The Doe Fund celebrated a topping out ceremony for its latest real estate development at 980 Westchester Ave.in the Foxhurst neighborhood of the Bronx. The project, a $71.4-million joint venture with Bolivar Development, will create 151 new affordable and supportive units using city and local funds.
The building, also known as Tiffany Court Plaza, will have a combined 28,000 square-foot commercial space that will be separately financed and managed. The remaining six floors will contain 47 studios, 64 one-bedroom units, 22 two-bedroom units and 17 three-bedroom units.
The project’s multiple public/private funding sources include federally tax-exempt bonds issued by the New York City Housing Development Corporation, and construction loans issued by JPMorgan Chase and Sterling National Bank.
Tiffany Court Plaza’s estimated construction completion date is April 2021. The Doe Fund will be involved in every aspect of the lease-up process and marketing activities.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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