Saturday, November 23, 2019

One less hospital, one more alleged affordable housing development Real Deal

The Chetrit Group has landed $200 million in construction refinancing for its planned multifamily redevelopment at Jamaica’s Mary Immaculate Hospital site, according to sources familiar with the deal.

The funding comes from Square Mile Capital in a deal that was brokered by Henry Bodek of Galaxy Capital Group. The project will be a four-building, 324-unit complex at 150-13 89th Avenue in Queens.

Bodek declined to comment on the deal. Square Mile Capital and Chetrit did not respond to requests for comment.


Anonymous said...

No private development group is spending $200M on just affordable housing. At most there will be a small percentage of barely-affordable units that have to be won in a lottery. Meanwhile, NYC developers are the big lottery winners with this blatantly false "housing crisis" narrative. It's been a stagnant wage crisis for 40 years. Google it! If wages had kept pace with everything else, affordable housing would not be an issue. Even now, if you have good credit, make a decent income for your household size, and are quick on your feet, you CAN rent an apartment. Look around you-- others have done it!

Anonymous said...

Meanwhile they be squawking about a city hospital and bus terminal at the RKO Keith in FLushing

Anonymous said...

Mary immaculate was THE WORST hospital. I'm glad they closed. But they should build something useful there instead of more apartments that we know wont be aimed toward "working class" people.