Related Cos. JV Completes Affordable Queens Project
- Aug 06, 2021
A partnership including Related Cos. and nonprofit Win—formerly Women in Need—together with Borough President Donovan Richards, have marked the completion of The Harriet Tubman Building, a 63-unit supportive housing community in Queens, N.Y.
MHG Architects handled the design, while the developers tapped Monadnock Construction to build the 75,000-square-foot project.
The joint venture acquired the vacant land in 2019 for 1.6 million, according to public records. Sterling National Bank provided $19.2 million, while Essence Development funded a $2.2 million loan for the nine-story development.
The community located at 1403 Gateway Blvd. provides one- to three-bedroom apartments. The Harriet Tubman Building is rent-restricted, with units available to residents earning 60 percent or below of area median income, with 10 percent of units set aside for those earning 40 percent or less of AMI.
The supportive housing development includes a 1,200-square-foot community room, as well as a 2,000-square-foot playground that will be open to the public. The Harriet Tubman Building is within walking distance of several shopping and dining options and less than a mile from St. John’s Episcopal Hospital and O’Donohue Park. The community is adjacent to Gateway Apartments, another Related Cos.-owned fully affordable property, encompassing 364 units.
Established in 1982, Win is currently the largest provider of shelter and supportive housing in the city. The nonprofit will offer residents tailored social services through caseworkers and on-site support staff.
Investing in the neighborhood
In 2017, the City Council approved the rezoning of Far Rockaway. This unlocked $288 million in investment to generate affordable, mixed-income and market-rate housing, new green spaces, upgrades to transportation and infrastructure, among others. The Harriet Tubman Building is a component of the last phase of this public-private partnership.
According to Yardi Matrix data, there are six buildings under construction within 3 miles of the Harriet Tubman Building, slated to bring nearly 1,400 rental units to Far Rockaway. Most of the projects are fully affordable, with only one development being market rate.
In July, The Hakimian Organization secured a $156 million construction loan for its 364-unit affordable housing development in Queens. The project is expected to come online in 2024.