Commercial Observer
Celebrating a Year of Innovation and Excellence in NY Affordable Housing
To successfully address New York’s housing crisis, we must innovate.
Click here for the article online.
The Real Deal
Here are New York City’s top property managers
Faced with limited inventory and rising costs, acquisition key to growth
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Multi-Housing News
NYCHA Wraps $492M Affordable Renovation
This property is one of the oldest managed by the public development corporation.
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ConnectCRE
New York People and Company News, Week of Nov. 1, 2024
In addition to honoring RuthAnne Visnauskas, Commissioner and CEO of New York State Homes and Community Renewal, as Advocate of the Year, NYSAFAH will recognize Susan Camerata, Wavecrest Management and John Crotty, J Cubed Residential: Milford Street Association Captive Insurance Company, as Innovator of the Year.
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NYU Furman Center Fall Speaker Series
Affordable Housing’s Liability Insurance Program: “A New Path Forward”
Please join the NYU Furman Center for a special lunch-and-lecture presentation on Tuesday, October 15th at 12:00 p.m. featuring Susan Camerata, Principal and Chief Financial Officer of Wavecrest Management, and John Crotty, founding member of Workforce Housing Group. They will be presenting "Affordable Housing's Liability Insurance Program: 'A New Path Forward'."
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City Limits
In One Day, Four NYCHA Developments Convert to PACT Private Management
This PACT project will bring in three co-developers—Beacon Communities, Kalel Companies and a nonprofit, MBD Community Housing Corporation—as well as a general contractor, Notias Construction. The three properties will be managed by Wavecrest Management, which operates other PACT sites including Betances Houses and Eastchester Gardens, according to its website.
Click here for the article online.
NYCHA Journal
$420M PACT Project Will Modernize Boston Secor, Boston Road Plaza, and Middletown Plaza
On September 26, NYCHA closed on the financing for the $419.6 million Permanent Affordability Commitment Together (PACT) modernization of Boston Secor, Boston Road Plaza, and Middletown Plaza. Across the three developments, comprehensive renovations will be made for nearly 1,600 residents, including nearly 600 seniors, living in six buildings in the Bronx.
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Insurance Advocate
New York Affordable Housing Market About to be “Captivated” by New Enterprise
A Vermont-based captive insurer has targeted New York’s affordable rental housing market at a time of that sector’s stress in availability and pricing..
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Commercial Observer
These New York Affordable Housing Developers Created Their Own Insurance Firm
Ask them, and they'll tell you: They had to do it because premiums have ballooned in recent years
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The Real Deal
The Daily Dirt: Affordable landlords try hand at running insurance venture
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Gothamist/WNYC
Landlords of NYC affordable housing launch new venture to combat spiking insurance costs
The new insurance venture, called Milford Street Association Captive Insurance Company, officially formed last month. Members of the collective pool their money to cover claims.
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The Office of Mayor Eric Adams
Mayor Adams Celebrates Historic $2 Billion Investment in Affordable Housing, Total 10-Year Capital Commitment Reaching Record $26 Billion in Fiscal Year 2025 Budget
“The PACT Program plays a critical role in preserving New York City’s affordable housing portfolio,” said Matthew Rooney, principal, RDC Development and CEO, MDG Design & Construction; Susan Camerata, principal, RDC Development and chief financial officer, Wavecrest Management. “In partnership with NYCHA, it allows companies like RDC Development to provide comprehensive upgrades and enhanced social services to improve the quality of life for countless New Yorkers, while ensuring homes remain affordable. Thank you to Mayor Adams, NYCHA, HPD, and our countless partners across the city for continuing to invest in affordable housing and for giving us the tools to transform the lives of residents.”
Click here for the article online.
Bisnow
Unpaid Rent Is Still Piling Up, Threatening The Future Of NYC’s Affordable Housing
“It's at quite a crisis situation,” said Susan Camerata, chief financial officer of Wavecrest Management, which manages roughly 30,000 units of affordable New York apartments.
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NYCHA Journal
Revitalized Meeting Space Allows Eastchester Gardens Residents to Envision Community’s Future
The refurbished office space is an early preview of the more comprehensive improvements to come at Eastchester Gardens thanks to the Permanent Affordability Commitment Together (PACT) program, which allows NYCHA and its partners to unlock significant funding for repairs and provide enhanced property management and social services. Residents were joined by NYCHA representatives and the PACT partner team of MDG Design + Construction LLC, Infinite Horizons, and Wavecrest Management to celebrate the upgraded communal area with a grand opening ceremony at the development, where nearly 2,000 residents live.
