The new Garden Towers Apartments is providing 150 affordable homes for seniors in New York City.
Located in the Morrisania neighborhood of the Bronx, the development includes 45 units for formerly homeless seniors who will receive on-site social services, including case management, health care, and meals.
All units at the $93 million development are affordable to residents 62 and older with incomes at or below 50% of the area median income.Garden Towers Apartments is a two-building complex connected by a glass greenhouse corridor. Additional amenities include tenant parking, indoor bicycle storage, an on-site laundry facility, a computer room, three large multipurpose rooms, and a social services suite with program offices and a conference room. The buildings are within walking distance to shopping, medical services, and both Crotona Park East and Claremont Park.
Both buildings are designed to meet passive house standards, which include design criteria that ensure buildings use very little energy. The energy-efficiency features include a rooftop solar array, low-flow plumbing, Energy Star appliances, and efficient lighting.The project was developed by Foxy Management, with partners HANAC, JLD Advisory. Lendlease Construction, and Newman Design.
“Garden Tower Apartments is designed to help older New Yorkers live affordably in the neighborhood they love,” Gov. Kathy Hochul said. “Across the state, we are working to ensure more of our seniors have long-term stability so they can make the most of their years ahead without having to make impossible choices with regard to their health and welfare.”
The $93 million community is supported by city and state agencies. The city Department of Housing Preservation and Development provided $9.3 million from its Senior Affordable Rental Apartments program as well as project-based Section 8 vouchers for all the units.
In addition, New York State Homes and Community Renewal’s low-income housing tax credit program generated approximately $42.3 million in equity and $23.7 million in permanent tax-exempt bonds. Boston Financial was the housing credit syndicator. The project received a $9 million Affordable Housing Fund Program loan from HCR’s Office of Resilient Homes and Communities, which aims to increase the supply of affordable housing in areas less prone to flooding. JPMorgan Chase also supported the development.
“HANAC is very honored to mark the completion of the Garden Towers Apartments, particularly during a period when New York City is facing a crisis in housing availability for vulnerable and low-income communities,” said Stacy Bliagos, executive director of HANAC. “We must continue doing the work, as HANAC and Foxy Management have done here, to fortify local communities with supportive affordable housing, social programming, and independent living for older adults.”
