National developer launches affordable housing division with Far Rockaway project

Downton Far Rockaway continues to draw developers since the city broke ground on its $288 million rezoning project last September.

Courtesy of PMG Affordable

Developer closes first land acquisition in New York City to build affordable housing in Far Rockaway.

PMG, a national real estate developer with more than $40 billion in assets, has launched its Affordable Housing Division with a $35 million supportive housing joint venture project with M/WBE, Brisa Builders at 19-15, and 19-19 Cornaga Avenue.

This is the first project in an expanding PMG Affordable portfolio focused on making “a positive impact on the community through attainably priced rental housing that improves the quality of life for individuals and families,” said Dan Coakley, Principal of PMG Affordable.

The nine-story mixed-use building is proposed in the Downtown Far Rockaway Special Purpose District, an area created as part of the comprehensive plan to strengthen the community by encouraging “vibrant and diverse use of vacant and underutilized sites” near mass transit and primary corridors. The project will create 92 dwelling units, of which 60 will be supportive housing units and 32 will be M.I.H. units.

“We are excited to close on the land acquisition for PMG Affordable’s first deal in New York City,” Coakley said. “It’s been gratifying to work alongside our partners Ericka Keller and Hammad Graham of Brisa and their strong local network to make a meaningful contribution toward improving the current affordable housing crisis in our home city.

Brisa has close to 30 years of experience in developing affordable housing through various federal, state, and city subsidy programs for the most vulnerable populations including seniors, formerly homeless, extremely low- and low-income families. The company has over 1,500 affordable units either completed, under construction, or in the predevelopment stages with a combined total of $878 million in New York City.

“They’ve been great partners,” Coakley said.