Asland, Pembroke Open Bronx Affordable Senior Community
The property caters to seniors earning 30 percent of the area median income.
A joint venture between Asland Capital Partners and Pembroke Development has officially opened Park Lane Senior Apartments, a 154-unit affordable age-restricted community in The Bronx, N.Y.
The team broke ground on the project in 2022. Consigli Construction served as general contractor while Aufgang Architects provided design services.
Apartments cater to seniors earning 30 percent of the area median income. Additionally, roughly 30 percent of the units are restricted to formerly homeless seniors.
In alignment with green building practices, Park Lane Senior Apartments features low-flow water fixtures, a green roof and a high-performance building envelope. The community will be aiming for a LEED Gold certification.
READ ALSO: More Older Adults Live in Senior Housing Than Ever Before
The 14-story building encompasses studio and one-bedroom floorplans. Each unit has an in-unit intercom and nurse call, as well as air conditioning. Amenities consist of a lounge, indoor and outdoor recreational spaces, a package room and bicycle storage, among others.
Selfhelp Community Services Inc. provides on-site social activities, including health, wellness, educational and recreational programming, as well as various events and technology-oriented assistance.
Located at 1940 Turnbull Ave., Park Lane Senior Apartments is in the Soundview neighborhood, roughly 14 miles northeast of downtown Manhattan. The 84-acre Pugsley Creek Park, which features wetlands and marshes, is less than 1 mile away.
Project financing included a $66.7 million letter of credit issued by Goldman Sachs’ Urban Investment Group to enhance a construction note attained through both taxable and tax-exempt bonds originated by the New York State Housing Finance Agency.
Moreover, the developers secured $46.4 million from the LIHTC program and $6.5 million in Brownsfield Tax Credits, as well as a note of $10.5 million issued by the Department of Housing Preservation & Development. The New York City Housing Authority provided Section 8 Project-Based Vouchers.
Ten years in the making
The project had been in the works for more than a decade, according to prepared remarks by Joshua Siegel, president of Pembroke Development. In 2017, the City Planning Commission approved the construction of two communities, a 292-unit affordable housing project and another 133-unit senior housing development.
The latter would become Park Lane Senior Apartments, rising next to a former Mitchell-Lama community dubbed Park Lane Apartments. Asland and Pembroke acquired that property in 2016 and have since implemented an $8 million capital improvement program for the 353-unit community.
