JBA Equities has successfully arranged a $38 million deal in construction financing for a ground-up rental building in Greenpoint, Brooklyn. The 11-story development will include 80 residential units, 4,828 square feet of retail space, and 34 parking spaces.
Permits have been filed for a 12-story affordable housing building at 2850 Webster Avenue in Fordham Manor, The Bronx. Located between Oliver Place and East 199th Street, the lot is one block from the Botanical Garden stop on the Metro-North. The closest subway station is Kingsbridge Road, serviced by the B and D trains. Russell Lang of Douglaston Development is listed as the owner behind the applications.
L+M Development Partners and Prudential Financial have teamed up to complete a sweeping renovation of Zion Towers, an affordable housing block in Newark, New Jersey. In a recent announcement, the two firms also revealed a successfully brokered deal with the New Jersey Department of Community Affairs to extend the property’s Section 8 contract for an additional 11 years to facilitate necessary financing to begin capital improvements within.
Governor Andrew Cuomo was in attendance as developers celebrated the commencement of construction at the Nevins Street Apartments complex in Downtown Brooklyn. Located at 50 Nevins Street, the mixed-use development will introduce 129 affordable apartments to the neighborhood and provide a comprehensive offering of mental health support services for its lowest-income residents.
Work has officially begun on The Huguenot, one of latest developments to begin construction as part of an initiative to transform and reinvigorate downtown New Rochelle. From developer CAC Realty Group, the property is located at 387 Huguenot Street and will eventually contain a mix of residential area, retail space, and a community-operated art gallery. The structure will top off at six stories and measure approximately 54,000 square feet.