The New York City Housing Development Corporation, The New York City Department of Housing Preservation and Development, and Douglaston Development have announced the closing of construction financing for 2868 Webster Avenue, a 12-story, 277-unit affordable housing building in Bedford Park, The Bronx. The 250,000-square-foot project is the second phase of a two-phase affordable development following 2850 Webster Avenue, a 188-unit senior housing structure that opened in fall 2023.
Timbale Terrace, an affordable housing development in East Harlem, Manhattan, has received final approval and will now advance to construction financing. The project is a partnership among Mega Group Development, the Lantern Organization, and the New York City Department of Housing Preservation and Development, and will be built on an underutilized City-owned parking lot on Park Avenue between 118th and 119th Streets.
As New York City simmers in some of the year’s hottest weeks, the city’s construction and real estate markets remain equally hot. The second quarter of the year, which spans the period from April through June, registered a total of 1,077 new building permits filed with the city’s Department of Buildings. As such, Q2 2024 counts the second-highest number of new permit filings since YIMBY began its tally at the start of the decade and continues the strong trend established in the two preceding quarters, which now count the first- and third-highest permit filing totals. The 14,795 filed-for residential and hotel units also make for one of the highest quarterly counts of the decade, as do the 21.5 million filed-for square feet of new building floor area. YIMBY has meticulously vetted each of the thousand-plus new building permits submitted to the city in the second quarter and compiled a series of charts and analyses that look at emergent overarching trends.
