Arverne East Building D Creates 89 Co-op Units As Part of 320-Unit Building
Sandy-Impacted Site Will Include Energy Efficiency Measures and Resiliency Improvements
Governor Kathy Hochul today announced the start of construction on the third phase of Arverne East in Far Rockaway. This $278 million affordable mixed-use project will create 89 cooperative homeownership units and 229 rental units. It is the latest building in the transformative Arverne East plan and the first and largest residential portion of the project. Built on a vacant, oceanfront site that was impacted by Superstorm Sandy, the development includes several sustainability and resiliency features designed to protect it from future storms. Under Governor Hochul’s leadership, New York State Homes and Community Renewal (HCR) has created or preserved nearly 3,000 homes in Queens. Arverne East Building D continues this effort and is part of Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.
“The latest phase of Arverne East will give more New Yorkers the opportunity to own affordable, sustainable and resilient homes,” said Governor Hochul. “As we work to tackle the housing crisis impacting New York, we know that our only path forward is to build more housing, build it faster and more affordably. Arverne East is a perfect example of how we can accomplish those goals while also producing homes that can endure the test of time.”
Designed to appeal to households and families of different sizes, the building, known as Building D, will have a mix of one-, two- and three-bedroom apartments. The cooperative homeownership units in the East Wing of Building D will be affordable to households earning up to 100 percent of the Area Median Income. There will be five co-op units designed to accommodate residents with mobility impairments and two units for residents with sensory disabilities.
The rental apartments in the West Wing of Building D will be affordable to households earning up to 90 percent of the Area Median Income. Thirty-five of the rental units will be supportive apartments for eligible youth aging out of foster care. On-site support services will be provided by Camba. There will be 12 apartments designed to accommodate residents with mobility impairments and five apartments reserved for residents with sensory disabilities.
In addition to the residential units, the building will feature outdoor terraces, a lounge, playroom, fitness center, bike storage, two superintendent units and various community spaces.
Arverne East prioritizes sustainability and resiliency design elements to address the impacts Superstorm Sandy had on the local community. Building D will be all-electric and fossil fuel-free, and a solar panel system will be installed on the roof. It will be built to Passive House standards and pursue certification through the Passive House Institute US. The building will also be connected to the Arverne East geothermal loop, which will provide Building D - and all the Arverne East buildings - with efficient heating, cooling and hot water through ground source heat pumps. These technologies will work together to drastically lower the carbon footprint of the building and energy costs for residents.
All ground floor residential and non-residential spaces will be located above design flood elevation, with the first floor raised to the 500-year flood elevation. All entrances and exits will be raised to the same extent. As an additional precaution, no residential units will be located on the first floor, and all first-floor spaces will be equipped with a full suite of floodproofing measures to aid in quick recovery in the event of a major storm or flood.
When fully built, the entire Arverne East project will consist of 1,650 homes, including apartments and town homes, of which approximately 80 percent will be affordable. There will be 270,000 square feet of commercial space and 76,000 square feet of community facility space. The plan also includes open space, retail, restaurants and the future Arverne East Aquatic Center. The completed first two phases feature a nature preserve, the Coastal Conservation Center, an urban farm and the reconstruction of Edgemere Avenue and related infrastructure.
Arverne East Building D is developed by L+M Development Partners, Triangle Equities, The Bluestone Organization, Mega Development and Urbane Development.
The homeownership portion of the project is supported by $17.3 million from New York State Homes and Community Renewal’s (HCR) Affordable Homeownership Opportunity Program, which provides financing to affordable housing developers to create affordable single-family houses, condos and co-ops. Additional support includes $25.9 million from the New York City Department of Housing Preservation and Development’s (HPD) Open Door program, $1.5 million in funding from Borough President Donovan Richards and $1 million in funding from City Council Member Selvena Brooks-Powers.
The $206 million rental portion of the project is participating in NYC Housing Development Corporation’s (HDC) and HPD’s ELLA program. It is supported by $94.1 million from HPD’s Extremely Low- and Low-Income Affordability Program and Housing Infrastructure Fund and $71.9 million from HDC. The project was also awarded $1 million from the New York State Energy Research and Development Authority’s Buildings of Excellence Competition. Urban Investment Group at Goldman Sachs Alternatives supported both the rental and homeownership elements of this project as tax credit equity investors.
The Affordable Homeownership Opportunity Program complements HCR’s work to advance affordable homeownership, including its MOVE-IN NY program that invests in factory-built homes, HOME Homebuyer Development Program, Manufactured Home Advantage Program and the State of New York Mortgage Agency’s suite of homebuyer mortgage programs.
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