The 234 Apartment

Another program, run by the Urban Homesteading Assistance Board , works with the city on co-op conversions of buildings taken over from delinquent landlords. Tenants help with renovations and can eventually buy the units for low prices. About 30,000 apartments are in the program, which is administered by the city’s Department of Housing Preservation and Development. Since 2003 the city’s Housing Development Corporation has also been partnering with both for-profit and nonprofit developers to create new affordable apartments — 1,767 units in 21 buildings. The benefits of promoting homeownership in this way extend far beyond the individual owners, said Andrew Reicher, the executive director of the Urban Homesteading Assistance Board . “In the Lower East Side , in Harlem, in Bed-Stuy,” he said, “these owners stuck it out and struggled to improve their block, and improvements spread from their work. And they are not displaced when the neighborhood turns around.” Of course, the question fo...

WITH the median price of an apartment in Manhattan topping $1,000 a square foot, homeownership is often far out of reach. But there are options for those who cannot afford the market rate, including co-op apartments for buyers who earn a certain percentage of the area median income , or A.M.I. These buildings are scattered all over the city. Some date to the 1950s; others are brand-new and still looking for buyers. Some are limited to those who earn less than the median income -- 60 or 80 percent, for example (the median for a family of four in New York City is $83,000). Others have apartments for those earning a bit more than that sum. Many new developments try to bring in owners from different economic backgrounds, and are likely to include market-rate units as well. At one recent development, Atlantic Terrace, near the new Nets arena in Brooklyn, similar one-bedroom apartments were priced at $85,000, $113,000 and $232,000, depending on the buyer's income. A market-rate one-be...

NEW YORK, Aug. 23, 2017 (GLOBE NEWSWIRE) -- Greystone, a real estate lending , investment and advisory company , today announced its closing of a $550,000, 000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp . for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings . The Greystone Bassuk debt advisory team , led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team . The transaction marks the largest-ever single-asset tax- exempt financing completed by Freddie Mac and a first-of-its- kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg , CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan proc...

Long Island City waterfront ." /> The project will bring 1,000 apartments, commercial space and a new school to the Long Island City waterfront . View Full Caption NYCEDC HUNTERS POINT — Critics of the city's plan to build a school, offices and 1,000 apartments on the Long Island City waterfront called it "irresponsible" to develop the site because it's located in a hurricane evacuation zone that's prone to flooding during storms. Advocates said they would rather see the two city-owned parcels — located next to the East River at the end of 44th Drive — converted to public parkland, with plantings, oyster beds and other green infrastructure to help make the area more resistant to floods.  "We think continuing to build in a flood plain is irresponsible," said Diane Hendry, a member of the LIC Coalition, an advocacy group that launched a petition last week opposing the city's plans. "The land is a natural wetlands. It should be preserv...

92-61 165th Street, Rendering via NHS Development Corporation With new residential and commercial developments and transit options, Jamaica, Queens is on the brink of renewal, after many years of neglect. Adding to the area’s revitalization, the construction of a new 14- story affordable housing building was finished last fall. Now, applications are being accepted at the building for 88 affordable apartments at 92-61 165th Street in Jamaica Center, Queens. New Yorkers earning 40 and 60 percent of the area median income can apply for units ranging from a $494 per month studio to a $1182 per month three-bedroom . Developed by Archer Merrick, the building features amenities like on-site laundry, an outdoor courtyard, recreation room and bicycle storage. Located near York College, residences have access to the E, F, J and Z trains as well as the Long Island Rail Road Station at Sutphin Boulevard. Qualifying New Yorkers can apply for the affordable apartments at 92-61 16th Street unti...