8 THE QUEENS COURIER • JANUARY 13, 2022 FOR BREAKING NEWS VISIT WWW.QNS.COM
Phipps Houses closes on fourth phase of
Rockaway Village housing development
BY BILL PARRY
bparry@schnepsmedia.com
@QNS
Phipps Houses announced on Th ursday,
Jan. 6, the closing on $116 million in
fi nancing for the fourth phase of its massive
Rockaway Village aff ordable housing
project in the heart of Far Rockaway.
Th e development is transforming an
abandoned shopping center into
permanently aff ordable housing,
public space and
retail across Mott
Avenue from the
Far Rockaway A
Train subway and
across Nameoke
Avenue from the
Far Rockaway
LIRR station.
“ P h i p p s
Houses is committed
to building
aff ordable homes
that allow families
to stay and grow in
their communities while
strengthening their neighborhood
connections for future generations,”
Phipps Houses President and
CEO Adam Weinstein said. ‘Th e fi nancing
of this phase helps us get another
step closer to fully realizing the nearly
1,700 units of aff ordable housing in Far
Phipps Houses has locked down fi nancing for the fourth phase of the massive Rockaway Village project in the heart of
downtown Far Rockaway.
Rockaway with new
commercial and community
spaces to complement
the neighborhood.”
Financing was provided by the city’s
Department of Housing Preservation
and Development and the city’s Housing
Development Corporation along with
Citi, which provided the letter of credit,
and Richman Housing Resources LLC.
Th is phase of Rockaway Village will
include two mid-rise apartment buildings
with 184 aff ordable units available
for families earning between 30% and
70% of Area Median Income, with 15%
of the units set aside for households
that are formerly homeless. Construction
will begin this month with an expected
completion in early 2024.
“Th e Rockaway Village project by
Phipps Houses is a big win for Far
Rockaway, creating 1,700 units of aff ordable
housing and bringing the neighborhood
many amenities that will benefi
t both existing and future residents,”
Queens Borough President Donovan
Richards said. “I’m pleased that the fourth
phase project is moving forward, and
I commend all those who are helping
Rockaway Village reach its full potential
as a welcome new addition to Far
Rockaway.”
Once complete, the entire Rockaway
Village complex will include eight buildings
with 1,700 units of aff ordable housing
and 120,000 square feet of commercial
and community facility space.
Additionally, the project is expected to
create 590 parking spaces, restore the
street grid and create a new connection
between the A train station on Mott
Avenue and the LIRR station on Nameoke
Avenue.
Courtesy of Marvel Architects
“Downtown Far Rockaway has been
overdue for strategic investments
and careful planning for far too long.
Rockaway Village transforms an abandoned
shopping center into more than
1,700 aff ordable homes as well as public
space and retail for the neighborhood,”
HPD Commissioner Louise Carroll said.
“We are excited to celebrate the fourth
phase with Phipps Houses, elected offi -
cials, and partner agencies as 184 aff ordable
homes for low-income families will
soon break ground, and we look forward
to seeing a new future in the Rockaways
unfold.”
Th e project’s fi rst and second phases are
expected to open in the coming months
and the third phase is under construction.
Rockaway Village is a key component
of the 2017 Downtown Far Rockaway
rezoning, which brought $288 million of
capital investments to the neighborhood.
“We applaud the city’s latest investment
to help bring needed aff ordable housing
to Downtown Far Rockaway,” NYC
Economic Development Corporation
President and CEO Rachel Loeb said.
“NYCEDC supported and helped deliver
on the plan to rezone the area, and we are
proud to work with our fellow city partners,
Phipps Houses, elected offi cials and
the community to ensure its ket commitments
and promises are actualized.”
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