HDC Joins Joy Construction, Realty Within Reach, And Chase For The Groundbreaking Of 482 Franklin Avenue In Brooklyn Development To Be Named In Honor Of Reverend Elliot J. Hobbs
Brooklyn, New York –New York City Housing Development Corporation (HDC) President Marc Jahr joined Amnon Shalhov of Joy Construction, Yosi Cohen of Realty Within Reach, David Walsh of Chase, Eleanor Dixson-Hobbs, widow of Elliot J. Hobbs and partners for the ground-breaking ceremony of 482 Franklin Avenue, a 93-unit middle-income development to be located in the Clinton Hill/ Bedford Stuyvesant neighborhood of Brooklyn.
482 Franklin Avenue is part of Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), a multibillion dollar initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. For every dollar invested by the City, the Plan has leveraged $3.42 in additional funding for a total commitment of more than $21 billion. To date, the NHMP has funded the creation or preservation of more than 144,781 units of affordable housing across the five boroughs. More than 35,999 units have been created or preserved in Brooklyn with more than 3,267 units in CB 3.
“We are humbled and honored to break ground here today in memory of our dear colleague, the Reverend Elliot J. Hobbs,” said Marc Jahr, President of HDC. “Together with Joy Construction, Realty Within Reach, and Chase, we are building a development that continues Brooklyn’s transformation. Through these collaborations the City is able to provide sustainable, affordable homes, continue our efforts to strengthen New York City neighborhoods, and honor Elliot’s memory.”
482 Franklin Avenue is zoned R6A and will be an 8-story building with 93 units with 70,295-square-feet of gross building area including approximately 32 parking spaces and storage for approximately 47 bicycles. The site extends in an "L" shape from the west side of Franklin Avenue south towards the north side of Fulton Street in the Bedford Stuyvesant section of Brooklyn. The building is expected to contain 36 studios, 14 one-bedroom units and 43 two-bedroom units, inclusive of one superintendent. The site is currently being developed by 482 Franklin Ave. Realty, LLC, a joint venture entity between Realty Within Reach and Joy Construction Corp. The project is designed to serve mixed-income households. Three units will be targeted to tenants earning up to 40% of the Area Median Income (AMI), currently $33,200 for a family of four, and 16 units will be reserved for tenants earning up to 50% AMI ($41,500 for a family of four) and 73 units will be targeted for middle-income tenants with rents set at 130% AMI (currently, $107,900 for a family of four) and incomes up to 175% AMI ($145,250 for a family of four). The building will feature 10’ ceiling heights and hardwood floors in the living area and bedrooms. In addition, kitchens will offer upper tier finishes like solid-wood cabinets with GE profile-level appliances, granite counter-tops, and dishwashers. Bathrooms will have full ceramic tile wainscoting, porcelain tubs and sinks, as well as attractive vanities. Two-bedroom units will feature a master-suite with bath. Finally, many units will have balconies while the seventh floor units with have terraces on the sixth floor setback roof. Additional common elements include a common recreation room, fitness center and common gardens.
“This building will bring much needed affordable and quality mixed income housing to an exciting neighborhood, said Amnon Shalhov, Principal of Joy Construction. “ It is a testament to Elliot Hobbs who was a pillar in the affordable housing community and played a key role in this development. We hope this building will serve as a tribute to Elliot’s vision and values.”
“I want to thank HDC and Chase for supporting this project. We look forward to this building being a shining example for affordable housing developments in terms of quality,” said Yosi Cohen, President of Realty Within Reach. “Elliot Hobbs backed this project from the outset and his memory will live on through this building.”
“Elliot was a remarkable man who devoted the majority of his 34 years at Chase to finding and investing in projects that significantly changed communities and improved the quality of life for countless residents across the Tri-State area,” said David Walsh, senior vice president of Chase Community Development Banking. “On behalf of my colleagues at Chase, I am truly honored and humbled to be part of this special groundbreaking ceremony which pays tribute to the legacy of a man who dedicated himself to his family and to improving the lives of those around him and those he never met.”
This development will be named Elliot J. Hobbs Gardens in honor of Reverend Elliot J. Hobbs, Vice President of Community Development Banking at Chase, who passed away in November 2012. Elliot Hobbs dedicated himself to changing the quality of people’s lives and exemplified the spirit of public service. Elliot was viewed as a quintessential team member. While at Chase, he facilitated many projects that did so much for many communities and touched many lives. He will be remembered for his outstanding leadership and energetic spirit.
Total development cost for the project is approximately $24.7 million. HDC issued $16 million in tax-exempt recycled bonds for the construction financing and provided $6 million in subsidy, under the New Housing Opportunities Program. Chase provided the construction letter of credit.
About the NYC Housing Development Corporation (HDC):
Since 2000, HDC has issued roughly 10% of all the multi-family housing revenue bonds in the U.S. and since 2003, when Mayor Bloomberg’s New Housing Marketplace Plan was launched, HDC has raised more than $6.7 billion in financing for affordable housing developments, including in excess of $1 billion in subsidy from corporate reserves. In Affordable Housing Finance magazine’s annual listing of the nation’s top ten funders of multifamily housing, HDC is the only municipal entity on the list. In 2013, HDC was the third largest affordable housing lender in the U.S. after Citi and Wells Fargo beating out Bank of America, JPMorgan Chase and Capital One. To date, under the Mayor’s plan, HDC has financed the creation or preservation of nearly 70,000 affordable units in multi-family buildings that also include 1.7-million square feet of commercial space. For additional information, visit: www.nychdc.com
About Joy Construction:
Joy Construction is a full service general contracting and development firm primarily focused on multifamily, affordable housing and commercial projects throughout New York City. Joy was formed in 1995 and has built and or developed over 70 buildings in New York, including approximately 6,500 multifamily units.
About Realty Within Reach:
Realty Within Reach is a real estate development and management firm that specializes in multifamily development in Brooklyn and Manhattan.