Recent News
Posted: November 30th, 2009
November 30, 2009
CROWN HEIGHTS — Construction of a brand new rental apartment building in Crown Heights will go forward, thanks to a $4.9-million construction loan from the Community Preservation Corp. (CPC).
CPC announced this week it will provide the loan for the construction — which began in September — of an eight-story, 38-unit building to include 35 affordable units.
The CPC mortgage is part of a $7.7 million financing package that includes $2.2 million from the NYC Department of Housing Preservation and Development (HPD) and $607,000 in NYC Housing Trust Fund (HTF) funds.
At completion this LIHTC (state Low Income Housing Tax Credits) project will also include $2.88 million in tax credit equity.
The property, at 519 St. Marks Ave. between Classon and Franklin avenues, will have nine studios, seven one-bedrooms and 21 two-bedroom apartments, plus a two-bedroom super’s unit.
The 35 affordable units are for families earning less than 90 percent of the area median income.
The developer, a limited partnership whose general partner is Larry Hirschfield, acquired the property, along with an adjacent building, 10 years ago through the HPD’s Neighborhood Entrepreneurs Program (NEP).
The existing adjacent building was completely renovated by Hirschfield and partners and is now occupied. “This project is an example of CPC’s ongoing investment in Crown Heights,” said Robert Riggs, senior vice president and regional director of CPC’s Brooklyn office. “Over the past 30 years, CPC has provided more than $400 million in financing for projects in Crown Heights and the surrounding areas, supporting the renovation or construction of over 8,000 housing units in more than 250 projects. CPC helped lay the groundwork for the renaissance taking place in this community.”
Hirschfield, a repeat CPC borrower, according to Riggs, owns and manages approximately 70 properties in the city, predominately in Brooklyn.
The architect for the new building is Barbara Skarbinsky.
Its anticipated completion date is June 2011.
New Crown Hts. Rental Building Gets $4.9 Million Construction Loan From CPC
The Brooklyn Daily EagleNovember 30, 2009
35 of 38 Apartments Will Be Affordable
CROWN HEIGHTS — Construction of a brand new rental apartment building in Crown Heights will go forward, thanks to a $4.9-million construction loan from the Community Preservation Corp. (CPC).
CPC announced this week it will provide the loan for the construction — which began in September — of an eight-story, 38-unit building to include 35 affordable units.
The CPC mortgage is part of a $7.7 million financing package that includes $2.2 million from the NYC Department of Housing Preservation and Development (HPD) and $607,000 in NYC Housing Trust Fund (HTF) funds.
At completion this LIHTC (state Low Income Housing Tax Credits) project will also include $2.88 million in tax credit equity.
The property, at 519 St. Marks Ave. between Classon and Franklin avenues, will have nine studios, seven one-bedrooms and 21 two-bedroom apartments, plus a two-bedroom super’s unit.
The 35 affordable units are for families earning less than 90 percent of the area median income.
The developer, a limited partnership whose general partner is Larry Hirschfield, acquired the property, along with an adjacent building, 10 years ago through the HPD’s Neighborhood Entrepreneurs Program (NEP).
The existing adjacent building was completely renovated by Hirschfield and partners and is now occupied. “This project is an example of CPC’s ongoing investment in Crown Heights,” said Robert Riggs, senior vice president and regional director of CPC’s Brooklyn office. “Over the past 30 years, CPC has provided more than $400 million in financing for projects in Crown Heights and the surrounding areas, supporting the renovation or construction of over 8,000 housing units in more than 250 projects. CPC helped lay the groundwork for the renaissance taking place in this community.”
Hirschfield, a repeat CPC borrower, according to Riggs, owns and manages approximately 70 properties in the city, predominately in Brooklyn.
The architect for the new building is Barbara Skarbinsky.
Its anticipated completion date is June 2011.
