Property Resources Corporation and Camber Property Group announced the official opening of the Tiffany Street Apartments, located at 975 Tiffany Street in the South Bronx.
The 100 percent affordable, 161-unit building includes a wide variety of unit types for varied family sizes from studios to three-bedroom apartments.
The building is a mixed-income community with apartments affordable to residents earning a wide spectrum of incomes between 27 percent of the Area Median Income (AMI) up to 80 percent AMI.
Over 20 percent of the building or 34 units have been set-aside for formerly homeless individuals and families.
The lottery for the Tiffany Street Apartments opened in early July through NYC Housing Connect and received over 60,000 applications.
“The sheer number of applications received for Tiffany Street Apartments evidences the critical need for this type of mixed-income housing now,” said Rick Gropper, Principal and Co-Founder of Camber Property Group. “As our city grapples with COVID-19, it is incumbent on us to create housing for all New Yorkers – especially the formerly homeless – who need our assistance to begin to break the cycle of poverty.”
“PRC has proudly provided affordable housing to our community in the Bronx for fifty years, and the need for housing has never been more crucial,” said Ben Linde, Principal, Property Resources Corporation. “We are extremely grateful, amid these unprecedented circumstances, to offer 161 neighborhood families a safe, comfortable place to call home at Tiffany Street Apartments.”
“What families need in this moment are safe, secure and affordable homes. These 161 affordable homes are paired with outdoor space and are in close proximity to community assets,” said HPD Commissioner Louise Carroll. “I want to thank our partners Property Resources Corporation and Camber Property Group for creating a project that is 100% affordable and providing 34 homes for formerly homeless New Yorkers.”
“Tiffany Street Apartments will provide housing stability to 161 individuals and families, including 34 formerly homeless New Yorkers,” said HDC President Eric Enderlin. “At a time when affordable housing is more important than ever, I commend all our partners for their ongoing efforts to drive forward critical developments like this to completion.”
“Access to truly affordable housing has and will continue to be the leading issue of our time,' stated Council Member Rafael Salamanca, 17th Council District, The Bronx. “As COVID exacerbates this demand, the opening of the 161-unit, 100 percent affordable Tiffany Street Apartments will provide Bronxites of all walks of life with the housing opportunities they need most. From units for formerly homeless individuals and families, to units at the deepest affordability, to units for working families, Tiffany Street Apartments is an example of smart development. I applaud the teams at Property Resources Corporation and Camber Property Group for their continued commitment to building affordable housing in the South Bronx, and thank administrative partners HDC and HPD for their assistance in making this project a reality.”
The Tiffany Street Apartments are a joint venture between Property Resources Corp. and Camber Property Group, the third such collaboration between the two companies in the South Bronx. The partnership also developed 1000 Fox Street, an eight-story, 120 unit affordable project, and 960 Simpson Street, a six-story, 80-unit building.
The $60 million project was funded through a combination of $40 million in tax-exempt bonds and subsidy from HPD and HDC and $15 million in Low Income Housing Tax Credit equity. Chase Community Development Banking provided the construction period credit enhancement and Regions Affordable Housing provided the tax credit equity on behalf of JPMorgan Capital Corporation.
Amenities available to residents at the Tiffany Street Apartments include an on-site resident manager, fitness center, community gathering space, outdoor recreational space, bike storage and laundry room. The building is located a near both the Simpson Street and Intervale Avenue 2/5 subway stations and a short distance from the Southern Boulevard Business Improvement District, one of the most vibrant retail districts in The Bronx.