This 93- Unit Mixed-income Development Named In Honor of Reverend Elliot J. Hobbs, Pillar of the Affordable Housing Community
New York – August 5, 2015 – (RealEstateRama) — August 4th, 2015, Brooklyn, New York –New York City Housing Development Corporation (HDC) President Gary Rodney joined Amnon Shalhov of Joy Construction and Yosi Cohen of 482 Franklin Avenue Realty, LLC, David Walsh of Chase and partners to celebrate the ribbon-cutting of 482 Franklin Avenue, also known as Elliot J. Hobbs Gardens, a 93-unit mixed-income building in the Clinton Hill/ Bedford-Stuyvesant neighborhood of Brooklyn.
This development brings high quality affordable housing to a growing neighborhood. It is named in honor of Reverend Elliot J. Hobbs, Vice President of Community Development Banking at Chase, who passed away in November 2012. Elliot Hobbs dedicated himself to changing the quality of people’s lives and exemplified the spirit of public service. While at Chase, he facilitated many projects that empowered communities and touched many lives. He will always be remembered for his outstanding leadership and energetic spirit.
“The city is committed to building not just quality affordable housing, but diverse and thriving neighborhoods,” said Gary Rodney, President of HDC. “482 Franklin exemplifies these values and serves as a fitting tribute to Reverend Elliot J. Hobbs, a man of faith and a man of action who understood that it takes both to realize true change and progress. I had the great pleasure to know and work with Elliot and to see first-hand his commitment to improving the quality of life for New York City’s families and communities. Reverend Hobbs would be very proud of this housing development and all that it stands for, just as HDC is proud to stand with the our partners as we honor his legacy by continuing his life’s work right here at 482 Franklin Avenue.”
482 Franklin Avenue is an eight-story building with 93 units with 70,295-square-feet of gross building area including approximately 32 parking spaces and storage for approximately 47 bicycles. The building contains 36 studios, 14 one-bedroom units and 43 two-bedroom units, inclusive of one superintendent.
The site extends in an “L” shape from the west side of Franklin Avenue south towards the north side of Fulton Street in the Bedford Stuyvesant section of Brooklyn.
The building features generous ceiling heights and hardwood floors in the living area and bedrooms. In addition, kitchens offer upper tier finishes like custom built cabinets with built in appliances, Caesarstone counter-tops, and dishwashers. PTAC units are installed into each of the apartments to allow tenants control over their air and heat, however, tenants will be only be billed directly for electricity. The PTAC units are installed through the wall. Bathrooms have full porcelain tile drop in, tubs and sinks, as well as attractive vanities with medicine cabinets. Two-bedroom units feature a master-suite with bath. The seventh floor units have terraces on the sixth floor setback roof. The site also includes a common recreation room, fitness center and common gardens rooftop and laundry facilities.
The site was developed by 482 Franklin Ave. Realty, LLC, a joint venture entity between the principals of Realty Within Reach and Joy Construction Corp, Yosi Cohen, Amnon Shalhov and Chava Lobel. The building was constructed by Happy HK Construction Inc. an affiliate of Yosi Cohen.
482 Franklin serves mixed-income households. Three (3) units are affordable to low-income households earning no more than 40 percent of the Area Median Income (AMI), which is equivalent to a range $18,618 – $23,520 in annual income for an individual or $24,000 – $30,240 for a family of three. Sixteen (16) units are affordable to households earning no more than 50 percent of AMI. This is equivalent to a range of $23,623 – $29,400 in annual income for an individual or $30,412 – $37,800 for a family of three. The remaining seventy-three (73) units have rents affordable at 130 percent of the AMI and are available to households within a range of $56,160 – $102,900 in annual income for an individual or $84,240 – 146,825 for a family of three. The above income levels were set according to the U.S. Department of Housing and Urban Development (HUD) 2014 calculations.
Yosi Cohen of 482 Franklin Avenue Realty, LLC said: “I am happy that I was able to complete a quality building that will serve as home for New Yorkers for many years to come. More importantly, the building will carry the name of my good friend Elliot Hobbs who represented the very best in ethics and professionalism.”
“I am very pleased with the outcome of this project,” said Amnon Shalhov of Joy Construction. “It’s a testament to a great public and private partnership and I hope the Hobbs family is proud as it is a testament about how so many of us felt and continue to feel about Elliot.”
“At Chase, we believe we have a fundamental responsibility to help the communities where we live and work, and helping to develop affordable housing here in in New York City is a prime example of those efforts,” said David Walsh, Northeast Division Manager of Community Development Banking for Chase. “I don’t know if anyone embodied the spirit of community impact more than Elliot Hobbs. Elliot’s contributions to our community go far beyond his incredible work during his 34 years at Chase. It was an honor to have known Elliot, and we’re proud that his spirit will live on through this incredibly well-deserved tribute.”
Total development cost for 482 Franklin is approximately $24.7 million. HDC issued $16 million in tax-exempt recycled bonds for the construction financing and provided $6 million in subsidy, under the New Housing Opportunities Program. Chase provided the construction letter of credit. The developer provided $2.6 million in equity.
482 Franklin is currently in the process of leasing apartments after receiving more than 50,000 applications. The City of New York requires that city-subsidized apartments be rented through NYC Housing Connect, an Open Lottery System to ensure fair and equitable distribution of housing to income-eligible applicants. For more information regarding the affordable housing lottery process or if you would like to receive an e-mail when HDC updates its available and receive information for current housing lotteries, please visit www.nyc.gov/housingconnect. Applicants may submit either a paper application or an electronic application. Duplicate applications will be disqualified.
About the NYC Housing Development Corporation (HDC):
HDC is the nation’s largest local Housing Finance Agency and is charged with helping to finance the creation or preservation of affordable housing under Mayor Bill de Blasio’s Housing New York plan. Since 2003, HDC has financed more than 120,000 housing units using over $13.7 billion in bonds, and provided in excess of $1.6 billion in subsidy from corporate reserves. HDC has been the #1 issuer in the nation of mortgage revenue bonds for affordable multi-family housing in each of the last three years on Thomson Reuters’ annual list of multi-family bond issuers. HDC again achieved this distinction despite issuing bonds for only one city, compared to the statewide jurisdictions of the other ranked agencies. For additional information, visit: www.nychdc.com.
482 Franklin Avenue Realty, LLC:
482 Franklin Avenue Realty, LLC, is a joint venture entity whose principals have long and proven track records in the development and construction of multifamily, commercial and affordable housing.