Blake Hendrix project brings new affordable homeownership and rental units to the East New York community
NEW YORK, NY – The New York City Department of Housing Preservation and Development (HPD), New York City Council Member Inez D. Barron, SRBuild LLC, the Community Preservation Corporation (CPC), and the Urban Investment Group within Goldman Sachs Asset Management (Goldman Sachs) announced the completion of the 30-unit Blake Hendrix development in the East New York neighborhood of Brooklyn.
Located on 13 scattered sites, the project consists of 13 new homeownership opportunities and 17 new affordable rental units for low- and moderate-income households. The homeownership units, which range from one-bedrooms to three-bedrooms, were thoughtfully designed by DeLaCour, Ferrara & Church Architects and are affordable to residents earning between 90 percent and 110 percent of Area Median Income. This is the latest cluster of homes financed by HPD in order to transform formerly underutilized City-owned land into affordable homes for the workforce community.
“Homeownership offers a real sense of security to families, and a foundation for building a better life for their children and their community. By utilizing City-owned land, the Blake Hendrix development in East New York has created 30 new affordable homeownership and rental opportunities for New Yorkers looking to take root in their neighborhood,” said HPD Commissioner Louise Carroll. “I thank Council Member Barron for her unwavering support of affordable homeownership and our development partners for their hard work on this important project.”
"In a city where affordable housing is sorely needed, I am proud that 30 units of housing are being made available to low-income persons in East New York,” said New York City Councilmember Inez Barron. “Homeownership, in particular, gives families in need the opportunity to establish enduring financial safety and build intergenerational wealth. We are proud that land left vacant and unsightly for decades has finally been transformed to benefit the community in this way. I commend all involved, including the development team, city agencies and my office, for their tireless and collaborative work.”
“SRBuild is gladdened to join city officials to celebrate the ribbon cutting of the Blake-Hendrix development," said Ben Shavolian, President of SRBuild. There is truly nothing like seeing the smile on a first-time homebuyer’s face when they are handed the keys to their new home. Since our first investment in East New York fifteen years ago, we have seen firsthand the positive impact that affordable homeownership has made on the community. We would like to thank Councilmember Inez Barron, HPD Commissioner Louise Carroll and NYC Deputy Mayor Vicki Been for their unwavering commitment to the mission and vision behind this project and so many others.”
“Affordable homeownership is a key piece of the puzzle to closing the wealth gap in our communities. An affordable home helps build equity over generations and provides long-term security and stability to hardworking families,” said Robert Riggs, Senior Vice President and Regional Director at The Community Preservation Corporation. “We’re proud to help finance the Blake Hendrix project with our long-time partners at SRBuild, and my thanks Goldman Sachs, Council Member Barron, and Commissioner Carroll and her team at HPD.”
“Homeownership is a critical tool in creating resilient and sustainable communities,” said Yarojin Robinson, a vice president in the Urban Investment Group within Goldman Sachs Asset Management. “We are excited to work alongside CPC on this impactful project, which will help ensure the long term success of East New York and the generations of families that call it home.”
The total development cost for the project was $13 million. The project received $6.1 million in City subsidy and $1.1 million from the New York State Affordable Housing Corporation (AHC). CPC and Goldman Sachs provided a $3.35 million construction loan through a joint funding partnership that was created to help finance affordable homeownership projects for moderate- and middle-income households in New York City. As the demand for affordable housing and homeownership in New York City continues to grow, the lending facility provides a critical source of flexible financing aimed at serving the unique affordable housing and revitalization needs of underserved communities.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently carries a AA- issuer rating from S&P Global, provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided more than $12 billion to finance nearly 220,000 units of housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn
About SRBuild, LLC
SRBuild, LLC is a family-owned business with a nearly 30-year history of developing high quality market rate and affordable housing in New York City. SRBuild has extensive experience working with not-for-profits and city and state agencies as both a general contractor and developer. Learn more at SRBuild.com
The New York City Department of Housing Preservation and Development (HPD) is the nation’s largest municipal housing preservation and development agency. Its mission is to promote quality housing and diverse, thriving neighborhoods for New Yorkers through loan and development programs for new affordable housing, preservation of the affordability of the existing housing stock, enforcement of housing quality standards, and educational programs for tenants and building owners. HPD is tasked advancing the goals of the City’s housing plan – a critical pillar of Your Home NYC, Mayor de Blasio’s comprehensive approach to helping New Yorkers get, afford, and keep housing in these challenging times. For full details visit nyc.gov/hpd and for regular updates on HPD news and services, connect with us on Facebook, Twitter, and Instagram @NYCHousing.
About the Goldman Sachs Asset Management Urban Investment Group (UIG)
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families. Follow us on LinkedIn.