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New York City (PRWEB) April 02, 2014
M&T Bank has closed on a $10.3 million loan to provide the largest piece of the financing for Monadnock Development LLC to construct My Micro NY, the first of its kind in New York City.
Construction on the citys first fully micro-unit apartment building, creating 55 micro apartments from modules prefabricated by Capsys Corporation at the Brooklyn Navy Yard, has begun. The micro-units, being installed on the site of an old surface parking lot on the northeast corner of East 27th Street and Mt. Carmel Place near Bellevue Park South, are expected to be available in 2015.
Modular construction is cost efficient and we believe these micro-units will fill a need in the Manhattan market. As one of New York Citys more experienced commercial real estate lenders, weve thoroughly reviewed the business case for this project and are very comfortable providing the financial support, said M&T Bank Regional President Peter DArcy.
Additional financing for the $16.6 million project will come through developer equity and a secondary loan through the New York City Department of Housing Preservation and Development. The My Micro NY project will contain an affordable housing component, with 40 percent of the units in the 9-story building being offered at below market rates.
Micro apartments are small by typical apartment standards between 260 and 350 feet but they are designed to optimize space and maximize the sense of openness. The projects nearly 10-foot ceilings, 8-foot windows and built-in storage will help to create the effect of a larger unit. The buildings ground floor will include 678-square-feet of retail space.
Its exciting to pioneer this new housing type in association with the City and our partners, including M&T, said Nick Lembo, President of Monadnock Development. Its an ideal application for modular construction, and were proud to use this innovative approach to offer another affordable option to New Yorkers looking for housing that fits their lifestyles.
Monadnock Development LLC is currently co-developing Hunters Point South in Long Island City, Compass Residences in the Bronx, and 1 John Street in Brooklyn Bridge Park. Monadnock was the developer selected by New York City following the highly competitive adAPT NYC RFP process for its My Micro NY proposal.
About M&T Bank Founded in 1856, M&T Bank Corp. is one of the 20 largest U.S. commercial bank holding companies, with more than 700 branch offices and 1,500 ATMs in New York, Pennsylvania, Maryland, Delaware, Virginia, West Virginia and Washington, D.C.
Equal Housing Lender. 2014 M&T Bank. Member FDIC.
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M&T Bank Finances First My Micro NY Project
Posted: Wednesday, April 2, 2014 10:08 am
Work begins on new WSC apartment building Eric Killelea Williston Herald |
Construction on a second apartment building at Williston State College is underway.
Managed by Dakota Commercial & Development Co., Phase II is an $11 million project consisting of four stories and 80,000 square feet with 74 units.
Additionally, 13,000 square feet of space will provide 41 underground parking stalls and 8,000 square feet will be available for commercial use.
A WSC press release said $3 million of the total cost was garnered through the Housing Incentive Fund, provided by the North Dakota Housing Finance Agency. Half of the units in the second building will be dedicated to housing essential service workers, while the other half will be available at market rate.
WSC President Raymond Nadolny said there are current conversations between Dakota Commercial and WSC in regard to the market rate units as the college continues its searches for ways to meet student housing needs.
The college plans on using some of these units for student housing, Nadolny said. Its very similar to what one sees at other major universities.
Dakota Commercial is not yet searching for tenants or taking information from those hoping to occupy the residential units. However, its seeking businesses interested in filling the commercial space, which will be online in the winter season.
More information about available residential units will be announced to the public as the project nears completion in December 2014.
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Work begins on new WSC apartment building
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NEW YORK (CBSNewYork) Tenants in Rego Park, Queens were living in fear Wednesday that part of their apartment could collapse.
As CBS 2s Vanessa Murdock reported, massive cracks appeared in the walls in the building at 94-01 64th Rd. in Queens. And they said they know who is to blame.
You have to understand the whole wall is moving, said Mike Santoro of Samson Management LLC. Its not just one area. Its the entire wall.
It was an unsettling sight in the basement of the building, with the huge cracks in the foundation.
This wall is about a foot three inches deep, and you can actually see daylight right through it, Santoro said.
Santoro said the company excavating the site next door, Booth Holdings LLC of Fresh Meadows, Queens, is to blame. He said the company cut corners, and now the entire wing of the apartment building is unlivable.
Every morning about 6 or 7 in the morning, youd hear pounding, and it would shake our building the whole time, said resident Martin Lee.
Lee had lived in the building for nearly 20 years, but now he does not. He was evacuated because the walls of his apartment were cracking and the floor was falling away.
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Tenants, Management Worry Cracks In Queens Building Could Lead To Collapse
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One of the best ways to get rid of winters cabin fever? Sit outdoors with a nice cold drink.
Garden DistrictStatus: Open, with heaters. Go for: The pulled-pork barbecue sandwiches and the cheap-but-good beers. And go early, because when its warm out, its nearly impossible to get a seat at the popular 14th Street spot. 1811 14th St. NW. gardendistrictdc.com.
Donovan House rooftop Status: Opens April 11. Go for: The sweeping vista of Thomas Circle and downtown. Theres also a new Asian taco menu, featuring chilled mushroom tacos topped with mango and jalapeno, crispy jicama taco shells and takoyaki, a type of croquette made with octopus. 1155 14th St. NW.donovanhousehotel.com
The Donovan House rooftop (Photo by Stephanie Breijo)
ChupacabraStatus: Open, with heaters. Go for: Happy hour every day and sit-down service at this Mexican restaurants half-covered sidewalk patio on H Street NE. Chupacabras Inferno salsa is so spicy, you have to sign a waiver before eating it. 822 H St. NE.chupacabradc.com
Dacha Status: Open, with heaters. Go for: German beers, some of which are served in an enormous, boot-shaped vessel. The broad picnic tables and Liz Taylor mural add to the warm-weather vibe at this Shaw watering hole. 1600 Seventh St. NW.facebook.com/DachaBeerGarden
Dacha was packed on its opening weekend of 2014. (Photo by Fritz Hahn/The Washington Post)
Roofers UnionStatus: Open, with heaters Go for: Chef Marjorie Meek-Bradleys sausages and homemade pretzel rolls, bourbon punch by the bowlful, and the amazing views across Adams Morgan. 2446 18th St. NW.roofersuniondc.com
The view from Roofers Union's rooftop deck (Maura Judkis/for The Post)
Iron GateStatus: Open with heaters on a night-by-night basis, depending on weather. Go for: The gorgeous patio -- an oasis of calm in the city -- and chef Anthony Chittum's foccaccia bread and small plates. 1734 N St. NW.irongaterestaurantdc.com
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Seven patios and rooftops for spring drinks
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