BRONX W www.BXTimes.com EEKLY January 13, 2019 12
HPD secures $75M, 11-building West Farms portfolio
BY ALEX MITCHELL
A major real estate deal has just
been locked-down for the Bronx.
The NYC Department of Housing
Preservation and Development,
collaborating with Camber Property
Group, Belveron Partners,
closed on a $75 million acquisition
of an 11-building, 343-unit portfolio
in West Farms on Wednesday, January
2.
The purchased properties are
comprised of two separate clusters
of mid-rise buildings at: 1892-94 Arthur
Avenue, 1898, 1899, 1908, 1900
Belmont Avenue, 2082, 2083, 2088,
2090 Mohegan Avenue, and 2095
Honeywell Avenue.
This major capital investment
also received tremendous support
from Councilman Rafael Salamanca,
Jr.
“Maintaining affordability in
communities experiencing rapid development,
like the one I represent,
is incredibly important to me,” he
said, adding, “I strongly believe in
responsible development that builds
and preserves affordable housing
for my community and this project
does just that.”
This transaction was made in
an effort to restore long-term affordability
to the properties, which had
seen its rent increase restrictions
terminated by prior ownership according
to offi cials involved in the
project.
These mid-rises which were previously
part of Section 8 assisted
housing, were converted into deregulated
buildings over time, losing
100 affordable units. Through
this public-private partnership,
those 100 lost units will be returned
to rent regulation as well as the remainder
of the portfolio for 40 more
years.
“We’re thrilled to preserve hundreds
of affordable housing units in
West Farms, including many that
had already left regulation,” said
Rick Gropper, principal at Camber
Property Group.
Gropper went on to commend
the partnership, saying that these
upgrades will have the units remain
affordable for “decades to come.”
Per the terms of the new agreement,
all of the portfolio’s units will
be rented to individuals and families
at varying affordability levels
to foster a mixed-income community.
The circumstances of the deal
are unique for the city, as buildings
scarcely return to rent regulation
once they become deregulated,
Camber offi cials said. Financing
was provided by New York Community
Bank.
“This is our prodigal project
with so many needed homes returning
to affordable protections,”
said Louis A. Harrison, principal at
Belveron Partners, calling the deal
an ideal example of public and private
partnerships.
The new owners will immediately
embark on a $4 million capital
improvement program to upgrade
the buildings’ mechanical systems,
roofs, common areas, and security
and access control systems.
Prior ownership of the former
project-based Section 8 buildings
chose to forego a new affordability
structure when the previous
restrictions expired in 2010. The
owner instead began to convert the
units into free-market rate housing
and subsequently sold the buildings
to a second owner who continued to
convert apartments once tenants
vacated. Resulting in the lose of 100
market rate units throughout the
portfolio.
HPD commissioner Maria Torres
Springer explained how this
type of preservation is the ‘cornerstone’
of the mayor’s housing plan,
mentioning that the city is using every
tool, leaving no stone unturned,
in our effort to keep New Yorkers
in their homes and communities.”
“We thank our partners at
Camber and Belveron for working
with us to bring these properties
back into the fold as rent-regulated
affordable housing, ensuring that
hundreds of hardworking families
get the improvements they need
and the security of knowing that
they’ll be able to stay in their homes
for years to come,” she said.
2088 and 2090 Mohegan avenues. Courtesy of Russell Murphy
New executive director named
to head Westchester Square BID
The newly appointed
leader of Westchester
Square Business Improvement
District will continue
to uphold the mission of the
BID, focusing her efforts on
maintaining a clean, safe
district while promoting
and marketing the area’s
diverse businesses and cultural
offerings.
“As a lifelong and proud
resident of the Bronx, I am
incredibly honored to have
been selected to serve my
fellow Bronxites in this
capacity,” stated Yasmin
Cruz. “I’m also thrilled
to have this unique opportunity
to collaborate
with each of the partnering
agencies that support
WSBID and work with the
community. I look forward
to showcasing the very best
of Westchester Square and
its many businesses to local
residents and non-local consumers.”
Prior to joining WSBID,
Yasmin created and established
Image Marketing Inc.,
a premier marketing and
event planning company,
and served as its chief executive
offi cer for over a dozen
years. Her role as president/
CEO was instrumental in
building relationships with
an array of partners from
small businesses and Corporate
500 companies representing
a wide range of industries,
and helping them
meet their marketing, communications,
and event-related
needs.
Yasmin’s prior experiences
refl ect a rich history
of providing marketing,
branding, event planning,
and other business services
to companies including
Salsa Caterers & Special
Events Inc., formerly serving
as marketing director,
and Think 360 Advertising
Agency as branding project
coordinator. She is also a licensed
real estate agent and
offers expertise to Cappytann’s
Corner Presents variety
television show as executive
producer.
Yasmin holds a Bachelor
of Science in International
Marketing from Fordham
University and a Master of
Business Administration
from Iona College with a
concentration in marketing,
international business,
and mass communication/
advertising.
YASMIN CRUZ
EAST BRONX HISTORY FORUM PRESENTS CERTIFICATE
Richard Vitacco (l), EBHF president and Tom Vasti (r), East Bronx History Forum vice
president recently presented a certifi cate of appreciation to city planner Jeff Reuben,
guest speaker of the old Bronx movie theaters. December’s meeting played to
a large audience in the City Island Historical Society. Photo by Jorge Santiago
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