The New York City Housing Development Corporation, The New York City Department of Housing Preservation and Development, and Douglaston Development have announced the closing of construction financing for 2868 Webster Avenue, a 12-story, 277-unit affordable housing building in Bedford Park, The Bronx. The 250,000-square-foot project is the second phase of a two-phase affordable development following 2850 Webster Avenue, a 188-unit senior housing structure that opened in fall 2023.
The project is funded by $83.4 million in tax-exempt bond financing and $17.4 million in subsidies from the Housing Development Corporation, $52.6 million from the Department of Housing Preservation and Development under its Extremely Low- and Low-Income Affordability Program, and Low-Income Housing Tax Credits alongside a letter of credit from Wells Fargo.
The building will yield 277 affordable housing units in studio to three-bedroom configurations available to those earning up to 70 percent of the area median income. Sixty units will be designated as supportive housing with on-site services provided by the Jericho Project. The property also will include approximately 8,000 square feet of ground-floor space leased by Cherry Valley Marketplace. The newly leased space will expand its current store to create a combined 20,000-square-foot grocery store for the community.
“For those that have supported this project from the beginning, the first 188 units of housing for older New Yorkers has already been a tremendous success,” said HPD commissioner Adolfo Carrión Jr. “However, this second multifamily complex gives us 277 additional reasons to welcome and celebrate more deeply affordable housing coming to The Bronx. An opportunity originated by the visionary team at the New York Botanical Garden, 2868 Webster will become one of New York’s gems.”
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