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NYCHA Journal
PACT Program to Improve the Quality of Life for Over 2,000 Residents at Murphy Private in the Bronx with $470.8 Million Transformation
NYCHA and resident leaders selected Settlement Housing Fund, MDG Design & Construction, Wavecrest Management, and Bronx Pro Group as partner team
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News12 The Bronx
Program helps NYCHA Eastchester residents to decide redesign, redevelopment of their homes
Residents of the Eastchester Gardens were able to enjoy their newly designed tenant's association office, made possible through the PACT Program.
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NYCHA Journal
$318M in Renovations Coming to Hernandez, Meltzer Tower, & Seward Park Extension Through PACT
On April 16, NYCHA announced that capital repairs totaling $318.1 million will be addressed for over 1,000 residents living at Hernandez, Meltzer Tower, and Seward Park Extension in the Lower East Side neighborhood of Manhattan through the Permanent Affordability Commitment Together (PACT) program. Over the past year, resident leadership worked closely with NYCHA to determine the best approach for obtaining the much-needed improvements, and they have selected Essence Development, MDG Design + Construction LLC, and Wavecrest Management as the PACT partner team.
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NYCHA Journal
$665 Million PACT Renovation Coming to Bay View Houses
“Bay View residents’ selection of MDG, Infinite Horizons, and Wavecrest as partners in this PACT renovation is an exciting example of how tenant decision-making can profoundly improve the quality of life at NYCHA developments,” said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer. “This collaboration between tenants and an experienced, community-oriented team will make a major positive impact on peoples’ lives.”
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Greenline: North Brooklyn Community News
Williamsburg Houses Opens Applications for $5,000 Scholarship for Residents
In an effort to bolster educational and vocational opportunities for its residents, Williamsburg Houses, an affordable housing development located in Brooklyn, is now accepting applications for its scholarship program, the Inspired Path Forward Scholarship.
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The Real Deal
Hochul tries to address insurance discrimination against low-income tenants
The proposed ban has garnered support from industry experts and lawmakers, with Susan Camerata, CFO of Wavecrest, expressing optimism that it marks a positive shift in how the insurance industry approaches policy formulation.
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WNYC/Gothamist
Gov. Hochul’s budget bans insurance discrimination against low-income tenants
Camerata, whose company manages or owns more than 30,000 regulated and income-restricted apartments, said the proposed ban is “a step in the right direction for changing the insurance industry and how they write policies."
“Basing policies or declinations on the income of people who live in buildings should never be used to assess a policy,” Camerata said.
Click here for the article online.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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...
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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.
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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
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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.
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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.
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The Real Deal
Super supers: Ranking NYC’s top property management firms
Wavecrest, which placed sixth with 26,691 units, had begun migrating to a portal that allowed residents to communicate with the building’s management team.
“There is no substitute for a human being visiting a site,” said Joseph Camerata, Wavecrest’s president.
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Law360
Who, Where, How: Mapping Pandemic Rent Aid Across NY
"This is the first landlord company that I've had that has been ready, willing and able to help in any way that they could," Jada, a pseudonym to respect her privacy, said of Wavecrest [Management]. "I know I wouldn't have gotten it if they hadn't done their part."
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The Real Deal
NYCHA closed on $1.4B for housing rehab projects with private partners
MDG Design and Construction and Wavecrest Management are leading the project that will bring $490 million in comprehensive renovations to Williamsburg Houses’ 1,621 apartments and 20 residential buildings.
Click here for the article online.
ConnectCRE
NYCHA Forges Public-Private Partnerships on 5,200 Brooklyn Apartments
An MDG Design and Construction and Wavecrest Management partnership, $490 million for Williamsburg Houses in Williamsburg.
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Brooklyn Paper
NYCHA inks deal for $1.4 billion in repairs at Brooklyn properties, bringing them under private management
The Williamsburg Houses will get $490 million to repair 1,621 apartments in 20 residential buildings on the property. The property will be leased over to Wavecrest Management, which will take over property management, and MDG Design and Construction, which will conduct repairs.
Click here for the article online.
Real Estate Weekly
NYCHA and HDC finalize $1.4B deal for Brooklyn Residents
Williamsburg Houses will receive $490 million in comprehensive renovations to the 1,621 apartments and 20 residential buildings at the property. The PACT partners at Williamsburg are led by MDG Design and Construction and Wavecrest Management. MDG Design and Construction will perform the rehabilitation work. Wavecrest Management is now responsible for the day-to-day management and operation of the property. Social services are being provided by non-profit partners St. Nicks Alliance and Grand Street Settlement, which both have deep experience serving Williamsburg residents.
Click here for the article online.
BronxTimes
Family Day Celebration and vaccine pop-up at affordable housing complex
On Sept. 4, RDC Development, a joint venture between Wavecrest Management and MDG Design + Construction, hosted a carnival-themed family day event for the residents of Betances Houses in the Bronx, home to nearly 3,000 residents.
Click here for the article online.
