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New York & Tri-State  + Outer  + Finance  |  November 30, 2023
SRM & Urban League Partner in $97M Affordable Housing Deal
Emily Fu
By: Emily Fu

NYCHA Closes $636M PACT Project to Renovate BK Developments 

The New York City Housing Authority (NYCHA) closed a $635.6 million deal for Reid Apartments and Park Rock Consolidated, initiating significant renovations for 3,500 residents across 15 East Brooklyn developments.  

All of the buildings have now converted to Project-Based Section 8 through the federal Rental Assistance Demonstration (RAD) program, and capital funding will allow the selected PACT partner team to begin fully rehabilitating nearly 1,700 apartments at 15 developments: 104-14 Tapscott Street, Fenimore-Lefferts, Lenox Road-Rockaway Parkway, Ralph Avenue Rehab, Reid Apartments, Rutland Towers, Sutter Avenue-Union Street, and Tapscott Street Rehab, which are consolidated under the Reid Apartments banner; and Crown Heights, Howard Avenue, Howard Avenue-Park Place, Ocean Hill-Brownsville, Park Rock Rehab, Sterling Place Rehabs (Saint Johns-Sterling), and Sterling Place Rehabs (Sterling-Buffalo) from the Park Rock Consolidated bundle. 

The project underscores the commitment to preserving affordable housing, transforming properties, and enhancing the lives of NYCHA residents in Brooklyn. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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