The 234 Apartment

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...

CNE is a nonprofit housing organization that aims to create economically diverse neighborhoods filled with financially empowered citizens and housing for all. (Photo: Staff) New apartments, including some with income-restricted rents, are now open for leasing near Highland Park. Chattanooga Neighborhood Enterprise has been working on the project, which includes 49 residential units , for about three years.  “We were able to buy 32 vacant parcels from Tennessee Temple before they closed down campus,” CNE President and CEO Martina Guilfoil said.  Of the 49 units, 41 are one-bedroom, six are two-bedroom and two are three-bedroom. Eleven of the units are income-restricted for lower-income households. Rent for the 39 “market rate” apartments, which CNE aims to make affordable for young professionals, ranges from $800 to $1,500 a month. The income- restricted rents range from $462 to $884, and a lottery will be used for initial leasing of these units.  Rent from the market rate unit...

When Bill de Blasio became mayor of New York City in 2014, he made no secret of his intent to place affordable housing at the center of his term. Not long after his election, he rolled out his Housing New York plan–a 10-year strategy to build or preserve around 200,000 affordable units across the city’s five boroughs. advertisement Affordable, when it comes to housing in New York, is a slippery term. Critics of de Blasio’s plan have pointed out that the majority of the units built or converted under Housing New York remain out of reach of low-income New Yorkers–those earning less than $43,000 per year. And while the plan has succeeded making a nearly 100,000 unit dent in the city’s 550,000 affordable-unit shortfall, the terms of the new unit’s affordability are ephemeral: The majority of the units created and preserved under the mayor’s plan are only regulated temporarily, often for as little as two decades. There is no guarantee that a unit designated as affordable today will remain...

When Matt Metzger and Carly Wingert showed up to view apartments early Friday afternoon at a complex on the south end of town, the property management office was closed. Another tenant pointed them to the mailbox with applications they could take and fill out. But it was empty. So they were off to make more calls. They'd already looked at a couple of places, including one that still was under renovation. "The struggle is real," Wingert said, still cheerful nonetheless. "It's not easy at all," Metzger said. After looking at just a handful of units, they were already talking about how to adjust their budget and possibly work overtime to afford a suitable home.  Wingert and Metzger plan to finish their degrees at the University of Montana — he's studying wildlife biology and she's interested in literature and the environment. They're among a slew of students looking for housing around the same time. Despite all the construction that's been ...

FOR IMMEDIATE RELEASE Income Property Organization (IPO) completed record setting sales through the first half of 2017 for apartment communities in the Great Lakes market . IPO amassed a combined total of more than $63 million in transactional volume and is on track to see a 40 percent increase in business over 2016. The firm has grown to nine brokers and their market reach now extends beyond the Detroit Metro area west to Grand Rapids and south into Ohio. This significant activity is supported by a recent report commissioned by the National Multi- Family Housing Council , titled “U.S. Apartment Demand - A Forward Look,” which estimates future U.S. demand for apartments in all states and the top 50 metro areas , including Detroit. The research shows Detroit has nearly 232,000 units in 5-plus unit properties and is expected to see an average annual growth in demand for apartment units of 0.4 percent over the next 13 years. “This means a projected growth of 15,467 new units, whi...

Highpoint Apartments (Photo: Courtesy City of Sheboygan) SHEBOYGAN - Construction is underway on a downtown apartment complex that will bring an additional 91 units to Sheboygan. When finished, the High Pointe apartments  will have river view and lake view apartments with large units on the top floor, similar to penthouse suites. OTHER NEWS:   Sheboygan United Way plans Sept. 14 dawn-to-dusk event OTHER NEWS:  Suspect charged in United One Credit Union heist The $15 million complex will include 91 market-rate units with amenities including a community room, bike storage and about 100 garage parking units with additional outside parking behind the building. Apartments range from lofts to three-bedroom units with rent starting in the $800-$900 range, according to Scott Revolinski, one of the project's developers. developers ceremoniously break ground " width="540" height="405" /> City leaders and developers ceremoniously break ground on the High Poin...

Apartment hunters may soon have another option when shopping for an affordable place to rent in Round Rock. The Round Rock City Council passed a resolution of non-objection last week allowing Pedcor , the developer of the Shadow Ridge Apartments , to move forward with efforts to receive state tax incentives to help develop the complex. Shadow Ridge Apartments " width="460" height="418" />Applicants must make 60 percent of the area’s median income, which is approximately $78,000, according to city of Round Rock Planning Director Brad Wiseman , in order to qualify for one of the 256 units planned for the development.  It will be located on the northwest corner of A.W. Grimes and Old Settlers Boulevard and will be one of only a handful of income- restricted apartment complexes in the city. “There is a huge need in this entire region and all across Texas,” said Craig Lintner, senior vice president of Pedcor, to the council during the meeting. Wiseman said th...

