Douglaston Building Affordable Housing in the Bronx
The 277-unit community is anticipated to complete in 2027.

Douglaston Development and its general contracting and construction management affiliate, Levine Builders, have begun construction on a 12-story, 277-unit affordable housing development in the Bronx, N.Y. The community is situated in the Bedford Park neighborhood at 2868 Webster Ave.
Located next to the New York Botanical Garden’s 250-acre grounds, the property is the second phase of a larger two-part mixed-use development. The first phase, located at 2850 Webster Ave., was delivered in the fall of 2023 and features 188 affordable homes.
Now underway, phase two is set to include a mix of studios, one-, two- and three-bedroom units available to households earning up to 70 percent of the Area Median Income. Supportive housing has been designated for 60 of the residences, provided through the Jericho Project.
Amenity spaces are anticipated to include a green roof, onsite parking, laundry facilities and a fitness center. The development will also include 8,200 square feet of ground floor retail space. The first part of the project included 12,800 square feet of ground-floor retail space, leased to Cherry Valley Marketplace as well as on-site social services. Upon completion, the grocer will expand into the retail space in the second phase of the project, bringing its total footprint to 21,000 square feet.
The community secured construction financing in July and is scheduled to be completed in 2027. Funding included $83.4 million in tax-exempt bond financing and $17.4 million that was allocated by The New York City Housing Development Corporation through subsidies. Another $52.6 million subsidy was provided via the Extremely Low- and Low-Income Affordability Program and a letter of credit for the project’s Low-Income Housing Tax Credits was provided by Wells Fargo.
Another Douglaston deal
In February, Douglaston entered a joint venture with the Entertainment Community Fund to access financing for a fully affordable community in Manhattan, Rialto West. The $106 million in senior recycled tax-exempt bond-funded loans and subsidy loans for the joint venture’s project was provided by The New York City Housing Development Corporation and the New York City Department of Housing Preservation and Development.
There are 158 permanent-affordable units in studio, one-, two- and three-bedroom layouts in the eight-story structure. Homes are reserved for households earning up to 140 percent AMI. Some 15 percent of the units are set aside for formerly homeless residents.