All posts by lappinCTM

New York Times: $1.4 Billion Development at Sugar Refinery in Brooklyn Wins Key Council Support

The $1.4 billion plan to transform the former Domino Sugar refinery into a residential development on the Brooklyn waterfront won critical support in the City Council on Tuesday, after the developer agreed to cut the size of the project’s two tallest towers and provide a shuttle bus to the nearest subway…


CPC: Michael Lappin, Key Force in Creating Affordable Housing for More Than Three Decades, to Retire from CPC

After leading the company for 31 years, Michael Lappin will be retiring as President and Chief Executive Officer of the Community Preservation Corporation (CPC) to pursue other opportunities.  He has agreed to stay on in his current role and work with CPC’s Board in the selection process for a successor and to assure a smooth transition. Mr. Lappin will also continue to shepherd the New Domino project forward so it can fulfill its promised benefits for the community and the city…

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New York Times: POSTINGS: Housing Group Builds For-Profit Project in Brooklyn; 12 Market Rentals And Two Storefronts

The Community Preservation Corporation in Manhattan has provided financing throughout New York and New Jersey for adding and preserving 93,000 affordable housing units over almost three decades. But last summer the housing group took a new path when its for-profit subsidiary, Community Preservation Corporation Resources, developed a vacant lot in Brooklyn into a four-story building with retail space at ground level and 12 rental apartments above…

New York Times: Residential Real Estate; Park Slope Walk-Up Revival May Signal New Rental Era

The four-story walk-up is a form of housing not often produced in New York City any longer. But two new side-by-side walk-ups in Park Slope, Brooklyn, may lead the way to resurrecting it for rental housing designed for moderate-income tenants throughout the city…

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It was time yesterday for the 981 families that call the Big Six Towers in Woodside home to breathe a collective sigh of relief. The residents, mostly retirees and working-class families, thought they would lose their life’s savings because the cooperative, saddled with $20 million in debt, had faced foreclosure.

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Michael D. Lappin, Founding Member

Michael D. LappinPast CEO and President of The Community Preservation Corporation (CPC) and CPC Resources Inc.  (1980 – 2011)

Led CPC to become New York State’s leading financer of affordable housing, having financed almost $8 billion for the building and redevelopment of over 140,000 homes.  Pioneered in establishing a $1.5 billion program with the New York City public employee pension funds and the New York State public pension funds to provide long-term, forward-committed fixed-rate financing for the rehabilitation and new construction of affordable rental projects.

CPCR’s development activities included the restoration of the 12,271-unit Parkchester housing complex in the Bronx; the entitlement of 2.8 million square feet for the 11 acre Domino site on Brooklyn’s waterfront for the development of a mixed- income, mixed-use community; and the development of over 100 buildings for low, moderate and middle income housing in New York City.

Deborah A. Widerkehr

Deborah A. Widerkehr

In her more than 25 years of affordable housing experience in both the public and private sectors, Debbie has led the development of more than 1100 housing units and the financing of thousands more.  Her work has included mixed-use projects, senior housing, home ownership, and the rehabilitation of distressed assets, involving virtually every stripe of public and private financing. Debbie’s career has included senior positions with CPC Resources, Inc. and the New York City Department of Housing Preservation and Development.  She holds a bachelor’s degree from Wellesley College and an MBA from Columbia Business School.