In a borough where city officials say affordable homeownership has been scarce for too long, 58 Bronx households are getting the chance to buy.
Gov. Kathy Hochul announced Oct. 14 that the first phase of Stevenson Square is finished, including a $53 million homeownership development with 58 new co-op homes in the Soundview neighborhood, according to the governor's office.
The co-ops are in two newly built four-story buildings and are affordable to households earning up to 80% of area median income. The average sales price is about $204,000.
"Every New Yorker deserves the opportunity to put down roots in a community they love," Hochul said.
Building on an existing campus
The homes are part of Stevenson Commons, which was built under New York's Mitchell-Lama program in the 1970s. Camber Property Group bought the 948-unit property in 2017 and drew up a master plan to build more housing on underused parts of the campus.
Phase I includes the co-ops plus 117 affordable rental apartments for seniors 62 and older. Second and third phases are planned with more affordable rentals.
One small discrepancy: City Council Member Amanda Farías, quoted in the state's release, referred to "The Beatrice's 116 affordable senior apartments," while the state counts 117 senior rentals in Phase I.
Camber principal Rick Gropper said the opening "marks the beginning of a multi-phase $1 billion transformation of this site." HPD Commissioner Dina Levy said the full redevelopment will bring "more than 700 new affordable homes to the Bronx."
Levy said the homeownership piece matters because "homeownership is vital for ensuring neighborhood stability."
Farías also noted that affordability protections on the 948 existing Mitchell-Lama apartments have been extended for another 40 years.
How the co-ops were paid for
Financing for the homeownership piece included $11.6 million from the state's Affordable Homeownership Opportunity Program, which finances affordable single-family houses, condos and co-ops. The city's Department of Housing Preservation and Development put in about $21.2 million through its Open Door program. Another $3.8 million in Resolution A funds came from Farías, former Council Member Ruben Diaz Sr. and former Borough President Ruben Diaz Jr. HPD also financed the rental portion.
Farías said her $2 million was the largest City Council allocation toward Phase I.
Habitat for Humanity New York City and Westchester County is also a partner. Its CEO, Sabrina Lipman, said too many Bronx families "remain locked out of the opportunity to own a home in the neighborhoods they helped shape."
The buildings are all-electric and have earned Enterprise Green Communities certification, with a solar array and energy-efficient heating and cooling, stoves, dishwashers, washers and dryers. The co-ops have landscaped front and rear yards to fit the low-rise character of Soundview. They're within walking distance of Pugsley Creek and Soundview parks, with access to the subway and NYC Ferry. A supermarket and the Stevenson Family Health Center are already on the campus.
"These 58 affordable cooperative homes will give individuals and families the opportunity to put down roots, build equity and invest in their futures," said RuthAnne Visnauskas, commissioner of New York State Homes and Community Renewal.
Assembly Member Karines Reyes said she supported capital funding for the project in the last two state budgets, along with the Article 9 tax abatement for the senior portion. "Stevenson Square is proof that investing in Mitchell-Lama housing pays off," she said.
State Sen. Nathalia Fernandez said rising costs "have made homeownership feel increasingly out of reach," and Bronx Borough President Vanessa Gibson pointed to the site's access to the subway, the Soundview ferry terminal, health care and a supermarket.
The state's announcement did not name a general contractor.
Why it matters for Contractors
Affordable homeownership is a small but growing slice of New York City housing work, and Stevenson Square shows one way to get it built: adding new low-rise buildings on underused land at an existing campus instead of buying a new site. That kind of infill can mean working around occupied buildings, tight staging and existing utilities, so experienced site, utility and general building contractors have an advantage. Camber says this is the first piece of a $1 billion plan, with more phases to come, so there's more work ahead in Soundview. All-electric systems, solar and green certification are now standard on state-funded jobs, which means electrical, HVAC and solar subs who know those requirements will keep finding work on projects like this.