MADDD Equities and city officials broke ground Thursday on the final phase of a significant number of new affordable homes on River Avenue. River Crest Apartments, between 167th Street and McClellan Street, is within the Jerome Avenue Corridor, a transit rich area of the Bronx that was successfully rezoned in 2018.
Together with 245 affordable apartments at neighboring 1159 River Ave, also under construction and developed with nonprofit partner Community Access, these buildings will transform the block with a combined total of 745 affordable homes.
Maddd Equities and Joy Construction are contributing 745 of the projected 3,000 new housing units to the area, which the neighborhood rezoning enabled. With recent financing from the HPD, Wells Fargo and the NYC Housing Development Corporation, work on the final phase of the River Crest development can be completed, showcasing the steadfast public and private partnership between government agencies, the banking industry and real estate.
Joy Construction and Maddd Equities remain committed to providing Bronx residents with high-quality homes and helping to combat homelessness as well as providing peace of mind to those most in need. River Crest Apartments also includes more than 120,000 square feet of commercial and community space that could feature a nonprofit, schools or a new supermarket. The development is located near Yankee Stadium, the 4, D and B subway lines, the Metro-North station, parks and houses of worship.
“At a time in which the Bronx is still experiencing high rates of unemployment and attempting to recover from the devastating impact of the COVID-19 pandemic, affordable housing in our borough has never been more essential,” said Borough President-elect Vanessa L. Gibson. “These affordable housing units in conjunction with the apartments on 1159 River Avenue will enable hundreds of Bronx families to live in affordable and quality housing without being rent burdened. I want to thank Maddd Equities and Joy Construction for their partnership on these projects and for bringing these housing opportunities to our community.”