Project Location:
The Bronx, Manhattan, & Brooklyn, NY
1789 Madison
Property Type:
Residential
Property Size:
—
Project Status:
Completed
Number of Units:
875
Website:
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1789 Madison
1789 Madison Ave is a key component of the Triborough Preservation development.
In 2015, BFC Partners was part of a historic public-private partnership with NYCHA that preserved 875 units of public housing. The Project consisted of the acquisition and rehabilitation of an 875-unit multi-family rental housing portfolio consisting of ten (10) buildings located at six (6) scattered-sites located in the Bronx, Brooklyn, and Manhattan, New York. The six developments are: Bronx Chester in the Bronx; Campos Plaza I, East 4th Street Rehab, East 120th Street Rehab, Milbank-Frawley Houses in Manhattan; and Saratoga Square in Brooklyn.
In addition to working closely with multiple business partners, BFC worked in close coordination with the New York City Housing Authority (NYCHA) as a 50% owner in the joint venture. BFC continues to maintain work with NYCHA and other NYC housing agencies, and has collaborated with the agencies on numerous projects since then.
The partnership, which includes NYCHA as a 50% owner, invested over $100 million in renovations of the developments including rehabilitation of apartment interiors (to include new bathrooms and kitchens) and rehabilitation of the building exteriors and landscaping of the public spaces.
The project brought newfound access to community organizations for all residents via partnerships with organizations like Bronx Works, who opened a new office at the Bronx Chester Houses to provide comprehensive and holistic services to children, young adults, families and seniors. The development team also ensured that all residents had the opportunity to take part of the economic revitalization of these spaces by committing to staff 20% of all construction jobs and 50% of all permanent positions with NYCHA residents.
