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New York & Tri-State  + Uptown/Bronx  + Apartments  | 
Lambert Houses rendering West Farms Bronx Phipps Houses

Phipps Houses Closes on Second Phase of Lambert Houses Redevelopment

Phipps Houses has closed on $188 million in construction financing for the second phase of Lambert Houses, a $600-million redevelopment project in the Bronx’s West Farms neighborhood. The ongoing project will entirely rebuild the outdated 1970s complex over roughly 15 years, eventually bringing its number of permanently affordable homes to approximately 1,665, more than double its original number.  

Construction of the second phase is expected to begin in January with an expected completion in mid-2024. Phipps Houses has relocated all residents of the now-demolished buildings at 2080 Boston Rd. in anticipation of the construction of the new building.  

“The redevelopment of the Lambert Houses complex is a once in a lifetime opportunity to correct the flaws of the Urban Renewal Era and create better community connections and services for our residents,” said Adam Weinstein, President and CEO of Phipps 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).

  • ◦Development
  • ◦Financing
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