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New York & Tri-State  + Outer  + Apartments  | 
Boulevard Houses Brooklyn rendering

NYCHA Forges Public-Private Partnerships on 5,200 Brooklyn Apartments

In three separate transactions, the New York City Housing Authority (NYCHA) has closed on $1.5 billion in financing with private-sector partners to renovate 5,226 NYCHA apartments across six campuses in Brooklyn. The three joint ventures are undertaking the project through NYCHA’s Permanent Affordability Commitment Together (PACT) initiative. 

The partnerships include the following: 

  • A JV of The Hudson Companies, Property Resources Corporation and Duvernay + Brooks, $600 million for Boulevard Houses, Fiorentino Plaza and Belmont-Sutter Area in East New York; 
  • A JV of Dantes Partners, Douglaston Development, L+M Development Partners and SMJ Development, $430 million for Linden and Penn-Wortman houses in East New York; and 
  • An MDG Design and Construction and Wavecrest Management partnership, $490 million for Williamsburg Houses in Williamsburg. 

“The PACT program continues to be one of the Authority’s best tools for comprehensively improving NYCHA campuses with significant infrastructure repair needs,” said NYCHA chair & CEO Greg Russ.  

Pictured: Rendering of the renovations planned for Boulevard Houses. 

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Policy/Gov't
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