Macedonia Plaza, a 143-Unit Apartment, Opens in Queens

NEW YORK CITY — BRP Companies and its development partners have opened Macedonia Plaza, an affordable housing complex located at 37-08 Union St. in the Flushing neighborhood of Queens. The 14-story, 161,760-square-foot property features 143 affordable rental apartments, with 27 studios, 58 one-bedroom apartments, 55 two-bedroom units, two three-bedroom apartments and one super unit. The property also features 9,000 square feet of retail space, which will be occupied by Tree of Life NY grocery store. The project team includes African Methodist Episcopal Church, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp. (HDC), Capital One and Hudson Housing Capital. The total development cost of the project was $49.8 million. HDC provided an initial $26.4 million in tax-exempt bonds to finance construction, $9.6 million of which is a permanent source of funding, as well as $9.3 million in corporate reserves through its Low-Income Affordable Marketplace Program. HPD provided $6.3 million in city capital funding and $1.9 million in federal HOME funding. Hudson Housing Capital provided $18.5 million in tax credit equity leveraged from qualifying Low Income Housing Tax Credits, and BRP Companies provided $4.2 million in funding for the project.