NYCHA
Nearly 2,000 Residents at Eastchester Gardens in the Bronx to Receive $406 Million in Extensive Renovations Through PACT Program
877 apartments will receive comprehensive repairs and improvements across 10 buildings.
NYCHA and resident leaders selected MDG Design + Construction LLC, Infinite Horizons, and Wavecrest Management as partner team.
Click here for the article online.
The Real Deal
Affordable housing owners launch insurance collective
Wavecrest Management and Workforce Housing Group are the firms behind the new collective, Gothamist reported. The two companies together control roughly 32,000 units across the five boroughs, many of which are rent-stabilized.
Click here for the article online.
Gothamist
Squeezed by rising insurance costs, a group of NYC landlords have a plan to take control
The firms starting the collective include Wavecrest Management — which controls more than 30,000 apartments throughout the five boroughs, most of them rent-stabilized — and Workforce Housing Group, an affordable housing developer with about 2,000 units, mostly in the Bronx. The companies say they will reinvest the insurance savings back into their buildings.
Click here for the article online.
New York Real Estate Journal
Wavecrest Equities buys five building Bronx portfolio for $28 million
Wavecrest Equities has purchases a portfolio of five buildings in the Little Italy section of the city for $28 million.
Click here for the article online.
Gothamist
Insurance companies routinely deny NYC buildings with subsidized tenants
A total of 682 property and liability insurance carriers certified in New York provided coverage in the state last year, according to the Department of Financial Services, or DFS. But just a tiny fraction of those companies agree to insure buildings with subsidized tenants, said Susan Camerata, the chief financial officer of Wavecrest, speaking last week at a panel discussion in Manhattan on rising insurance rates. Wavecrest owns or manages 30,000 apartments in New York.
Click here for the article online.
REBusiness
Lument Provides $31.7M HUD-Insured Loan for Refinancing of Brooklyn Affordable Housing Property
Josh Reiss of Lument originated the long-term, fixed-rate financing through HUD’s 223(f) program on behalf of the sponsor, Wavecrest Management. The financing includes proceeds to fund capital improvements.
Click here for the article online.
Real Estate Weekly
Wavecrest Buys Bronx Portfolio for $28 Million
Wavecrest Equities has purchased a portfolio of five buildings in the Little Italy section of the Bronx for $28 million and assumed two existing loans on the properties totaling $20 million.
Click here for the article online.
REBusiness
Wavecrest Equities Acquires Bronx Multifamily Portfolio for $28M
Wavecrest Equities has acquired a portfolio of five multifamily buildings totaling 180 units in the Little Italy area of The Bronx for $28 million.
Click here for the article online.
ConnectCRE
Wavecrest Buys Bronx Belmont-Venezia Apartments for $28M
The portfolio, known as the Belmont-Venezia Apartments, comprises a total of 180 apartments and two commercial spaces spread across the buildings located at 2404-2416 Crotona Avenue, 2476 Hughes Avenue, and 2431 Belmont Avenue. The project-based Section 8 portfolio spans a combined area of 160,537 square feet.
Click here for the article online.
Staten Island Advance
Inside look at NYCHA property under renovation with brand new apartments, updated building infrastructure
“Through the PACT Program, we have been able to preserve and rehabilitate Williamsburg Houses while simultaneously providing enhanced property management and social services support for residents to help maintain a high quality of life, including senior services, skills training and job placement programs, educational opportunities, and more,” Susan L. Camerata, chief financial officer of Wavecrest...
Click here for the article online.
The Real Deal
Flushing parcel, Downtown BK office building trade in midsize i-sales
Wavecrest Management and the Settlement Housing Fund bought an apartment building and vacant lot at 1350 Bedford Avenue in Crown Heights for $18 million from an entity tied to developer Lewis Henkind.
Click here for the article online.
Crain's New York Business
Deals of the Day: March 2
Bed-Stuy affordable apartment building changes hands Address: 1350 Bedford Ave., Brooklyn Seller: Lewis Henkind Buyer: Wavecrest Management, Settlement Housing Fund Sale price: $18 million Asset type: Multifamily
Click here for the article online.
Real Estate Weekly
NYCHA and Resident Leaders Select Beacon Communities, MBD Community Housing Corporation, and Kalel Holdings to Deliver $128.5M in Comprehensive Upgrades at Boston Secor, Boston Road Plaza, and Middletown Road
[At the Boston Secor NYCHA campus] Wavecrest Management will handle day-to-day property management once the developments convert to Project Based Section 8.
Click here for the article online.
The Real Deal
New York City’s biggest borrowers of 2022
Property managers, developers and construction companies including Wavecrest Management, L+M Development Partners and Hudson Companies received $1.35 billion to update New York City public housing.
Click here for the article online.