14-15 Mott Avenue, also known as Rockaway III and located in the Far Rockaway neighborhood of Queens, is a 6-story, 46,956 square foot, elevator building, featuring 42 residential units that are 100% affordable. Originally built in 1931, Rockaway III has undergone a moderate rehabilitation to restore and modernize both interior and exterior components of the building. The site is comprised of 1 studio unit, 24 one-bedroom units, 11 two-bedroom units, 5 three-bedroom units, and 1 four-bedroom unit. The Development, which was originally built in 1931, has undergone a moderate rehabilitation to restore and modernize both interior and exterior components of the building.

Rockaway III was taken over by the City of New York in 2018 and then transferred to HPD’s Neighborhood Restore Housing Development Fund Corporation in late 2018, ultimately to be transferred to a private owner under the Third-Party Transfer Program. In May 2019, HPD and Neighborhood Restore engaged Metropolitan Real Estate Development and Concord Management of NY to replace their existing development partner and property management company respectfully. The Development was an especially difficult to develop building as seen by failed prior attempts by other developers, because of its size, neglected condition by prior ownership, and unique construction scope and phasing plan.

The overall rehabilitation of the Development was completed in 18 months. Due to the extensive and invasive scope of work, the residential component was completed in four phases via our checkerboarding method renovating apartments line by line, by moving residents to either vacant units within the building or in some cases to an apartment offsite.

The Development’s financing included a combination of 9% LIHTC, equity, a first mortgage, and a subsidy loan provided by the New York City Department of HPD through their Multifamily Disposition and Finance Programs, specifically the Third-Party Transfer Program. The HPD Third Party Transfer Program designates qualified sponsors to purchase and rehabilitate distressed vacant and occupied multi-family properties to improve and preserve housing affordable to low-to moderate-income households.