Case study : TLK Manor
The project consists of an 82 unit new construction multifamily affordable housing development on two privately owned vacant parcels. These parcels, owned by the Evangelical Disciples of Christ Inc., were sold to the joint venture partners in return for a newly constructed Church condominium unit in the new building. The Westchester building will be structured as a two-unit condominium comprising one church unit, containing approximately 14,300 square feet of church sanctuary space, occupying a portion of the first floor and cellar of the building and one residential unit containing the remainder of the building. A second parcel will comprise of 100% residential affordable housing units.
Goldstein Hall, as part of their faith based special initiatives, successfully negotiated and crafted an affordable housing joint venture development agreement between M/WBE developers – Brisa Builders and Evergreen City – for a new project called “TLK Manor” in the Hunts Point neighborhood of the Bronx. As counsel to the Joint Venture, Goldstein Hall successfully shepherd the Joint Venture through an acquisition closing and a tax credit syndication closing. Key to the deal is the delicate balance of building a Church within an affordable housing project. TLK Manor is one of the first successful affordable housing development projects that incorporates a new church unit within the same structure