PROJECTS

1159 River Avenue

PROJECT STATS

Completed Fall 2023
New Construction, Affordable, Mixed-Use, Supportive
Community Access, Maddd Equities
Joy Construction
245 apartments, social services, commercial space
Community Access
$126 million
Aufgang Architects, Urban Quotient

1159 River Avenue is a new 245-unit, 19-story mixed-use building that was completed in Fall 2023. Alembic provided real estate development financing assistance to Community Access related to securing funding, preparing pro formas and operating budgets, and preparing the financial portions of applications for government funding. Community Access will own and manage the residential portion of the building, which includes 146 supportive units and 99 units set aside for low-income families. This development is part of a broader network of buildings operated by Community Access in the Bronx that provide on-site social services for individuals and families with mental health concerns and families with histories of homelessness.

The project is located in Bronx County, the New York City borough with the most serious need for supportive and affordable housing. For the first half of 2018, seven of the top ten community districts for shelter entry were located in the Bronx.

Notable building features include the building’s location directly adjacent to the New York City Transit’s Number 4 subway train line and within walking distance of several other rail and bus lines. The building will meet or exceed all requirements of Enterprise Green Communities.

Financing

NYS Housing Finance Agency; NYS Homes and Community Renewal; NYC Department of Housing Preservation; 4% Low-Income Housing Tax Credit equity from Wells Fargo Community Lending and Investment; and the NYS Office of Mental Health

Photo: Sean Simes Photography

OTHER PROJECTS

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