PROJECTS

Betances Family Residences

PROJECT STATS

Completed in Fall 2023
New Construction, Affordable, Mixed-Use, Supportive
Lemle & Wolff Development, Alembic Community Development, The Bridge
Lemle & Wolff Construction
101 apartments, commercial space, social services
The Bridge, Lemle & Wolff Development
$60.5 million
Think! Architecture and Design PLLC

Alembic partnered with Lemle & Wolff, a 75-year old property management, development and construction firm, and The Bridge, one of NYC’s most respected nonprofit providers of housing and services for individuals with psychiatric disabilities, to develop the 15-story Betances Family Apartments on underutilized land adjacent to NYC Housing Authority’s (NYCHA) Betances campus in the South Bronx. Thirty percent of the units are reserved for formerly homeless individuals and families; low- and very low- income families will occupy the balance of the apartments. A ground floor commercial space will offer active retail opportunities. The project is part of NYCHA’s NextGen program to add housing within existing developments. Think! Architecture and Design is a Brooklyn-based firm specializing in affordable and supportive housing.

Financing

9% Low Income Housing Tax Credits syndicated by NEF; NYC Department of Housing Preservation and Development Extremely Low and Low-Income Affordability program; NYC Councilmember Diane Ayala; Bronx Borough President Ruben Diaz, Jr.; Bank of New York – Mellon; Webster Bank; Federal Home Loan Bank of New York Affordable Housing Program

Photo: Think! Architecture + Design

OTHER PROJECTS

[my_elementor_php_output]