Units
175
SF
110,000
Capitalization
$90 million
Status
Predevelopment
Role
Owner & co-developer
Partners
Lemle Wolff, Foxy Management, Arden Group Intl
Architect
Newman Design
Lender
Sterling National Bank
Contractor
Lemle Wolff
10-16 Beach 19th Street
Far Rockaway, Queens, NY
In 2020, Pointsfive and Arden Group Intl purchased land at a significantly below-market basis through a tax lien foreclosure and air rights aggregation from two neighboring lots utilizing an abstruse DOB zoning determination. The partnership is currently in design for development of a 160,000 square foot senior affordable housing project under HPD’s AIRS program utilizing New York State bonds and federal low-income housing tax credits(LIHTC). Expected to break ground in late 2022.