Multihousing News
Brooklyn Affordable Project Lands $72M Loan
Plans [for the 160-unit housing project in Brooklyn] call for a seven-story building with affordable units for residents across several income brackets. The community will also reserve 26 supportive units for tenants with developmental disabilities and will provide services including meal planning, computer literacy programs and socialization assistance.
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Bronx Times
Face mask and hand sanitizer giveaway at the Betances Houses in Mott Haven
The supplies, which were donated by Catholic Charities of the Archdioceses of New York and RDC Development, were offered to all tenants of the 39-building, 1,088-unit apartment complex.
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The Real Deal
Who made de Blasio’s real estate reopening council — and who didn’t
Wavecrest's Susan Camerata is one of 30 leaders appointed to the Construction and Real Estate Sector Advisory Council to serve as a liaison to disseminate information about re-opening and provide guidance to shape the City’s response.
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ABC 7 News
Coronavirus News: Catholic Charities hands out 1,600 meals in the Bronx
The 400 boxes of food and bags of produce were handed out outside the Betances Community Center in the Bronx. Each box contained meals for approximately four people, and personal care supplies, household items, and pet supplies were also available.
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Mott Haven Herald
HOLY THURSDAY FOOD BOXES OFFERED AT BETANCES HOUSES
Catholic Charities and RDC Development will join hands Thursday to distribute 400 boxes of food to residents of the 40-building Betances NYCHA Complex in Mott Haven. The boxes, each containing meals for four people, are intended to help families having trouble putting food on the table in the midst of the coronavirus outbreak.
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New York Daily News
Private management can help save NYCHA
Our developments not only look better, they operate better, too. We have new boilers, elevators, roofs and common areas. At Betances, we have brand new kitchens, bedrooms, bathrooms, floors and elevators. The biggest change has been that the properties are kept so clean.
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Bisnow
RAD Breathes New Life Into NYC Public Housing
In November 2018, [Hunt Real Estate Capital] closed on a project in the Mott Haven section of the Bronx called Betances, which is a portfolio of 39 buildings encompassing 1,088 units of public housing. The developers on the project were MDG Design + Construction and Wavecrest Management, both of which have a long history of commitment to affordable housing.
Click here for the article online.
NBC4 New York
Question Authority Episode 5: Looking Forward
[Visol] Smith [President of Ocean Bay’s tenants association] says the [RAD] conversion’s success is thanks to the management company, Wavecrest. “Management actually works with the resident council, you know, when we talk about certain things they actually listen. They say, ‘okay, let’s see what we can do about that,’” he said. “We had problems with NYCHA. Delays on painting, delays on repairs, stuff like that. Wavecrest turnaround is a lot faster.”
Click here for the article online.
amNY
A revamped Ocean Bay campus transitions away from the traditional NYCHA setup
At Ocean Bay, RDC Development secured $560 million in public and private money to repair apartments and fortify the community from future storms. Residents received new floors, bathrooms and kitchens in their apartments. Workers also revamped lobbies, security systems and exteriors.
Click here for the article online.
WNYC
City’s Public Housing Heads Down Privatization Road
On Monday, renovations were completed at Ocean Bay Apartments in Far Rockaway, a New York City Housing Authority development that’s being operated by a private management company through a federal program called Rental Assistance Demonstration (RAD).
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Brooklyn Paper
Pitcher Perfect: More Than 100 Kids From Public Housing Enjoy A Day of Baseball
“They were talking about how baseball, for lack of a better word, kept them out of trouble and urged the kids to work hard and be persistent,” said Susan Camerata, principal of the development company RDC Development — the organization that hosted the all-day event at Montrose Avenue.
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Solar Power World
Bright Power completes 575-kW solar array at NYC apartment complex
Ocean Bay Apartments is shining light on how to combine affordable housing preservation and climate change mitigation. The 24-building, 1,395-unit complex now boasts a 575-kW solar PV system, designed and installed by Bright Power. “RDC Development’s commitment to resiliency, sustainability and long-term affordability enables thousands of Ocean Bay residents to have safe, comfortable and affordable homes,” said Jeffrey Perlman, president and founder of Bright Power.
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New York Times
Nycha Has a New Plan to Clean Up Rats, Mold and Lead Paint: Bring in Private Landlords
“They changed everything,” said Mariam Diabate, holding her 1-year-old daughter, Kadidja, in their converted [Ocean Bay] apartment. Their kitchen has new appliances, and they have had no need to ask for any repairs yet, she said. “It’s nice. We love it.”
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Bloomberg
As NYC Public Housing Tenants Suffer, a Glimmer of Hope Emerges
“It’s become a paradise,” Miller, 73, said as she stood in her [Ocean Bay Apartments] kitchen, with its new stainless steel appliances and synthetic granite-lookalike counters. The makeover included a new bathroom, floors, windows and hot-water radiators. “It’s the essence of calling where I live a home. I sleep so peacefully now.”
Click here for the article online.