Property Resources Corporation
and Camber Property Group cohosted
a ribbon-cutting ceremony
Friday, Oct. 22, for the Tiffany
Street Apartments, located at 975
Tiffany St., in the South Bronx.
The 100% affordable, 161-unit
building includes a wide variety of
unit types for varied family sizes
from studios to three-bedroom
apartments. The units are
affordable to residents earning a
wide spectrum of incomes between
27%-80% of the Area Median
Income (AMI). Thirty-four units
will be fi lled by formerly homeless
households at the building’s
lease-up, 24 of which are set aside
for formerly homeless individuals
and families into the future.
The development team was joined
by New York City Councilman
Rafael Salamanca, New York State
Assemblyman Kenny Burgos,
as well as representatives from
the New York City Department
of Housing Preservation and
Development (HPD), New York City
Housing Development Corporation
(HDC) and other community
organizations for the event.
“Providing safe, secure housing
to New Yorkers of all incomes
has never been more essential,
especially as we look to rebuild
in light of an ongoing pandemic,”
said Benjamin Linde, principal at
Property Resources Corporation.
“We are so pleased that 161 families
will now be able to call Tiffany
Street Apartments home, and we
are grateful to our colleagues
and the community who worked
tirelessly to make that possible.”
The Tiffany Street Apartments
are a joint venture between
Property Resources Corp., and
Camber Property Group, the
third such collaboration between
the two companies in the South
Bronx. The partnership has also
developed 1000 Fox St., an eightstory,
120 unit affordable project,
and 960 Simpson St., a six-story, 80-
unit building.
The $60 million project was
funded through a combination
of $40 million in tax-exempt
bonds and subsidy from HPD
and HDC, and $15 million in
Low Income Housing Tax Credit
equity. Chase Community
Development Banking provided
the construction period credit
enhancement and Regions
Affordable Housing provided
the tax credit equity on behalf of
JPMorgan Capital Corporation.
BRONX TIMES REPORTER, O 36 CT. 29-NOV. 4, 2021 BTR
Property Resources Corporation and Camber Property Group co-hosted a ribbon cutting
ceremony on Oct. 22, 2021, for the Tiffany Street Apartments, located at 975 Tiffany St., in
the South Bronx. Photo courtesy Sylvester Zawadzki
“Bringing more affordable
housing to The Bronx is
something that has been a
priority for me since I took offi ce,
and will also play a crucial role in
our borough’s recovery from the
COVID-19 pandemic,” said Bronx
Borough President Ruben Diaz
Jr. “This 100 percent affordable
South Bronx development at 975
Tiffany Street is a monumental
project, creating 161 affordable
housing units of different sizes
and will give many Bronxites in
need a place to call home.”
Amenities available to
residents at the Tiffany Street
Apartments include an on-site
resident manager, fi tness center,
community gathering space,
outdoor recreational space, bike
storage and laundry room. The
building is located near both the
Simpson Street and Intervale
Avenue 2/5 subway stations and a
short distance from the Southern
Boulevard Business Improvement
District, one of the most vibrant
retail districts in the Bronx.
-Bronx Times
Ribbon cutting opens
Tiffany Street Apartments
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