New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Phipps Houses Lines Up Financing for Far Rockaway Project’s Fourth Phase
Phipps Houses closed on $116 million in construction financing for the fourth phase of Rockaway Village, an affordable housing project in Far Rockaway, Queens that will transform an abandoned shopping center into permanently affordable housing, public space and retail.
Financing was provided by the New York City Department of Housing Preservation and Development and New York City Housing Development Corporation’s ELLA program along with Citi, which provided the letter of credit. The project was designed by Marvel Architects.
The fourth phase of Rockaway Village will include two mid-rise apartment buildings with 184 affordable units. Construction will begin in January with an expected completion in early 2024.
“The financing of this phase helps us get another step closer to fully realizing the nearly 1,700 units of new affordable housing in Far Rockaway with new commercial and community spaces to complement the neighborhood,” said Adam Weinstein, president and CEO of Phipps Houses.
Rendering courtesy of Marvel Architects.
- ◦Development
- ◦Financing
