Developer Announces $67M Mixed-Income Rental Building in Greenpoint
By Veronica Grecu, Associate Editor
The Domain Companies, a real estate investment and development firm based in New Orleans, officially announced last week that it has secured financing of a new mixed-income development in Greenpoint, Brooklyn’s northernmost neighborhood, through a mix of loans at below-market interest rates from the New York City Housing Development Corporation (NYCHDC) and Goldman Sachs.
Work on the $67 million rental building will start this month, according to the developer’s press release. The project will be developed under Mayor Michael Bloomberg’s New Housing Marketplace Plan (NHMP)—a 10-year program aimed at creating and preserving 165,000 units of affordable housing for New Yorkers by the end of 2014.
Dubbed 1133 Manhattan Avenue, the development involves cleaning a disused brownfield site and creating a combination of 210 market-rate and affordable rental units ranging from studios to two-bedroom. The development will also include a resident lounge, media room, game room, fitness center, rooftop terrace and parking garage.
“1133 Manhattan Avenue will serve as a catalyst in this neighborhood to meet Greenpoint’s growing housing demand,” said Marc Jahr, president of HDC. “The City of New York is committed to creating affordable and sustainable homes for New Yorkers. This silver LEED project will contribute to achieving that goal.”
Located on Manhattan Avenue between Clay Street and Box Street on a former railroad repair facility, the project is designed to achieve LEED Silver Certification and meet Enterprise Green Community standards. 1133 Manhattan Avenue will also seek to achieve Energy Star certification by featuring high-efficiency HVAC and hot water systems, low-flow plumbing fixtures, low-emission windows, fluorescent lighting and Energy Star-rated appliances, as well as by utilizing green building materials.
With a completion date anticipated for late 2014, 1133 Manhattan Avenue will offer 42 housing units available for families earning at or below 50 percent of the Area Median Income (or $29,050 per individual), 63 apartments for families earning at or below 175 percent of Area Median Income (or $101,675 per individual), and 105 market-rate units.
Rendering of 1133 Manhattan Avenue courtesy of The Domain Cos.
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