Real Estate Development

Alembic Community Development develops affordable and supportive housing and community facilities in partnership with service and community development organizations. We offer housing finance expertise, project management services and comprehensive real estate development capacity in collaborations that strengthen our community partners. Central to our development work is a belief in empowering community organizations through substantive participation in the development process and a meaningful stake in a project’s economic and ownership interests. Our work includes:

  • Assisting in the identification and recruitment of development team members, including architects, lawyers, engineers, accountants and other project professionals;
  • Preparing, revising and submitting applications for financing to local, State and Federal funding agencies;
  • Preparing, revising and submitting applications to banks and tax credit syndicators;
  • Completing and revising development and operating proformas;
  • Coordinating all predevelopment work including: environmental assessments; schematic design and construction document development;
  • Coordinating funding approvals, including negotiations with tax credit equity investors, banks and government agencies;
  • Coordinating construction loan and equity closings; and
  • Overseeing construction and project management.

Selected Projects

Kosciuszko Street

D’Addario Residence, a 46-unit supportive housing project, in partnership with Providence House, for women coming out of the criminal justice system.

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Washington Avenue

Washington Avenue, a 73-unit affordable housing project in the Bathgate neighborhood of the Bronx that includes 5,000 square feet of community facility space currently occupied by a primary care facility.

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East 118th Street

East 118th Street, a 75-unit project in East Harlem that combines tax-exempt bond financing, 4% Low Income Housing Tax credits and New York City subsidy programs to provide housing for low-income families.

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Cedar Avenue Case Study

Cedar Avenue

Alembic Community Development and Community Access, one of New York City’s preeminent supportive housing providers, collaborated on the development of an innovative supportive housing project on Cedar Avenue, in the Morris Heights neighborhood of the Bronx.

The project, designed by noted Brooklyn architect Peter L. Woll, provides affordable housing with on-site case management and ancillary support services for 105 households, including 55 formerly homeless individuals with chronic mental illness. The balance of the units is available to low-income families and community residents making 60% of Area Median Income or less.

Financing for the project includes tax exempt bonds through the New York State Department of Homes and Community Renewal (HCR), 4% Low Income Housing Tax Credit equity and funding through the New York State Homes of Working Families program and the Office of Mental Health.

The project is built to New York State Energy Research Development Authority (NYSERDA) Green Building standards and features a green roof recreation area. It is also adjacent to the Morris Heights station of the Metro-North Railroad, approximately 15 minutes from Grand Central Terminal.