Queens’ T-Building: From Hospital to Affordable Housing Community
Dunn Development Corp. has started work on transforming the historic structure into a 200-unit affordable housing property, slated for completion in 2021.
Merchants Capital has secured $21 million in funding on behalf of affordable housing developer Dunn Development Corp. for the rehabilitation of the historic Triboro Hospital for Tuberculosis in Queens, also known as T-Building.
The mortgage banking firm used a Freddie Mac unfunded forward low-income housing tax credit cash loan. The structure will benefit from a capital stack that includes capital subsidy from New York City’s Department of Housing Preservation & Development, Bank of New York Mellon, Red Stone Equity and other sources. The funds—secured by Merchants Capital Executive Vice President Mathew Wambua and Michael Milazzo, vice president of loan originations—will be used to transform the former hospital into an affordable housing community, which will comprise the largest 9 percent LIHTC allocation in New York City.
The renovation of the asset is already underway and completion is slated for July 2021. The redevelopment project will materialize into a 200-unit community with a unit mix dedicated to residents with special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. The community will feature an attended lobby, on-site social services offices provided by CAMBA, two community rooms, a restored library and a computer room, an exercise room, a laundry room, indoor bicycle parking, roof terraces and an outdoor children’s play area. In addition, the property is set to include a surface parking lot with 100 spaces.
Completed in 1938, T-Building was originally used as the municipal tuberculosis sanatorium. In the 1950s, it merged with the adjacent Queens General Hospital and two decades later it was converted into a general hospital. The historic landmark was listed on the National Register of Historic Places in January this year.