Projects

Bronx

Washington Bridge View

Client


Mastermind Management, Ltd.

Funding Sources
HDC’s Affordable Cooperative Housing Program, Bank of America construction loan, HDC mortgage (taxable bonds), Affordable Housing Corporation mortgage, HPD Housing Trust Fund mortgage, Bronx Borough President grant and developer equity.
Description
Washington Bridge View, developed by Mastermind Management, Ltd., consists of over 13,000 square feet of retail condominium space and 48 residential cooperative units with 22 parking paces, located on Featherbed and University Avenues, Morris Heights (Bronx), New York.

The Tiffany

 


Client

Mastermind, Ltd.


Funding Sources

NYC Department of Housing Preservation and Development, New York City Housing Development Corporation


Description

“The Tiffany” is a new middle income project to be developed by Mastermind Ltd. in the Longwood section of the Bronx.  The Tiffany will have 54 new apartments and will include on-site parking for 13 to 14 tenants, on-site laundry, on-site gym, outdoor recreation space, private balconies and a common area terrace for all residents.  The Tiffany proposes to have units with a mix of 21% of the units at 48% AMI rents and 79% of the units at the 90% AMI rent level.

 

Morris Avenue Apartments

 


Client
The Ader  GroupFunding SourcesFinancing Sources
Financing from the NYC Housing Development Corp. and the NYC Department of Housing Preservation and Development. Developed in partnership with the Mount Hope Housing Company, a non-profit organization.

Description
This $18 million project is a 35-unit low income tax credit rental housing project in a 13-story new complex at 2066 Morris Avenue, Bronx, New York. Amenities include 1,255 square feet in community rooms and supportive service offices, a management office, laundry room, tenant storage and security systems.

 

Washington Avenue Family Housing

 

 

Clients

 

Sheldon Fox, Alembic Development Company LLC, and th Neighborhood Association of Intercultural Affairs, Inc. (NAICA)
Funding Sources
NYC Housing Development Corp.’s LAMP program, consisting of a first mortgage, funded through proceeds from the sale of Tax-Exempt Bonds, with a second mortgage through NYC Housing Development Corp. Reserves, as of right “4%” Federal Low-Income Housing Tax Credits, and a third mortgage through New York City Department of Housing Preservation and Development’s Mixed Income Rental Program (MIRP).

 

Phoenix Estates

 


Clients
Phoenix Estates (A joint venture between New York ACORN Housing Company, Inc. and We Stay/Nos Quedamos, Inc.)

Funding Sources
Financed by the Community Preservation Corporation (CPC), the New York City Council, NYC Dept. of Housing Preservation and Development, HSBC Bank USA, N.A., Enterprise Community Partners, The NYC Acquisition Fund and SONYMA.

Description

A rehabilitation initiative located at 739 Coster Street in the Hunts Point neighborhood of the Bronx. Phoenix Estates, formerly known as Hunts Point 1, consists of 125 affordable rental units within four building in the South Bronx. HUD foreclosed on these buildings because of poor management and sold the buildings to the members of the joint venture. This public/private partnership between HUD, HPD, CPC, Enterprise Community Partners, New York ACORN Housing Company, Inc. and We Stay/Nos Quedamos, Inc. will transform Phoenix Estates into quality housing for the hundreds of residents who live there.