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Affordable Co-Ops Coming to Bronx’s Soundview
The New York City Housing Authority (NYCHA) and the New York City Department of Housing Preservation and Development (HPD) selected Lemle & Wolff Companies and Avante Contracting Corp to develop a 100% affordable homeownership housing development at NYCHA’s Soundview campus. The closing marks the most recent phase of real estate projects that NYCHA has helped facilitate in this Bronx neighborhood.
The Soundview Houses development will include 72 co-op homeownership units. The co-ops will be priced between $183,700 for a one-bedroom unit and $275,000 for a three-bedroom unit.
The cost of construction for developing the 38,596-square-foot parcel will total approximately $36.95 million. The project was financed through a $14.7-million bank loan and subsidy secured through HPD’s Open Door Program.
Additional funds to subsidize construction were also secured under the New York State Affordable Housing Corporation and Resolution A program developed by Bronx Borough President Ruben Diaz Jr.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
