Arker Companies seeks up to $90M to finance East New York megacomplex

Firm is looking for state bond financing for first phase of 1,169-unit development

TRD New York /
Aug.August 22, 2017 07:00 AM

Sol Arker

Arker Companies is looking to the state for up to $90 million in tax-exempt bond financing to develop a pair of rental buildings on the site of a decommissioned health facility in East New York.

The affordable housing developer filed applications with the state’s Housing Finance Agency seeking up to $62 million in bond financing for the 200-unit 10 Schroeders Walk, and another $28 million for the 144-unit 881 Erskine Street, public records show.

Representatives for Queens-based Arker and the state agency did not immediately respond to a request for comment.

The buildings are part of a planned development that will eventually bring 1,169 units, 397 of which will be set aside as affordable housing, on 6.7 acres of vacant land at the site of the former Brooklyn Developmental Center. The state decommissioned the facility in 2015 and sold to the property to Arker for $10 million through a request for proposal issued by Empire State Development, the state’s economic development arm.

Arker filed plans with the city’s Department of Buildings for the two buildings earlier this summer.

When the project is complete, it will span eight buildings with retail, commercial and community space. Rents will range from $328 to $913 per month for a studio and $582 to $1,292 per month for a three-bedroom.

East New York is seeing a surge in affordable-housing developments after the neighborhood went through a controversial rezoning last year, though market-rate developers have yet to jump into the area in a meaningful way. Monadnock Development earlier this month filed plans for a complex of 21 buildings with 240 affordable units. Phipps Houses is planning a 403-unit complex at 3301 Atlantic Avenue, and B&B Urban is developing a 100-unit complex at 315 Linwood Street.

Brooklyn Borough President Eric Adams, meanwhile, is seeking a rezoning study for East New York’s neighbor, Brownsville.


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
arrow_forward_ios

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

Loading...