In August, Alembic celebrated the opening of 1880 Boston Road, a 168-unit supportive housing project for seniors, developed in collaboration with Foxy Management, a long-time Alembic partner, and Hebrew Home at Riverdale, one of the city’s most respected providers of housing and services for older New Yorkers. The building, in the West Farms neighborhood of the Bronx, is adjacent to the #2 and #5 subway lines and immediately north of the Cross Bronx Expressway. Alembic developed this $77 million, 10-story building utilizing the air rights above an existing primary care clinic and a day program for individuals with cerebral palsy, which still occupy the first two floors of the property.
Financing for the project includes tax exempt bonds issued by the New York City Housing Development Corporation (HDC), HDC soft second mortgage financing, 4% Low Income Housing Tax Credit equity and city capital provided by the City’s Department of Housing Preservation and Development’s Senior Affordable Rental Apartments (SARA) program. Our financing partners included Raymond James Tax Credit Funds, TD Bank, New York City Councilmember Rafael Salamanca, the New York City Housing Authority and the New York State Department of Health. SLCE Architects designed and Bovis Lendlease built the project.
Many of the new residents of 1880 Boston Road joined local elected officials and senior city staff for the ribbon-cutting ceremonies on the project’s roof garden and adjacent community room. The Hebrew Home at Riverdale will provide on-site case management, counseling and referral services to building residents, who will also have access to a lounge, library, exercise room, and an arts and crafts room.