GLENDALE NEIGHBORHOOD PILLARS

Preservation

The Glendale multi-family portfolio is an acquisition of 72 rent stabilized units located in the Glendale section of Queens. Glendale is a traditional middle class immigrant neighborhood that is rapidly gentrifying. HPD created the Neighborhood Pillars program precisely to protect properties such as this portfolio with tax benefits and subsidized loans in order to bring the units into a regulated environment.

The project was acquired using the New York City Acquisition Loan Funds, Article XI real estate tax exemption and owner equity with a subsequent construction loan closing anticipated in June 2019.

News Links:
https://www.enterprisecommunity.org/news-and-events/news-releases/glendale-queens-affordable-housing-preservation
https://www.multihousingnews.com/post/nyc-chalks-up-15m-affordable-housing-preservation-deal/

 

    • Preserved workforce middle income housing as affordable for the long term
    • Upgraded tenant units & improved buildings energy efficiency
    • First Neighborhood Pillars project
    • Negotiated the purchase of a non-affordable property from a long time owner who was not familiar with the execution strategy
    • Developed a financing strategy around return on equity and long term affordability
    • Worked with HPD on Article XI exemption and a tiered affordability restriction including 30% permanently affordable units
    • Brought a long time Rockabill Consulting client in as an equity partner and social services provider
    • Assembled the construction and management team members to undertake an assessment of the opportunities in the building for energy efficiency and tenant enhancements
    • NYC HPD
    • Enterprise Community Partners
    • NYC Acquisition Fund
    • NYC HDC
    • Architect: OCV
    • GC – ConRock Construction LLC