50 Penn is a new 100 percent affordable development in Cypress Hills, Brooklyn. Image Credit: HPD.
The mixed-use, nine-story “50 Penn” building in Brooklyn will provide both housing and additional supports. On June 9, 2022, the Department of Housing Preservation and Development (HPD), the NYC Housing Development Corporation (HDC), developer PennRose, and the Riseboro Community Partnership celebrated the grand opening of the “50 Penn” housing development in Cypress Hills, Brooklyn. The 218-unit building addresses key priorities in the East New York Neighborhood Plan, such as affordable housing and access to fresh food. While the building was financed through HPD and HDC, Pennrose was the project’s lead developer and RiseBoro will provide on-site property management. (read more…)
Rendering of Bridge Rockaway. Image Credit: HPD.
On May 17, 2022, City and State officials joined the development team of non-profit The Bridge, Greenpoint Manufacturing and Design Center, and Mega Development for the ground breaking of Bridge Rockaway, a new mixed-use affordable housing development in Brownsville, Brooklyn. (read more…)
Image Credit: NYC HPD
On May 17, 2022, the Department of Housing Preservation and Development (HPD) released some initial results of the 2021 New York City Housing and Vacancy Survey. The survey is the official source of the city’s net rental vacancy rate, which is used to determine the continued need for rent stabilization. From its start in 1965, the survey is the longest running housing survey in the United States. (read more…)
Rendering of Sol on Park. Image Credit: HPD.
On May 5, 2022, the Department of Housing PReservation and Development (HPD), the New York City Housing Authority (NYCHA) and the New York City Housing Development Corporation (HDC) announced plans for a new development to provide affordable housing for seniors in the Morrisania section of the Bronx. The Sol on Park development will be located on the corner of St. Paul’s Place and Park Avenue within the Morris II public housing development. Sol on Park’s theme is “housing is health; health is housing,” which incorporates and promotes health lifestyles in the development’s design and features. The development team consists of NRP Group, Foxy Management, and Selfhelp Realty Group, along with Magnusson Architecture and Planning. (read more…)
Mayor Adams joins the development team for the ground breaking of the Hanson Place Community Plaza project. Image Credit: Ed Reed/Mayoral Photography Office.
The project site also features 22,000 feet of community space. On April 28, 2022, Mayor Eric Adams and other City officials joined the development team of Hanson Place Church Support Corporation, MDG Design + Construction, City Community Capital, The Richman Group, and other partners to break ground on Hanson Place Community Plaza. (read more…)