The $13. 5 million Dillard project is scheduled to break ground in October and be completed in spring 2019, Deb Wendel-Daub, a Kilbourne project manager , said Wednesday, Aug. 23. The construction site is now a parking lot owned by the Dillard family but had once been home to row houses and a lumberyard, according to Kilbourne. Like many parking lots, it's not appealing to pedestrians and the new building is intended to change that. The Renaissance Zone Authority on Wednesday recommended tax exemptions for the project worth $967,000 over five years. After the incentives expire, Kilbourne estimates it would pay $202,000 a year in property taxes. The parking lot now pays $2,400 a year. Because the area is also part of a tax- increment financing district paying for a city- owned parking ramp that the developer finished in June, the taxes would go towards the ramp. Plans call for a 94,000-square-foot, six- story building with 84 apartment units and 13,000 square feet of ground...

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...

Copyright © 2015 Albuquerque Journal Platinum Apartments construction project employs a 60-foot- high building crane to lift prefabricated framing panels into place. Building cranes on an urban skyline are a common sign that a city is experiencing redevelopment. (Adolphe Pierre-Louis/Albuquerque Journal)" width="265" height="400" /> The Platinum Apartments construction project employs a 60-foot- high building crane to lift prefabricated framing panels into place. Building cranes on an urban skyline are a common sign that a city is experiencing redevelopment. (Adolphe Pierre-Louis/Albuquerque Journal) Optimism was in the air in early 2007 when preliminary plans got underway for a four- story housing project a block south of Central Avenue at the east end of Nob Hill. “Over the next decade, you’re going to see the entire landscape in that area change,” Chicago- based developer Rick Goldman told the Journal in an article from February of that year. Go...

The Arbuckle will consist of 391,502 square feet and 208 units. BROWNSBURG, IND. — Flaherty & Collins Properties has broken ground on The Arbuckle, a $ 40 million luxury apartment property in Brownsburg, about 17 miles west of Indianapolis. The property, located at 300 N. Green St., will consist of 208 luxury market - rate apartment units . Floor plans will comprise studio, one- and two-bedroom units. Among the nearly 7,000 square feet of amenities will be a courtyard, saltwater pool, coffee lounge, conference room, pet wash, study lounge and fitness center. Flaherty & Collins Construction is the general contractor. The project team also consists of CSO Architects, ecological engineering and design firm Williams Creek , and consulting engineering firm Lynch Harrison & Brumleve Inc. Busey Bank provided construction financing . The 391,502-square-foot project is slated for completion in spring 2019. Tagged new_projects

Renovations are complete on 113 units at the sprawling Billings Forge complex , where tenants returned to find fresh paint , new appliances and soaring windows. The monthslong effort to upgrade the apartments, hallways and lobby in the former mill building on Broad Street concluded this year. Residents who had relocated temporarily were able to move back home last winter. Some who occupied older units moved into new ones. New kitchens, bathrooms, doors and windows were installed in the apartments, and modern appliances were added. New flooring was laid in the hallways, and the lobby received a face-lift. The $19. 8 million project , backed by a mix of state funds, federal and state tax credits , low income historic tax credits and aid from the Connecticut Housing Finance Authority , took about 19 months to finish. The mixed- income complex is 95 percent full, officials said, and is in the process of accepting new tenants. One hundred and two of its units are deemed “affordable hou...

Midtown West Development " src="https://media.atre.yardi.com/1/11100/images/Gothams-Midtown-West-Development-.jpg?w=270&h=129" alt="" width="270" height="129" /> Gotham's Midtown West Development New York— Gotham Organization Inc. has commenced construction on a $ 520 million development in Manhattan’s Midtown West district . The four-building complex will span from West 44 th to West 45 th Street and from 10 th to 11 th Avenues. The mixed-use project will have over 1,200 units available for rent. “Through an innovative partnership with the City of New York, Gotham Organization is proud to take the lead on a development that changes the face of Midtown West,” says David Picket, president of Gotham Organization . “This bold investment in our City’s future will create hundreds of new jobs, generate millions of dollars in revenue for the construction industry, contribute toward the building of a new primary school and provide ...