City taps Arker, Two Trees to build two towers on NYCHA land

Developers planning pair of 16-story buildings on parking lots at Wyckoff Gardens

New York /
Jan.January 26, 2018 10:00 AM

Rendering of 120 3rd Avenue in Brooklyn and Jed Walentas (Credit: Aufgang Architects and Michael McWeeney)

City officials have selected Two Trees Management and Arker Companies to build a pair of 16-story apartments with 500 units at the New York City Housing Authority‘s Wyckoff Gardens in Boerum Hill.

Half of the units will be affordable, and half will be market rate, according to the New York Daily News.

NYCHA has been attempting to raise funds for improvements at its properties by granting developers 99-year leases on empty space in exchange for payments for repairs. Two Trees and Arker will pay NYCHA $37 million, with $18.5 million geared toward Wyckoff Gardens.

Leaders of both companies have donated money to Mayor Bill de Blasio. Arker Companies owner Sol Arker collected $24,600 of donations for the mayor’s reelection campaign, while Two Trees CEO Jed Walentas wrote de Blasio’s now-defunct nonprofit Campaign for One New York a $100,000 check in 2015.

NYCHA first tried this controversial strategy at Holmes Towers on the Upper East Side. The city selected Fetner Properties to build a 47-story tower at that site, also split between affordable and market-rate units.

Fetner has donated to de Blasio as well, with CEO Harold Fetner and his family contributing $39,150 to his campaigns. [NYDN]Eddie Small


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
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
Bank OZK CEO George Gleason (Photos via Bank OZK; iStock)
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK’s Q4 was “strong end to challenging year”
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
arrow_forward_ios

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

Loading...