New York City Educational Construction Fund

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The New York Educational Construction Fund is a municipal organization which is responsible for capital budgets related to the funding of new schools in the five boroughs of New York City. In 1996, as the NYC real estate market was recovering from the 1992 “recession,” the NYECF determined that 7 schools were in prime locations and that the development rights (TDR’s) of those schools had sufficient value to fund new schools and services in those neighborhoods, NYECF issued a national RFP for consultants to provide analysis required to evaluate the scope of development of each site, provide a valuation study for each site and assist the City of New York in marketing the TDR to the development community. After extensive interviews, IDA was awarded the contract to prepare development and marketing packages for the 7 schools. To date, 2 of the schools have been sold and are in construction – P.S. 59 and M.S. 114. M.S. 114 was developed as a 35 story condominium, the Azure, above a new school. PS 59 will be an elementary school and a new High School of Art and Design, which will be in a 50 story condominium tower on a retail base.

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Hyatt Regency Cabarete Cabarete, Dominican Republic

 

Cabarete, located on the Atlantic Coast of the Dominican Republic, has been known for years as one of the top 3 windsurfing spots in the world. An international development team has purchased a mile of pristine beach called The Miracle Mile for construction of 400 condominiums, a shopping village, and a 300 key full service Hyatt Regency Resort. The resort will feature 260 rooms and suites and 40 timeshare condominiums as well as a 15,000sf banquet/conference center with full corporate services, a Hyatt Signature Spa, Camp Hyatt, and a full complement of sports facilities and restaurant venues. As the only full service facility in Cabarete, the Hyatt is expected to be the home of major sporting events, corporate meetings, weddings and family vacations for years to come.

183 Lenox Avenue New York, NY

 

183 Lenox Avenue is a former SRO (Single Room Occupancy) building in the Mount Morris Park Historic District. WQB Architecture is currently assisting ERG Realty in changing the SRO to 3 class A apartments and 2 stores. Work includes gut renovation of the interior, total building system modernization and restoration of the landmark façade and stoop in accordance with the guidelines of the NYC Landmarks Preservation Commission.

OBRFC Columbus Associates 107th Street at Columbus Avenue New York, New York

 

 

 

 

 

 

 

OBRFC / Columbus Associates was formed to develop one of the last sites in NYC HPD’s Dollar Building Program. The site was composed of 3 totally “gutted” tenements which became the NYS HFA’s first 80/20 funding, with sales of a 4% LIHTC to Chevron Oil Co. OBRFC subsequently purchased a vacant lot at 965 Columbus Avenue which was developed under the Inclusionary Zoning Program, utilizing the 8% Low Income Housing Tax Credits and NYS Housing Trust Fund Infrastructure Grants. The Inclusionary Zoning Rights were sold to Millennium Partners for development of 1965 Broadway. Four additional properties on West 107th Street were purchased from the RTC which became moderate rehabs and were subsequently refinanced under NYC HPD programs. At the end of the project, OBRFC developed 8 buildings utilizing 7 different NYC and NYS programs and transformed a previously bombed-out block to new housing for 130 families with incomes as low as 50% of AMI and as high as local market rates.

Dream Hotel Midtown Broadway & 55th Street New York, New York

Hampshire Hotels and Resorts have operated 210 West 55th Street, formally known as the Woodword Hotel, under a variety of franchise agreements and reservation systems for over 20 years. The property also includes two other buildings which comprise the entire block of West 55th Street between Broadway and Seventh Avenue. As master-planner and architect for the property, WQB Architecture prepared designs for building renovation and additions, demolition/redevelopment of the entire site; redevelopment of 206 W. 55th Street as an extended stay hotel, and 200 w. 55th as Hampshire’s corporate offices. The 280-room hotel is currently the new flagship for “The Dream” HHR’s new boutique chain, which is being operated as a “Leading Hotel of the World” and is currently being introduced in Downtown Manhattan, Bangkok and India.

Lenox Powell Associates 115‐119 West 137th Street New York, New York

This residential project, which revitalized abandoned buildings and replaced an urban lot, created affordable one and two‐bedroom units for families and seniors in Harlem. It was developed by the Community Preservation Corporation and the Center Development Corporation, and sponsored by the Shiloh Baptist Church and St. Philips Episcopal Church. The project combined the gut renovation of an existing 100‐year old building with new construction on an adjacent lot into one new elevator serviced residential building. The other phase was the gut renovation of an existing century‐old building into a five‐story walk‐up due to ADA compliance. The project was an HPD acquisition RFP site, funded by a mixture of New Market Tax Credits and Tax Exempt Bonds, loans from the CPC with 421‐a tax abatement and j‐51 tax deferrals. Construction was completed in 2009.

Lenox Powell Associates 2228 Adam Clayton Powell Boulevard New York, New York

This residential project is a gut renovation of 100 years old building to create 56 one and two-bedroom affordable residential units for lower income families and seniors in the heart of hard-working Harlem. The project was an HPD acquisition RFP site, funded by a mixture of New Market Tax Credits and Tax Exempt Bonds, loans from the CPC with 421-a tax abatement and j-51 tax deferrals. Construction was completed in 2009. The project was developed by the Community Preservation Corporation and the Center Development Corporation, and is sponsored by the neighboring Shiloh Baptist Church and St. Philips Episcopal Church. Construction was completed in 2009.

350 East 55th Street New York, New York

350 East 55th Street, currently under construction is a new building directly off Sutton Place in Manhattan. The building will have 8 rental apartments and an Owner’s Duplex penthouse on completion. WQB is providing, the design, as well as code and tax consulting services for the project.