Douglaston Development has added much-needed affordable senior living units to New York City’s housing stock. The company opened 2850 Webster Ave. after completing construction on the community earlier this year.
The 12-story affordable senior housing community offers 188 units that will be reserved for seniors making up to 50 percent of the area median income. Community amenities at the property include a fitness room, lounge, green roof with passive rooftop recreation space and laundry facilities. On its ground floor, 2850 Webster Ave. also offers 12,000 square feet of retail space, which is already leased to Cherry Valley Marketplace and Fordham Bedford Community Services, the latter of whom will provide onsite social services to residents.
Douglaston began work on the project in August 2020 after being selected through a competitive request for proposals process by the neighboring New York Botanical Garden, which owns the land. The company landed $60 million in construction financing for 2850 Webster Ave. in January 2021, later topping out the project in July 2022.
The developer is working on the second phase of the project. The overall mixed-use property also includes 2868 Webster Ave., which will offer 277 affordable residences for families and 8,000 square feet of ground-floor grocery space when completed.
Adding affordable housing in the Bronx
Douglaston Development, along with Levine Builders and the property management division of Clinton Management make up the Douglaston Companies. The company has been active in the Bronx and has previously developed the 425-unit Crossroads Plaza that was constructed over three phases, as well as the 125-unit 700 Rosewood, which was completed in 2011.
Other than its affordable housing projects in the Bronx, Douglaston has completed projects throughout New York City and across the residential sector, including market-rate, student housing and mixed-income properties. Elsewhere, the company completed Level BK, a 40-story market-rate community in Brooklyn’s Williamsburg neighborhood, and the 369-unit Ohm in Manhattan’s Chelsea neighborhood.
