pr_10-13-2016

NYC OFFICIALS JOIN WITH MACQUESTEN AT GROUNDBREAKING FOR VAN SINDEREN PLAZA,
A NEW 155,000 SQ. FT. MIXED-USE COMPLEX IN THE EAST NEW YORK SECTION OF BROOKLYN

Two-Building Complex to Feature 130 Affordable Rental Units Plus Retail and Community Space

BROOKLYN, NY – New York City officials joined with MacQuesten Development, LLC today to celebrate the groundbreaking for Van Sinderen Plaza, an exciting new project that will transform two vacant lots into a mixed-use complex featuring high-quality affordable rental apartments and retail space in the East New York section of Brooklyn.

The 155,000-square-foot complex will include 130 affordable rental apartments and more than 20,000 square feet of retail and community space. Located at 679 Van Sinderen Avenue and New Lots Avenue, the two-building complex is receiving funding from the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation & Development (HPD) through Mayor Bill de Blasio’s Housing New York: a Five-Borough, Ten-Year Plan. MacQuesten is also partnering with East Brooklyn Housing Development Corporation (EBHDC), a not-for-profit, and Best Development Group LLC, an affordable housing consultant and development company.

“The development of Van Sinderen Plaza will contribute to the revival of the East New York neighborhood by providing high-end, affordable housing units and expansive retail and community space that will benefit all Brooklyn residents. I would like to thank the City of New York, Borough of Brooklyn, HDC, HPD, EBHDC, Best Development Group and Community Board 5 for their leadership and support in helping us advance the housing needs of East New York,” said Rella Fogliano, President of MacQuesten Development.

“Housing New York isn’t just about housing, it is about neighborhoods.  The transformation of long vacant land into much-needed affordable housing and the creation of a thriving retail corridor represents a long-term investment in the future of a neighborhood that for too long has been underserved,” said Vicki Been, Commissioner of the New York City Department of Housing Preservation & Development (HPD). “HPD is proud to partner with M/WBE developers like MacQuesten that share our commitment to meeting the holistic needs of the communities where they work.  HPD thanks MacQuesten, Best Development, HDC, and all our partners for helping to building a more affordable New York City from the ground up.”

“HDC is committed to financing affordable housing projects that truly serve the needs of the community.  Van Sinderen Plaza exemplifies this mission, providing a thoughtful mix of affordable housing, retail, and community space within footsteps of the New Lots transit line in East New York,” said NYC Housing Development Corporation President Eric Enderlin. “I would like to thank MacQuesten Development and Construction, Best Development, Gluck Architectural Collaborative, Cornell Pace, East Brooklyn Housing Development Corporation, all of our project partners, our teams at HPD and HDC, and our elected officials, who from the start have held this transformative project to the high standard of planning and design that the East New York community deserves.”

"I am proud to have directed hundreds of thousands of dollars in capital funding to help make the vision of Van Sinderen Plaza a meaningful reality. The future of East New York is being built today, and projects like these are critical to ensuring that future is one in which families from low-income and middle-income households can reside and thrive,” said Brooklyn Borough President Eric Adams.

“The East Brooklyn Housing Development Corporation believes that our partnership with MacQuesten will create a new blueprint for economic development and affordable housing,” said Bill Wilkins, Director at EBHDC. “MacQuesten has shown sensitivity and understanding of the needs of East New York in design and project development.”

"Van Sinderen Plaza addresses the immediate housing needs of East New York with 130 large, affordable apartments and it has a direct transit link because it is across the street from the New Lots Avenue "L" train stop.  We could not have achieved this project without the true partnership of New York City's agencies and elected officials.  New York City leads the nation in developing affordable housing with cutting edge financial partnership," said Ron Schulman, founder of Best Development Group.

“MacQuesten’s Van Sinderen Avenue development is an important addition to the East New York community,” said Todd Gomez, North Market Executive, at Bank of America Merrill Lynch. “The unique design of the project and its convenient transit oriented location will be a welcome driver of further revitalization in the neighborhood. As a leader in community development banking, Bank of America Merrill Lynch is committed to providing financing for affordable housing in growing communities across the U.S.  Our investment of over $47MM in debt and equity financing for this high-quality development is a great example of that commitment.”

Van Sinderen Plaza will comprise two seven-story buildings featuring one-, two- and three-bedroom rental apartments. The larger building, on Van Sinderen Avenue, will feature 95,037 square feet of residential space, 17,341 square feet of retail space and 3,860 square feet of community space. The smaller building, on New Lots Avenue, will have 32,776 square feet of residential space, 3,931 square feet of retail space and 2,049 square feet of community space. There also will be 21 parking spaces available to residents of the two buildings.

The new development’s 130 apartments will be affordable to extremely low-, very low-, and low-income households. The apartments will include a mix of one-bedroom, two-bedroom, and three-bedroom apartments. Income restrictions will include maximum income limits at a range of $19,050 - $50,750 for an individual and $24,500 - $65,250 for a household of three. All two- and three-bedroom apartments will feature two bathrooms. Tenants will only have to pay for their own electric. All apartments will remain affordable for 60 years.

Interested applicants must apply to this housing through the City’s affordable housing lottery.  Applications could be available as early as mid-2017 for this development.

Learn more about the affordable housing lottery process and about available housing lotteries by visiting the links below:

 

All of the above webpages can be accessed through HPD’s website.

The total development cost for Van Sinderen Plaza is approximately $56,029,585. HPD provided $10.07 million in City Capital Funds and Low-Income Housing Tax Credits towards this development. HDC provided $8.37 million in funding from their corporate reserves and $28.3 million in tax-exempt bonds. Brooklyn Borough President Eric L. Adams provided $500,000 in Reso A funding. 

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About MacQuesten Development

Based in Pelham, New York, MacQuesten Development specializes in financing, designing and construction management of multi-family, affordable housing and commercial properties, which are then privately held by affiliated companies. The company has developed 11 buildings and 1,500 units of affordable housing in New York City and Westchester County since 1992. MacQuesten has current development projects in excess of $200 million throughout the five boroughs and Westchester.

About the New York City Department of Housing Preservation and Development (HPD):
HPD is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked with fulfilling Mayor de Blasio’s Housing New York: A Five-Borough Ten-Year Plan to create and preserve 200,000 affordable units for New Yorkers at the very lowest incomes to those in the middle class. For more information visit www.nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.

About the New York City Housing Development Corporation (HDC):

Since 2000, the New York City Housing Development Corporation (HDC) has issued roughly 10% of all the multifamily housing revenue bonds in the U.S. From 2003 through 2013, HDC issued over $10 billion in bonds, including more than $6.7 billion in new tax-exempt private activity bonds to finance affordable housing developments. In addition, HDC has provided more than $1 billion in cash to help make the housing the City finances more affordable. 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.