Stephan Russo Residences

• Rockabill’s Role: Development Partner
• Partners: Goddard Riverside Community Center
• Agencies: New York City Department of Housing Preservation and Development (HPD), New York City Human Resources Administration (HRA)
• Team: OCV Architects, Conrock Construction, JP Morgan Chase, CREA, Nixon Peabody

Stephan Russo Residences is a partnership between Rockabill and a longtime client, Goddard Riverside Community Center. For this project, Rockabill purchased an illegal SRO hotel on the Upper West Side of Manhattan, and created a partnership with Goddard to convert the building from 84 SRO rooms into a 69-unit permanent supportive housing residence for formerly homeless individuals.

Acquisition financing for the project was provided by Enterprise Community Investment and the New York Acquisition Fund. Financing also included New York 15/15 operating and services subsidy for 54 units, $18.4M capital subsidy from NYC HPD’s Supportive Housing Loan Program, $14.3M construction loan from JP Morgan Chase, $700K in Reso-A funding from the City Council member and Manhattan Borough President, and LIHTC equity syndicated through CREA LLC.