NYCHA Forges Public-Private Partnerships on 5,200 Brooklyn Apartments
In three separate transactions, the New York City Housing Authority (NYCHA) has closed on $1.5 billion in financing with private-sector partners to renovate 5,226 NYCHA apartments across six campuses in Brooklyn. The three joint ventures are undertaking the project through NYCHA’s Permanent Affordability Commitment Together (PACT) initiative.
The partnerships include the following:
- A JV of The Hudson Companies, Property Resources Corporation and Duvernay + Brooks, $600 million for Boulevard Houses, Fiorentino Plaza and Belmont-Sutter Area in East New York;
- A JV of Dantes Partners, Douglaston Development, L+M Development Partners and SMJ Development, $430 million for Linden and Penn-Wortman houses in East New York; and
- An MDG Design and Construction and Wavecrest Management partnership, $490 million for Williamsburg Houses in Williamsburg.
“The PACT program continues to be one of the Authority’s best tools for comprehensively improving NYCHA campuses with significant infrastructure repair needs,” said NYCHA chair & CEO Greg Russ.
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