{"id":4228,"date":"2017-08-25T17:29:49","date_gmt":"2017-08-25T21:29:49","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/eastnewyork\/developer-seeks-90mil-state-financing-for-east-new-york-development-at-former-health-facility\/"},"modified":"2017-11-07T14:13:14","modified_gmt":"2017-11-07T19:13:14","slug":"developer-seeks-90mil-state-financing-for-east-new-york-development-at-former-health-facility","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/eastnewyork\/developer-seeks-90mil-state-financing-for-east-new-york-development-at-former-health-facility\/","title":{"rendered":"Developer Seeks $90Mil State Financing For East New York Development At Former Health Facility"},"content":{"rendered":"<p><em>Sol Arker\u00a0<\/em><\/p>\n<p><strong>Original Media Source:<\/strong> <a href=\"https:\/\/therealdeal.com\/2017\/08\/22\/arker-companies-seeks-up-to-90m-to-finance-east-new-york-megacomplex\/\">The Real Deal<\/a><\/p>\n<p><a href=\"https:\/\/therealdeal.com\/new-research\/topics\/company\/arker-companies\/\" target=\"_blank\" rel=\"noopener noreferrer\">Arker Companies<\/a>\u00a0is looking to the state for up to $90 million in tax-exempt bond financing to develop a pair of rental buildings on the site of a decommissioned health facility in East New York.<\/p>\n<p>The affordable housing developer filed applications with the state\u2019s Housing Finance Agency seeking up to $62 million in bond financing for the 200-unit 10 Schroeders Walk, and another $28 million for the 144-unit 881 Erskine Street, public records show.<\/p>\n<p>Representatives for Queens-based Arker and the state agency did not immediately respond to a request for comment.<\/p>\n<p>The buildings are part of a planned development that will eventually bring 1,169 units, 397 of which will be set aside as affordable housing, on 6.7 acres of vacant land at the site of the former Brooklyn Developmental Center. The state decommissioned the facility in 2015 and sold to the property to Arker for $10 million through a request for proposal issued by Empire State Development, the state\u2019s economic development arm.<\/p>\n<p>Arker<a href=\"https:\/\/therealdeal.com\/2017\/07\/24\/the-top-10-biggest-real-estate-projects-coming-to-nyc-3\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0filed<\/a>\u00a0<a href=\"https:\/\/therealdeal.com\/2017\/06\/15\/the-top-10-biggest-real-estate-projects-coming-to-nyc-2\/\" target=\"_blank\" rel=\"noopener noreferrer\">plans<\/a>\u00a0with the city\u2019s Department of Buildings for the two buildings earlier this summer.<\/p>\n<p>When the project is complete, it will span eight buildings with retail, commercial and community space. Rents will range from $328 to $913 per month for a studio and $582 to $1,292 per month for a three-bedroom.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sol Arker\u00a0 Original Media Source: The Real Deal Arker Companies\u00a0is looking to the state for up to $90 million in tax-exempt bond financing to develop a pair of rental buildings on the site of a decommissioned health facility in East New York. The affordable housing developer filed applications with the state\u2019s Housing Finance Agency seeking [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[78,275],"tags":[],"class_list":["post-4228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-eny-housing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Developer Seeks $90Mil State Financing For East New York Development At Former Health Facility - East New York News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/eastnewyork\/developer-seeks-90mil-state-financing-for-east-new-york-development-at-former-health-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developer Seeks $90Mil State Financing For East New York Development At Former Health Facility\" \/>\n<meta property=\"og:description\" content=\"Sol Arker\u00a0 Original Media Source: The Real Deal Arker Companies\u00a0is looking to the state for up to $90 million in tax-exempt bond financing to develop a pair of rental buildings on the site of a decommissioned health facility in East New York. 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