City Comptroller John C. Liu today announced that four of the five New York City pension funds have voted to invest $500 million in residential and commercial real estate, focused in areas affected by Superstorm Sandy. With leverage, it is anticipated that this will result in a $1.5 billion capital infusion for potentially 3,000 units of housing and 150,000 to 200,000 square feet of commercial space. The investment is pending approval tomorrow by the New York City Fire Department Pension Fund. The investments will be made by two newly formed partnerships with Related Companies and the Hudson Companies Incorporated, which the Funds will provide with $300 million and $200 million respectively.
Recent News
Governor Cuomo, Mayor Bloomberg Announce Plans for New Urban League Empowerment Center in Heart of Harlem
Governor Andrew M. Cuomo and Mayor Michael R. Bloomberg today announced the first details of a landmark project to transform an underutilized area in the heart of Harlem into the Urban League Empowerment Center, a hub for arts, culture, retail and community use. The Center will include space for arts, culture, retail, and community use, playing a major role in Harlem’s ongoing renaissance, and will enable Harlem to house the first civil rights museum in New York State. The project will be led by the Hudson Companies, BRP Development Corporation, and the National Urban League.
Gateway Elton: Solar Makes NYC Affordable Housing Even More So
Solar power in New York City has a tony reputation. But one of the fastest growing sectors for residential solar in the city is affordable housing—housing built with the budgetary and social service needs of lower-income residents in mind. That growth is in evidence this week, as tenants move into the new Gateway Elton, a 197-unit affordable housing development in Brooklyn’s East New York neighborhood. “You can see the panels from the street,” Aaron Koffman of the Hudson Companies Inc. says proudly. With the Brooklyn-based non-profit CAMBA, Hudson developed the complex. At 214 kilowatts, Gateway Elton’s solar array is the largest residential array in all of New York state. In my borough, Brooklyn. Fantastic!
The Hunt: “Because Poetic Surroundings Have Their Limits”
On a hunt for a new home, a couple visits the Knick on Knickerbocker Avenue in Bushwick and finds that “the apartments in the building, a conversion that had long been mostly vacant, were modern and pristine.” The last two-bedroom they saw there, on the ground floor, had 1,100 square feet and “a real backyard with dirt and trees,” Ms. Bean said. Stepping outside, “that’s when we had the moment of knowing that this is the place for us.”
Hudson, Related, CAMBA power up giant Brooklyn solar project
The Hudson Companies Inc., Related and CAMBA have started work on the biggest solar power project of its type in the state.
The development partners are building a 214,000 watt solar electric photovoltaic (PV) system at Gateway Elton Phase I, their 197-unit mixed-use affordable housing development in the Spring Creek section of Brooklyn.
News Archive
- Pensions Funds Investing $500 Million in Sandy Redevelopment
- Governor Cuomo, Mayor Bloomberg Announce Plans for New Urban League Empowerment Center in Heart of Harlem
- Gateway Elton: Solar Makes NYC Affordable Housing Even More So
- The Hunt: “Because Poetic Surroundings Have Their Limits”
- Hudson, Related, CAMBA power up giant Brooklyn solar project
- The 30-Minute Interview: David Kramer
- Dumont Green – Bank of America TV Commercial
- Roosevelt Island Shops for More Stores
- Work Commences on Groundbreaking Green Affordable Housing Project in Brooklyn
- Roosevelt Island gains favor as residential spot
- The Hunt: ‘Something New and Sparkly’
- Spiffing Up Roosevelt Retail
- Cobble Hill Towers Hears Call of the Condo
- Hudson Reaches ‘Insider’ Deal with Cobble Hill Tenants
- Go Gowanus!
- An Island Perch With Postcard Views
- Solar Roofs Installed at Dumont Green in East New York
- Brooklyn Developer Builds Following on Blog
- Brooklyn Affordable Housing Development to Install the Largest Residential Photovoltaic System in New York City
- Pratt Designers Furnish a Home
- Hudson Secures $43M for Green East New York Development
- The First Knight of Brooklyn Real Estate
- Greening Brooklyn with The Hudson Companies Incorporated
- Architectural Wealth, Built for the Poor
- Roosevelt Island 2.0! 2,491 New Apartments Can’t Be Wrong
- Closing Bell: BITV Looks at Development Blogging
- City selects green Gowanus developer
- Shortage of Housing Threatens City Institutions
- Go, Go, Gowanus: Brooklyn’s Swamp Thing Could Become Viable Neighborhood
- Starting a New Life in Brooklyn
- A family’s 15-year journey to get a home of their own
- Developer Plans 50 Townhouse Condos in Gowanus
- The Hudson Companies, DUMBO Arts Center Sponsor ‘ProJect DUMBO’
