GH is working on a joint-venture new construction project for 1880 Boston Road, Bronx, NY with partners from Foxy Management, Alembic Community Development, and the Hebrew Home for the Aged at Riverdale. The project is a 100% affordable senior housing project comprised of 167 rental apartments totaling approximately $78 million in construction costs. Over the course of this development, the project will benefit from changes in zoning, which will facilitate a boost of 50+ units for the site. This complex project requires the construction work to be conducted with the residents in place, which necessitated the creation of a condominium structure. Niki, acting as the project’s legal counsel, negotiated with the owner, lessee, lessee’s stakeholders, lenders, and agencies to develop an agreement related to the air rights, construction, and operation of the Project. The development project received credit enhancements and/or financing by: TD Bank, N.A., the NYC’s Housing Development Corporation and Department of Housing Preservation and Development, and the Hon. Councilperson Salamanca. Raymond James provided tax credit equity for the development. The project was also partially subsidized through HOME funds, as well as Section 8 vouchers administered by NYC Housing Authority. SLCE served as project architect.
