NY Affordable Project Secures Financing
Brisa Builders Development LLC and PMG Affordable are currently constructing the Queens community.
A rendering of the front of 19-19 Cornaga Avenue in Far Rockaway, Queens, N.Y. Image courtesy of PMG Affordable
Brisa Builders Development LLC and PMG Affordable have secured $51.7 million in financing to begin construction of 19-19 Cornaga Avenue, a nine-story, 92-unit affordable and supportive housing project in Far Rockaway, Queens, N.Y. The project is underway and slated for completion in late 2026.
Joint venture partners PMG Affordable and Brisa Builders, a New York-based M/WBE-certified firm that has more than 1,200 units of affordable housing in its development pipeline across New York City, closed on the site in Far Rockaway in early 2020.
The financing package is a combination of construction and permanent financing from a variety of public and private sources. Bank of America has provided a $28.4 million construction loan. The project is also receiving $12.9 million from the New York City Department of Housing Preservation and Development through the Supportive Housing Loan Program and $8.3 million from the New York State Homes and Community Renewal through the Supportive Housing Opportunity Program. HCR is providing $1.8 million through the Federal Housing Trust Fund for the community.
The project is also leveraging approximately $21.4 million in Low-Income Housing Tax Credit equity syndicated by Enterprise Community Partners, $2.3 million in State Low-Income Housing Tax Credit equity and $41,000 in solar tax credit equity. The joint venture partners competed for several rounds of the highly competitive 9 percent state tax credits, which were awarded in March 2024. Permanent financing is being provided by BWE through Freddie Mac.
Located in the Downtown Far Rockaway Special Purpose District in Queens, 19-19 Cornaga Avenue was designed by Paul Castrucci Architects. Urban Atelier Group is the general contractor. Not On My Watch Inc. will serve as the project’s non-profit social service provider. Spring Leasing and Management will be responsible for the marketing, lease up, maintenance and management of the property.
19-19 Cornaga Avenue marks the first New York City project for PMG Affordable, a subsidiary of Property Markets Group, a national real estate development firm that has delivered more than 175 multifamily projects in New York City and major markets in the Southeast and Southwest. PMG Affordable is led by industry veteran Dan Coakley.
Project details
A rendering of the back of 19-19 Cornaga Avenue in Far Rockaway, Queens, N.Y. Image courtesy of PMG Affordable
19-19 Cornaga Avenue will have 72 studios, eight one-bedroom and 12 two-bedroom units ranging from 331 to 652 square feet. Of the 92 units, 60 will be supportive housing units and 30 will be funded with FHTF funds and must be rented to individuals or families with incomes at or below 30 percent Area Median Income.
The supportive housing units, some of which are for formerly homeless individuals and young adults aging out of foster care, will have 30 units for residents with income at or below 30 percent AMI and 30 units for those with income at or below 50 percent of AMI.
“There is a housing crisis in New York City,” Ericka Keller, managing member of Brisa Builders Development LLC, told Multi-Housing News. “Moving individuals and families from the shelter is a mandate for every affordable housing project in New York City. Young people aging out of foster care is just one example of a designated group of individuals in need of affordable housing options. This would also provide additional support for their transition to living independently.”
Building amenities, services
NOMW will be collaborating with other Far Rockaway organizations to support residents of the building, including transitioning young individuals, such as those 18-25 years old and aging out of foster care, into their first independent apartments.
The building will have an additional 2,300 square feet of ground-floor space to be leased at discount to organizations that provide educational, medical or professional services to the community.
Amenities in the building will include a fitness center; lounge; multi-purpose room to accommodate community programs, classes and recreational activities; an outdoor recreational courtyard with an 800-square-foot playground; a computer room; a laundry facility; indoor bike storage and a NOMW-staffed social services office.
Paul Castrucci Architects, a New York-based Passive House design firm, focused on sustainability and efficiency for 19-19 Cornaga Ave. The building has a high-performance building envelope, all-electric mechanical, electrical and plumbing systems, energy recovery ventilation and a rooftop solar array.
Each unit will feature EnergyStar appliances, high-efficiency LED lights and is set to be finished with environmentally friendly materials.