PRC partners CPP to host ribbon cutting at Tiffany Street Apartments in South Bronx

PRC partners CPP to host ribbon cutting at Tiffany Street Apartments in South Bronx

New 100% Affordable South Bronx Development welcomes home 161 low-income families, including 34 formerly homeless households


NEW YORK (October 22, 2021)-- Today, Property Resources Corporation and Camber Property Group co-hosted a ribbon cutting ceremony for the Tiffany Street Apartments, located at 975 Tiffany Street in the South Bronx.

 

The 100 percent affordable, 161-unit building includes a wide variety of unit types for varied family sizes from studios to three-bedroom apartments. The units are affordable to residents earning a wide spectrum of incomes between 27 percent of the Area Median Income (AMI) up to 80 percent AMI. Thirty four units will be filled by formerly homeless households at the building’s lease-up, 24 of which are set aside for formerly homeless individuals and families into the future.

The development team was joined by City Council Member Rafael Salamanca, Assembly Member Kenny Burgos, as well as representatives from the New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corporation (HDC) and other community organizations for the event.

Providing safe, secure housing to New Yorkers of all incomes has never been more essential, especially as we look to rebuild in light of an ongoing pandemic,” said Benjamin Linde, Principal at Property Resources Corporation. “We are so pleased that 161 families will now be able to call Tiffany Street Apartments home, and we are grateful to our colleagues and the community who worked tirelessly to make that possible. PRC is proud of the work we do to ensure that the Bronx, and New York City, remains affordable to all.”

“At Tiffany Street Apartments, PRC, Camber and our public partners transformed an underutilized lot in the South Bronx into 161 state-of-the-art affordable apartments,” said Rick Gropper, Principal and Co-founder of Camber Property Group. “This project is a clear example of what happens when you combine progressive land use policy with the City’s efforts to make it more affordable and livable for all New Yorkers. We are thrilled to provide affordable, modern and livable apartments for those New Yorkers that need them the most and are proud to welcome our newest residents to the Tiffany Street Apartments.”

Well before the COVID-19 pandemic, the number one issue for Bronxites was access to quality, truly affordable housing,” said City Council Member Rafael Salamanca. "With the grand opening of Tiffany Street Apartments, the Longwood community will be seeing the arrival of 161-units of 100% affordable housing, all evenly mixed for families earning between 27% and 80% of AMI. An example of pro-community development, Tiffany Street Apartments was the first project that implemented a 15% homeless set aside before the legislation I championed was enacted into law. I applaud Property Resources Corporation and Camber Property Group for their continued commitment to building 100% affordable housing in my district, and thank NYC HPD and HDC for providing the financial support to make this project possible.”

“Housing is a human right and everyone deserves to live in an affordable and safe environment,” said New York State Assembly Member Kenny Burgos. “The Tiffany Street apartments are a great addition to my Bronx district, and my constituents will be provided a wide variety of opportunities. I look forward to welcoming these new residents to the community.”

“What families need in this moment are safe, secure and affordable homes. These 161 affordable homes serve some of the lowest income families, including formerly homeless New Yorkers,” said HPD Commissioner Louise Carroll. “I want to thank our partners Property Resources Corporation and Camber Property Group for creating a project that pairs much needed affordable housing with outdoor space that is more important than ever in the wake of the pandemic.”

“New construction developments like 975 Tiffany Street are providing much-needed affordable housing that will support our communities as we recover from the pandemic,” Said HDC President Eric Enderlin. “With 161 affordable homes for a variety of household incomes, including formerly homeless New Yorkers, this project will help ensure our city remains fair and equitable for all. Congratulations and thank you to all our partners for their role in making today’s celebration possible.”  

“Bringing more affordable housing to The Bronx is something that has been a priority for me since I took office, and will also play a crucial role in our borough's recovery from the COVID-19 pandemic,” said Bronx Borough President Ruben Diaz Jr. “This 100 percent affordable South Bronx development at 975 Tiffany Street is a monumental project, creating 161 affordable housing units of different sizes and will give many Bronxites in need a place to call home.”

“We’re proud to play a role in financing the Tiffany Street Apartments, which will deliver new affordable housing units for a vulnerable population in the South Bronx,” said Sharmi Sobhan, Executive Director, Community Development Banking, Chase. “We remain committed to community development projects like this that not only align with our firm’s racial equity commitment, but also have the potential to transform the lives of future residents by providing them with safe and stable housing.”

The Tiffany Street Apartments are a joint venture between Property Resources Corp. and Camber Property Group, the third such collaboration between the two companies in the South Bronx. The partnership has also developed 1000 Fox Street, an eight-story, 120 unit affordable project, and 960 Simpson Street, a six-story, 80-unit building. 

The $60 million project was funded through a combination of $40 million in tax-exempt bonds and subsidy from HPD and HDC and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation. 

Amenities available to residents at the Tiffany Street Apartments include an on-site resident manager, fitness center, community gathering space, outdoor recreational space, bike storage and laundry room. The building is located near both the Simpson Street and Intervale Avenue 2/5 subway stations and a short distance from the Southern Boulevard Business Improvement District, one of the most vibrant retail districts in The Bronx.

PRC has been developing and preserving affordable housing in New York City and the surrounding areas for 50 years. In the past decade, PRC has performed over $550 million of development and preservation work of thousands of affordable apartments in the Bronx and Westchester County, and is currently working on several preservation and new construction deals throughout the New York City area. More information about PRC can be found at www.prcny.com.

Camber Property Group, on the other hand, has been making an impact in the affordable housing market in New York City for years, developing innovative projects and preserving much-needed affordable housing in communities across the five boroughs. This year the firm opened The Strand, a 132-unit, mixed-use development located in the heart of Ridgewood, Queens, and is also currently rehabbing more than 700 affordable units at two major developments, in the Bronx and Brooklyn. 

Camber has also made a large impact in Harlem recently, having constructed or renovated nearly 400 units across seven projects in the area since 2018. In August the company announced the $30 million acquisition of The Johanna Apartments, a 60-unit, 100 percent Project Based Section 8 property across four buildings on W. 144th Street. In July, the team cut the ribbon on the Dr. Joan O. Dawson Plaza, a 138-unit 100 percent affordable housing development in Central Harlem that features 94 units set aside for low-income seniors and 41 homes for formerly homeless seniors. Both projects are being developed in partnership with Harlem Congregations for Community Improvement. More information on Camber Property Group can be found at www.camberpg.com.