NYC Venture Completes $636M PACT Project
Nearly 1,700 units received significant upgrades.
The New York City Housing Authority, together with Reid Park Rock PACT Partners, has wrapped up the $636 million rehabilitation of Reid & Park Rock, an assemblage of 1,696 affordable housing units spread across 87 buildings in Brooklyn, N.Y.
The PACT team includes Fairstead, BRP Cos., Urbane and the Local Development Corp. of East New York. The crew secured the financing package in 2023, consisting of several private and public lenders and entities, including New York City Housing Development Corp., Merchants Capital and The Vistria Group. The project started in April 2024.
Every apartment across the 87 buildings received substantial improvements, such as upgraded kitchens and bathrooms, new flooring, appliances, fixtures and finishes, among others. Additionally, the properties had their heating and ventilation systems upgraded and modernized, while the facades were restored and lobbies were renovated.
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The effort also introduced new community spaces, providing residents with supportive services, including gastronomic and workforce development classes, youth programming and senior services, through a partnership with Black Veterans for Social Justice.
Reid & Park Rock consists of 15 total affordable housing communities across East Brooklyn, coalesced around two major portfolios. The Reid collection comprises 104-14 Tapscott St., Fenimore-Lefferts, Lenox Road-Rockaway Parkway, Ralph Avenue Rehab, Reid Apartments, Rutland Towers, Sutter Avenue-Union Street, Tapscott Street Rehab.
Park Rock Consolidated encompasses Crown Heights, Howard Avenue, Howard Avenue-Park Place, Ocean Hill-Brownsville, Park Rock Rehab, Saint Johns-Sterling, Sterling-Buffalo.
PACT’s impact continues to grow
NYCHA’s Permanent Affordable Commitment Together act aims to modernize its aging income-restricted stock by transitioning the properties to Project-Based Section 8 housing. The Housing Authority will own the land and buildings, while leasing them to private and non-profit development partners.
As of May 2026, 119 developments entered the PACT program with more than $10.3 billion being invested in repairs and renovations across multifamily construction projects. North of 32,000 units received upgrades or were in the process of being rehabilitated.
The figures continue to go up as NYCHA closed on the $529 million financing of another PACT project just last week. Genesis Cos. and the Community League of the Heights partnered on the renovation of 984 units at Rangel Houses in Manhattan’s Harlem neighborhood.
