchstone Builders
Renderings: Magnusson Architecture and Planning, PC
3560 White Plains Road
The Bronx (Olinville)
Located on White Plains Road in the Olinville section of the Bronx, this project will be constructed on top of an occupied commercial building and adjacent to an elevated train platform.
ANTICIPATED CLOSING DATE:
2025
PARTNERS:
The Irgang Group
TOTAL DEVELOPMENT COST:
$101 MM
GROSS SQUARE FOOTAGE:
Approx 96,000 gsf
UNIT COUNT/MIX:
158 Supportive Senior Units
FINANCING PROGRAM:
HPD SARA
ARCHITECT:
Newman Design
GENERAL CONTRACTOR:
Lendlease Construction
Renderings: Menzak Architect PC / The Irgang Group
Casabe Houses Year 15 Repositioning
Manhattan (East Harlem)
Foxy is advising Casabe Houses in a Year 15 takeout of its LIHTC investor and repositioning of its asset in order to perform moderate rehab work and generate additional cash for the non-profit.
ANTICIPATED CLOSING DATE:
Mid-2024
ARCHITECT:
Danois Architects PC
UNIT COUNT/MIX:
125 Senior Housing Units
