Luxury housing developer PMG is getting into the affordable property business.
PMG Affordable will build its first development in Far Rockaway, Queens, in partnership with the local Brisa Builders.
“We are excited to close on the land acquisition for PMG Affordable’s first deal in New York City and look forward to announcing other transactions very soon in Florida and other markets across the country,” said Dan Coakley, Principal of PMG Affordable.
“We aim to make a positive impact on the community through attainably priced rental housing that improves quality of life for individuals and families.”
Brisa bought the site at 19-15 & 19-19 Cornaga Avenue last summer and filed plans for a 9-story mixed-use building. In partnership with PMG, it will build a $35 million Supportive Housing with construction expected to start in late 2021.
The site is located in the Downtown Far Rockaway Special Purpose District, an area created as part of a plan to strengthen the community by encouraging diverse use of vacant and underutilized sites near mass transit and primary corridors.
The 62,500 s/f project is designed by Paul A. Castrucci Architects and will include 92 units, of which 60 will be supportive housing units and 32 will be M.I.H. units.
The compact building mass will make use of Passive House design strategies for energy efficiency, and will be identified as a Supportive Housing project, providing supportive services by Core Services Group.
A 2017 rezoning of a 23-block area of Far Rockaway that permits bigger buildings is expected to bring over 3,100 apartments, 164,600 s/f of retail space, and over 80,900 s/f of community facility space over the next several years.
Brisa is an experienced affordable housing developer founded by the late Thomas B. Keller and now run by his daughter Ericka Keller. The company has been involved in dozens of developments throughout the tri-state, most recently building the first phase of the 500-unit Ebenezer Plaza complex in Brownsville.
PMG, meanwhile, has a more uptown resume that includes residences such as Steinway Tower and Waldorf Astoria Residences, where four-bedroom homes are expected to be listed at $18.5 million.
Led by industry veteran Dan Coakley, PMG Affordable will develop new affordable housing assets as well as acquire existing affordable housing and Section 8 properties nationwide. It will look to partner with M/WBE-certified businesses, municipalities and local housing authorities as well as both nonprofit and for-profit JV co-development partners.
PMG Affordable’s target markets include New York, the Southeast with a focus on Florida, Texas, and select markets in the Southwest where PMG is currently active with development projects.