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.

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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.

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The Real Deal

Master managers: Ranking NYC’s top firms of 2023

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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.

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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.

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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.

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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.

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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.

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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.”

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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.

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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.”

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