Property Resources Corporation and Camber Property Group co-hosted a ribbon-cutting ceremony Friday for the Tiffany Street Apartments, located at 975 Tiffany St., in the South Bronx.
The 100% affordable, 161-unit building includes a wide variety of unit types for varied family sizes from studios to three-bedroom apartments. The units are affordable to residents earning a wide spectrum of incomes between 27%-80% of the Area Median Income (AMI). Thirty-four units will be filled by formerly homeless households at the building’s lease-up, 24 of which are set aside for formerly homeless individuals and families into the future.
The development team was joined by New York City Councilman Rafael Salamanca, New York State Assemblyman Kenny Burgos, as well as representatives from the New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC) and other community organizations for the event.
“Providing safe, secure housing to New Yorkers of all incomes has never been more essential, especially as we look to rebuild in light of an ongoing pandemic,” said Benjamin Linde, principal at Property Resources Corporation. “We are so pleased that 161 families will now be able to call Tiffany Street Apartments home, and we are grateful to our colleagues and the community who worked tirelessly to make that possible.”
The Tiffany Street Apartments are a joint venture between Property Resources Corp., and Camber Property Group, the third such collaboration between the two companies in the South Bronx. The partnership has also developed 1000 Fox St., an eight-story, 120 unit affordable project, and 960 Simpson St., a six-story, 80-unit building.
The $60 million project was funded through a combination of $40 million in tax-exempt bonds and subsidy from HPD and HDC, and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation.
“Bringing more affordable housing to The Bronx is something that has been a priority for me since I took office, and will also play a crucial role in our borough’s recovery from the COVID-19 pandemic,” said Bronx Borough President Ruben Diaz Jr. “This 100 percent affordable South Bronx development at 975 Tiffany Street is a monumental project, creating 161 affordable housing units of different sizes and will give many Bronxites in need a place to call home.”
Amenities available to residents at the Tiffany Street Apartments include an on-site resident manager, fitness center, community gathering space, outdoor recreational space, bike storage and laundry room. The building is located near both the Simpson Street and Intervale Avenue 2/5 subway stations and a short distance from the Southern Boulevard Business Improvement District, one of the most vibrant retail districts in the Bronx.
