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NYC Department of Housing Preservation & Development

FOR IMMEDIATE RELEASE
Tuesday, October 18, 2011

Eric Bederman (HPD), bedermae@hpd.nyc.gov
Christina Sanchez (HDC), csanchez@nychdc.com


HPD & HDC JOIN BRONX PRO AND ELECTED OFFICALS TO CELEBRATE RIBBON CUTTING FOR 103 NEW AFFORDABLE APARTMENTS IN THE BRONX

 

 

850 Jennings Street Apartments Provides New Safe, Affordable Homes For Moderate-Income Families And Certified “Green” Daycare Facility On-Site

New York City Department of Housing Preservation and Development (HPD) Commissioner Mathew M. Wambua and New York City Housing Development Corporation (HDC) President Marc Jahr joined Bronx Pro Real Estate Management President & Founder Peter Magistro today to announce the opening of 850 Jennings Street. Located in the Crotona Park East neighborhood of the Bronx, this new development provides 103 new rental units for moderate income New Yorkers. 850 Jennings was built on formerly city-owned land that was conveyed by HPD to Bronx Pro Real Estate. The development was created under round IV of the City’s Cornerstone Program, an HPD multifamily new construction initiative that was designed to facilitate the construction of mixed-income housing on City-owned land. Also in attendance were Bronx Deputy Borough President Aurelia Greene, Jane Silverman of Chase Community Development Banking, and Jasmine Corniel of Little Scholars Early Development. 

850 Jennings was developed under Mayor Michael R. Bloomberg’s New Housing Marketplace Plan (NHMP), an $8.5 billion initiative to finance 165,000 units of affordable housing for half a million New Yorkers by the close of the 2014 fiscal year. To date, the plan has funded the creation or preservation of over 125,300 units of affordable housing across the five boroughs; 37,465 of those units in the Bronx with 5,314 units located in Community District 3 where 850 Jennings is located.

“When I look at 850 Jennings I see the story of neighborhoods throughout this borough – formerly blighted and abandoned and now reborn better and stronger than before. Thankfully, this is a story that HPD has seen repeated time and again here in the Bronx,” said HPD Commissioner Mathew M. Wambua. “Through an unparalleled investment in strengthening and revitalizing our communities, this Administration and our partners have helped bring new life and new opportunities to tens of thousands of families here in Bronx Community Board 3 and across this city. I would like to thank HDC, Bronx Pro, Borough President Diaz, and everybody who has helped further our commitment to creating a more sustainable and affordable New York City.”

“Jimmy Carter, 34 years ago this month, declared this neighborhood to be the worst in the country,” said Marc Jahr, President of HDC. “Today, not only are we celebrating the ribbon-cutting of 850 Jennings; we are highlighting how much change the South Bronx has experienced. Thanks to HDC’s commitment to the Mayor’s New Housing Marketplace Plan, 4,375 sustainable and affordable homes have been created or preserved here in Community Board 3.   

This new 8-story building provides 102 units of moderate-income affordable housing for families at 80 percent of the Area Median Income (AMI), which is equal $43,000 for an individual and $61,450 for a family of four. Units include 7 studios, 40 one-bedrooms, 41 two-bedrooms, and 14 three-bedrooms. 850 Jennings also features the first green daycare in the Bronx to be certified through Early Development Global Education (EDGE). The developer also integrated green design features throughout the building including high efficiency boilers, Energy Star lighting and appliances, a solar powered hot water system and water sense water fixtures putting the building on target for Gold certification in the LEED for Homes Mid Rise Pilot Program. Other amenities include terraces and balconies, a gym, a bike room, common areas, onsite parking and an outdoor play area. 

“We are very proud to be opening our first moderate income project in the Crotona Park East neighborhood. 850 Jennings was developed utilizing the highest green design standards and we will continue our dedication to build sustainable communities with our new concept of the affordable green daycare center.” said Peter Magistro, Bronx Pro Real Estate Management.   

850 Jennings Street was built at a total development cost of $25.3 million with HPD supplying approximately $5.9 million in City Capital dollars. HDC contributed a total of over $17.98 million in taxable bond proceeds and corporate reserves with JP Morgan Chase Bank as the letter of credit provider. The developer contributed approximately $1.44 million in equity to fund this development. 

"As New York's largest bank and largest private employer, we are committed to investing in projects that have a positive impact on communities where we operate,” said Jane Silverman, Chase Community Development Banking. "We are delighted to have been able to provide construction financing for this project, in partnership with the City of New York, to build quality moderate income affordable housing."

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About the NYC 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 viable neighborhoods for New Yorkers through education, outreach, loan and development programs and enforcement of housing quality standards. It is responsible for implementing Mayor Bloomberg’s New Housing Marketplace Plan to finance the construction or preservation of 165,000 units of affordable housing by 2014. Since the plan’s inception, more than 125,300 affordable homes have been created or preserved. (www.nyc.gov/hpd

About the NYC Housing Development Corporation (HDC)

The Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout New York City. In partnership with the NYC Department of Housing Preservation and Development, HDC works to implement Mayor Michael R. Bloomberg’s New Housing Marketplace Plan to finance the creation or preservation of 165,000 affordable housing units by the end of the 2014 fiscal year. The New York City Housing Development Corporation is rated AA by S&P and Aa2 by Moody’s. (www.nychdc.com)

About Bronx Pro Real Estate Management

Bronx Pro Real Estate Management, Inc. was formed in 1988. Beginning initially as a property management firm, Bronx Pro has always distinguished itself from other property managers by demonstrating high maintenance standards and a strong respect for its tenants. Its portfolio of managed properties consists primarily of properties owned by partnerships in which Peter and Margaret Magistro, the principals of the company, are involved. Bronx Pro currently manages over 62 multi family buildings containing over 2,000 residential and 20 commercial units. 

In 1998 the company expanded its business activities to include the development of low and moderate income housing. Beginning first with rehabilitation of occupied city-owned buildings, the company has broadened its scope to include the development of large new construction projects that contain both residential and commercial space. The company has completed more than $221 million of affordable housing projects and currently has over $50 million worth of projects in various stages of predevelopment.( www.bronxprogroup.com

About Chase Community Development Banking

Chase has a strong history of financing affordable housing and commercial development with both for-profit and not-for-profit sponsors. Through our Community Development Banking group, we have committed $7.6 billion to support financing for the construction or rehabilitation of affordable housing, special-needs facilities and commercial real estate development projects. 

Each project is underwritten and managed by a dedicated commercial banker, with individualized attention provided by other Chase team members who are knowledgeable about the unique needs of the particular project. 

We specialize in the following types of community development projects: Multifamily Rental Housing – Construction and interim financing for rehabilitation and new construction of multifamily affordable rental housing; and Commercial Real Estate – Neighborhood shopping centers, mixed-used properties, office space, and other viable commercial developments that provide neighborhood services and meet community needs. (www.chase.com/online/commercial-bank/solutions)  




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