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Rockabill Development and GoddardRiverside have plans of constructing a Russo Residence permanent supportive housing property in New York. The developers formed a partnership to transform the illegal Upper West Side hotel at 235 West 108th in Manhattan.
The joint venture partners intend to reconfigure the six-story hotel building and bring the affordable Russo Residence to the location.The old hotel was an illegal short-stay property for a while, until the developers purchased it for $38 million in 2021. Now they are planning to commence the reconstruction project by next month.
Development plans for the Russo Residence housing project
The old hotel building was constructed in 1912 with 84 units but after the reconstruction it will have 68 units. Renovations for the new Russo Residence building will involve the installation of new elevators, hardwood flooring and energy upgrades. Additionally, the project covers façade repairs and carpet removal which will help bring the property up to the current code standards. It will also include boiler and steam pipe replacements along with a high-efficiency heating and cooling system installation.
New York City’s 15/15 Supportive Housing Initiative will cover the costs for 54 households at the Russo Residence development. Therefore, future residents of the units will receive supportive services and rental assistance from the city’s housing initiative. The developers will also reserve 6 affordable units for households earning 60% of the Area’s Median Income. While the remaining 8 units will for the existing long-term residents and their affordable rent will not increase.
New York Department of Housing Preservation and Development’s Supportive Housing Loan Program is providing a $14 million loan for the project. While Manhattan borough’s president, Mark Levine and council member Gale Brewer are also contributing $700,000 to help finance it.
Gale Brewer mentioned that he was proud to partner with Goddard Riverside about the Russo Residence development. Especially since he has been a longtime representative and resident of the Upper West Side. According to Brewer, Goddard Riverside is a renowned provider that runs four supportive housing buildings in Manhattan. |
