NYCHA PACT Brooklyn Bundle II (Brooklyn, NY)

SBV, in partnership with the Arker Companies, Omni New York, Dabar Development Partners, and Bedford-Stuyvesant Restoration, completed a RAD conversion and tenant-in-place rehab of over 2,625 units in 9 apartment complexes in Brooklyn, NY.  The properties converted under RAD in 2020 and completed construction on time and on budget in 2022.  The New York City Housing Authority (“NYCHA”) remains in the ownership structure and remain involved in the project by administering project-based vouchers. This public-private partnership will continue throughout the length of the 99-year ground lease. Financing for the project was provided by bonds issued by NYC’s Housing Development Corporation (HDC) that are credit enhanced by Freddie Mac. The units received a complete rehab with over $370 million invested to install new boilers, windows, roofs, repairs to electrical and plumbing systems, elevator rehab, new secured entry and state of the art security camera system, and new unit interiors such as cabinets, flooring, bathroom and kitchen fixtures, energy efficient appliances and the mitigation of pests and mold.

A wide array of social services are provided at the sites including dedicated Resident Service Coordinators, a new tech center run by the National Action Network providing technology courses for local youth, and expanded services by El Puente, a local youth leadership non-profit that focuses on academic enrichment, performing and visual arts, sport, health and wellness, mentoring and internships.