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HDC approves millions for co-op construction

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On Wednesday, June 11, the New York City Housing Development Corporation approved more than $35 million in taxable bonds for construction of two cooperative buildings in the Bronx and East Harlem.

More than $8.5 million in taxable bonds will provide a construction loan to the Prospect Macy Development, a 12-story co-op housing development located at 853 Macy Place, in the Longwood section of the Bronx.

The HDC is also expecting to use approximately $4 million of unrestricted reserves to fund a subordinate construction loan.

“We’re extremely excited about the Prospect Macy financing,” said Mathew Wambua, HDC executive vice president of external affairs and real estate. “HDC is proud to be an integral part of the mayor’s commitment to the comprehensive revitalization of the south Bronx.”

The 63-unit building will include six one-bedroom units, 46 two-bedroom units and 10 three-bedroom units. Residents will also have access to a fitness room and recreational outdoor space.

“It was a very exciting project to work on,” building architect Hugo Subotovsky of Hugo Subotovsky A.I.A. Architects, LLC. said, commenting on his ability to incorporate balconies on the building’s corners, a design he said that’s rarely accepted.

Ranging in affordability, 14 of the units will be available to families earning up to 80% of the Area Median Income, and 48 units will be sold to families earning up to 110% of AMI.

HPD awarded the developer, Blue Sea Development Company, LLC., the city-owned site in 2006 through their Cornerstone program.

Subotovsky said throughout the project, he’s enjoyed his partnership with his client Blue Sea. 

“It’s very nice when you work with someone who really appreciates your quality of work,” he commented. “I’m extremely happy with the building. It’s one of my favorites.”

Prospect Macy is related to another HPD-sponsored building financed through the Supportive Housing Loan Program, that will contain 60 studio apartments for low-income seniors and seniors living with HIV/AIDS.

The buildings, both separate structures with different financing, will stand on adjacent lots.

“Together with other HDC financings such as Fox Leggett, Boricua Village and Melrose Commons, we expect Prospect Macy to catalyze continued investment in the south Bronx,” Wambua said.

HDC will also issue more than $26 million toward taxable bonds for a construction loan for the East Harlem South Development, a 117-unit co-op at 72-78 East 111th Street.

Updated 5:29 pm, October 21, 2011
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