Saxa plans first Bronx project

New York /
May.May 23, 2008 01:55 PM

Daren Hornig, managing partner at Saxa development company and the former head of residential brokerage Dwelling Quest, is building both his first affordable housing project and his first development in the Bronx.

The residential and commercial developer has partnered with L&M Development on the project.

The $2 million purchase of 269 East Burnside Avenue, in the Tremont section of the Bronx, closed last week.

The duo is developing the site into a 100,000-square-foot, 96-unit affordable rental development.

L&M is a New York real estate development company specializing in the financing and development of affordable housing in the city.

“We found it and we were able to make it work,” Hornig said.

The development will be called East Burnside Apartments and will be affordable to families with incomes at or below 60 percent of the area median income (a figure based on all New York City incomes and calculated annually by the federal Housing and Urban Development agency). For a family of four, the income limit is $76,800. The building will remain affordable for up to 30 years.  

The project will have 3,000 square feet of retail, and construction is slated to be done in mid-2010. 

Developers do not generally reap the financial rewards of construction of an affordable housing development until the apartments leave the affordable housing program, Hornig said.

“Affordable housing is a long-term planning play,” he said.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
A photo illustration of Gainesville Mayor Harvey Ward and Gainesville, Florida (Getty, Harvey Ward)
NIMBYs triumph in Florida upzoning battle
NIMBYs triumph in Florida upzoning battle
25 Cactus, Irvine, CA and Albert Pujols
Albert Pujols lists Irvine mansion for $10M
Albert Pujols lists Irvine mansion for $10M
(Getty Images)
Florida, man: Sunshine State has more jobs than New York
Florida, man: Sunshine State has more jobs than New York
Cannabis shop, marijuana growing facilities
Cannabis entrepreneurs pay premiums for real estate
Cannabis entrepreneurs pay premiums for real estate
Amazon's Andy Jassy with Amazon Fresh store front (Illustration by The Real Deal with Getty, Google maps)
Amazon scraps plans for big-box store
Amazon scraps plans for big-box store
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...