The four-building complex was purchased for $23.8 million from the previous owner. Preservation Development Partners, the new owners, have planned $8.8 million in capital improvements to the property — or approximately $35,000 in rehabilitation per unit.  Renovations will include the repair and installation of new roofs, trash compactors, flooring, and facades.  Individual units will receive new kitchens and bathrooms, closet doors, paint and light fixtures.  In addition, the owners will install a state-of-the-art security system, refurbished laundry rooms and 1,100 new windows.

All 252 units at the property will serve tenants earning up to 60% of Area Median Income (AMI), or no more than $51,540 annually for a family of four. AMI levels are calculated annually by the U.S. Department of Housing and Urban Development (HUD). Income levels for this development were set according to HUD’s 2013 calculations. The project benefits from a Project Based Section 8 Contract (HAP Contract) which will be renewed for 20 years. The Section 8 Contract subsidizes tenants’ rental payments, and reduces the rent burden to 30% of the resident’s income.

The rehabilitation of Albert Goodman Plaza will be completed with tenants in place. All units in this development were filled prior to the transfer of ownership. The City of New York requires that subsidized apartments be rented through an Open Lottery System to ensure fair and equitable distribution of housing to eligible applicants. Marketing of the apartments and the application process for the lottery typically begin when new construction is approximately 70 percent complete. For more information regarding the lottery process or if you would like to receive an e-mail when HPD updates its available apartment and home website listings for City-subsidized housing in the five boroughs, please visit the Apartment Seekers and Homebuyers pages at Current housing lotteries are also available at Applicants may submit either a paper application or an electronic application. Duplicate applications will be disqualified.

The total development cost for Albert Goodman Plaza, which covers the cost of acquisition and rehabilitation, is approximately $41 million. Financing includes $19.75 million in tax-exempt bonds issued by HDC with a construction letter of credit provided by the Bank of New York. The State of New York Mortgage Agency (SONYMA) will provide mortgage insurance for the $12.3 million permanent loan. HPD provided $5.5 million through the HUD Multifamily Preservation Loan Program. The project involved the restructuring and partial pay down of the existing HUD debt and the assignment of an approximately $5.6 million HUD mortgage. An additional $14.1 million was provided in Low Income Housing Tax Credits (LIHTC) equity via PNC Bank.

The rehabilitation construction will begin imminently.  No tenants will be displaced during the construction, which is expected to be completed in June 2015.