Thursday, July 21, 2016
Peninsula Hospital sold to affordable housing developer
From DNA Info:
A real estate developer and an affordable housing corporation have teamed up to buy the former Peninsula Hospital site for $19 million, according to city records.
The Arker Companies and the Northeast Brooklyn Housing Development Corporation bought the site in May from Congregation Zichron Yitzchok Vmoshe Eliyahu, a non-profit based in Borough Park and owned by Yosef "Joseph" Brunner, records show.
They bought it under two recently-formed limited liability companies, Peninsula Rockaway Housing Development Fund Corp., affiliated with NEBHDCo; and Peninsula Rockaway Limited Partnership, affiliated with the Arker Companies, records show.
The new owners plan to build multi-family housing and commercial buildings, according to paperwork filed with the city.
The project — which applied for a mortgage tax exemption because the developers exclusively build affordable housing, according to documents — would need to go through the city's ULURP rezoning process before it could move forward.