JV Completes $91M Bronx Affordable Community
The age-restricted development also includes supportive housing.
Arthur Avenue Apartments ribbon cutting. Image courtesy of Gov. Hochul’s press office
Co-developers Hebrew Home at Riverdale and Foxy Management have opened Arthur Avenue Apartments, a 177-unit affordable senior housing development in the Bronx, N.Y. The $91 million development is the partnership’s second venture.
The developers acquired the land for the senior housing project in 2019. Arthur Avenue Apartments serves low-income seniors and provides 54 apartments reserved as supportive housing.
Located at 600 E. 179th St., also known as 2021 Arthur Ave., the single-building development rises nine stories. The community features 88 studios along with the same number of one-bedroom apartments.
All units are age-restricted, available to residents aged 62 and above, while rent restrictions also apply. A total of 17 units are reserved for residents earning up to 30 percent of the area median income, while 105 apartments serve residents earning 50 percent of the AMI or below.
In addition to the apartments reserved for them, formerly unhoused tenants can also take access supportive services financed by the Empire State Supportive Housing Initiative and staffed by the Hebrew Home at Riverdale. The services are focused on promoting socialization and emotional wellness, among others.
The building is designed to meet Enterprise Green Communities certification with energy-efficient options used throughout the development. Arthur Avenue Apartments also has biophilic design elements, such as a green wall in the lobby, an integrated greenhouse with a teaching kitchen and a vegetable garden available to all residents along with two outdoor terraces.
Property amenities also include two community rooms, a laundry facility and bicycle storage. Arthur Avenue Apartments is within walking distance of Walter Gladwin Park and half a mile south of St. Barnabas Hospital. The Yankee Stadium is less than 3 miles away.
Financing details
The developers financed the affordable development with $19.2 million in tax-exempt bonds enhanced by JPMorgan Chase, $36 million in equity generated through a Freddie Mac Low-Income Housing Tax Credit Fund with Boston Financial Investment Management.
Additional financing included $13.2 million in subsidies provided by the New York State Homes and Community Renewal and $13.3 million through The New York City Department of Housing Preservation and Development’s Senior Affordable Rental Assistance Program.
Earlier this month, a joint venture including The Arker Cos. completed another affordable housing project with a supportive housing component in Brooklyn. The $425 million redevelopment brought 1,163 units to the borough.
