Filling in the Gaps

See original article here: https://cooper.edu/about/news/filling-gaps

Prospect Gardens, Park Slope, Brooklyn. Photos courtesy Carmi Bee

Affordable housing—a perennial problem in New York City that has proven even more urgent with the COVID-19 emergency—raises tough questions: how do we define “affordable”? What form should it take? And frequently the most contentious of all—where should it be located? Last October, Mayor Bill de Blasio announced a plan to build 800 new units in the New York neighborhood of SoHo, a highly unusual move considering the wealth of the proposed location. Besides signaling an attempt at spreading affordable housing equitably across the city, it’s also a response to growing homelessness, which according to a study conducted by the city, rose by 7% from January 2019 to January 2020. The numbers have almost certainly grown since then, but as CityLab has reported, the COVID crisis has posed multiple obstacles to getting an accurate count of just how many people have lost their homes in the past year.

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MLappin & Associates Closes on 42-unit Affordable New Construction in East New York Brooklyn

MLappin & Associates LLC is pleased and proud to announce the closing on the acquisition and construction financing for three New York City-owned properties in East New York, Brooklyn.  This is the first phase of  a project that will create 75 newly-constructed rental units in five buildings. The first three sites were awarded to the team by HPD through a Request for Proposals.  Units will be affordable to families with incomes between 30% and 70% of area median income, with rents ranging from $283/month for a one-bedroom unit to $1592 for a two-bedroom unit.

The development team includes managing members East Brooklyn Congregations, MLappin & Associates, The Marcal Group and DA Widerkehr LLC.  Marcal Contracting Co LLC will be the general contractor and the architect is DeLaCour Ferrara & Church Architects, PC.  Enterprise Green Community consulting was provided by Sparhawk Group.  Langsam Property Services will be our property manager upon completion.    

Our financing partners are Raymond James Tax Credit Funds, providing equity through the purchase of 9% Low Income Housing Tax Credits allocated by the NYC Department of Housing Preservation and Development and a subsidy also provided by HPD.  TD Bank provided construction financing, and a permanent loan commitment was offered through Walker and Dunlop for a 30-year, forward rate-locked Freddie Mac loan.

Construction has begun on Phase 1 and completion is expected in July 2022. 

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…

READ MORE at http://www.nytimes.com/2010/06/30/nyregion/30domino.html?_r=1

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…

Read at http://www.communityp.com/news/Michael-Lappin%2C-Key-Force-in-Creating-Affordable-Housing-for-More-Than-Three-Decades%2C-to-Retire-from-CPC

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…

http://www.nytimes.com/2003/02/23/realestate/postings-housing-group-builds-for-profit-project-brooklyn-12-market-rentals-two.html

NY Daily News: WOODSIDE BIG 6 CO-OP SAVED BY A 21M LOAN

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.

Read at http://www.nydailynews.com/archives/boroughs/woodside-big-6-co-op-saved-21m-loan-article-1.801535