NEW YORK CITY — A partnership between Brisa Builders Development LLC and PMG Affordable has received $51.7 million in financing for a 92-unit affordable housing project that will be located in the Far Rockaway area of Queens. The financing package primarily consists of $28.4 million in construction financing from Bank of America; a $12.9 million supportive housing loan from the New York City Department of Housing Preservation & Development; and $8.3 million from the New York State Homes & Community Renewal. The capital stack also includes $23.7 million in Low-Income Housing Tax Credit equity. The nine-story building at 19-19 Cornaga Ave. will offer studio, one- and two-bedroom residences ranging in size from 331 to 652 square feet, with 60 units to be designated as supportive housing units and the other 31 to serve as Federal Housing Trust units. Amenities will include a fitness center, lounge, computer room and a multi-purpose room to accommodate community programs, classes and recreational activities, as well as an outdoor courtyard with a playground. Urban Atelier Group is the general contractor for the project, and Paul Castrucci Architects is handling design. Completion is slated for late 2026.
The new affordable housing project at 19-19 Cornaga Ave. in Queens will have an array of sustainability and eco-friendly features. These will include a high-performance building envelope, all-electric mechanical, electrical and plumbing systems, energy recovery ventilation and rooftop solar panels. Each unit will be equipped with EnergyStar appliances, lit by high-efficiency LED lights and finished with environmentally friendly materials.
Partnership Receives $51.7M in Financing for Queens Affordable Housing Project
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