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New York Deal Corner Affordable Housing in the Bronx
Affordable Housing in the Bronx The Arker Companies, a New York developer of affordable housing, has launched development of White Plains Courtyard, a $27-million project that will transform a former Shell gas station site in the Morris Park area of the Bronx into a 100-unit affordable housing complex and retail center. The 120,000-square-foot, seven-story apartment building is being developed with support from the New York State Brownfields Cleanup Program. The property had served as a gas station for approximately 60 years. Staples, the office supply store chain, is leasing 16,000 square feet at the site. The development is receiving tax credits through New York City’s Department of Housing Preservation and Development, tax-exempt bonds through the New York City Housing Development Corporation, and financial and technical support through the state Department of Environmental Conservation. The project also gained equity and permanent debt financing from CharterMac and construction financing from Bank of America. Construction began in November and is scheduled for completion in early 2007, with occupancy to begin the following spring. Tenant Secured for Long Island Site A tenant has been secured for 82,000 square feet of space in two neighboring industrial buildings in the heart of the Hauppauge Industrial Park on Long Island. The buildings were long vacant because of environmental problems. “This is a typical example of an environmentally challenged property whose bark was worse than its bite,” says Jeff Schwartzberg, senior director of Sutton & Edwards, the commercial real estate services firm that brokered the deal. The properties have been leased to USA Family Outlet Centers, a distributor of undergarments, on behalf of landlord, Anwar Chitayat. The property is undergoing a managed cleanup that is being paid for by Chitayat. Chitayat, the former president and chief executive of Anorad Corp., which previously occupied the buildings, purchased the property in 1985. From 1975 to 1985, the site was leased to Sands Textiles Finishers Inc., which used and disposed of tetrachloroethylene (PCE) at the site. PCE contamination was found at the site and in the surrounding area. Potsdam Site Receives Certificate of Completion S&W Redevelopment of North America, LLC, has received a certificate of completion through the New York State Department of Environmental Conservation’s Brownfield Cleanup Program for their site in Potsdam. The certificate will allow the sale and development of a long underutilized piece of village property. The company is expecting to receive four additional certificates of completion for other sites in its portfolio in 2006 and 2007. BFN |
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