Lemle & Wolff is partnering with the owner of a site in the Williamsburg neighborhood of Brooklyn on the development of a 35-unit, market-rate building. The Grand Street project involves the demolition of an existing structure and the construction of a contemporary, masonry-clad property with one- and two-bedroom apartments.

Lemle & Wolff is the co-developer, general contractor, and property manager for this project.

Total units: 35
Total development cost: $13.5 million

Through HPD’s Third Party Transfer Cooperative program, Lemle & Wolff is developing a 69-unit homeownership project on West 129th Street.A fourth adjacent building containing 25 apartments will be developed as a rental property for a total of 94 affordable housing units. Closing is scheduled to occur in fall 2015.

Over the past year, Lemle & Wolff has been completing pre-development activities and working with the Urban Homesteading Assistance Board to train the residents in cooperative homeownership and the operation of a resident-controlled HDFC.

Total units: 94
Total development Cost: $20 million

Plover Apartments is the renovation of four buildings through HPD’s Third Party Transfer and HDC’s LAMP preservation programs. The properties are scattered among the Hunts Point, Tremont, University Heights, and Highbridge neighborhoods.The project involves the phased relocation of the existing tenants to other buildings in Lemle & Wolff’s management portfolio, to different neighborhood landlords, and internally within each building.

The comprehensive scope of work includes new kitchens and bathrooms, new major systems including high-efficiency boilers, lead and asbestos abatement, structural and masonry improvements, and the addition of laundry rooms to most of the properties. Each building has unique art decorative details that Lemle & Wolff will restore during construction.

The financing for Plover Apartments is provided by HDC, HPD, the National Equity Fund, and the Bank of New York.

Total Units: 138
Total Development Cost:  $27.5 million

Soundview Housing is a three-phase development awarded to Lemle & Wolff and its development partners under a Request for Proposals issued by the New York City Housing Authority and New York City Department of Housing Preservation & Development. In total, the $95 million project will create 222 affordable housing units in separate buildings for families, seniors, and homeowners on under-utilized NYCHA property in the Soundview neighborhood of the Bronx.

Lemle & Wolff is the developer and property manager of Phases I & II in a partnership with CPC Resources, Inc., L&M Development Partners, and the New York City Housing Partnership Development Corporation. Phase III, the homeownership component of the project, is a joint venture between Lemle & Wolff and L&M.

Phase I: Soundview Family consists of 120 one-, two-, and three-bedroom apartment units in an eight-story building adjacent to Soundview Park. This first phase of the project closed on financing and started construction in June 2013. Occupancy is scheduled for fall 2015.

Phase II: Soundview Senior will provide 86 one-bedroom apartments for low-income seniors in an eight-story building adjacent to the Soundview Family property. The project has a 15-year project-based Section 8 contract from NYCHA. Occupancy for this building is scheduled for mid-2016.

Both Phases I & II are financed through the New York City Housing Development Corporation’s (HDC) LAMP program and the New York City Housing Preservation & Development’s (HPD) Low Income Rental program. Wells Fargo purchased the Low Income Housing Tax Credits (LIHTC) and provided credit enhancement for the tax-exempt bonds. Additional funding was provided by the Bronx Borough President’s office and the New York City Council.

Phase III: Soundview Homeownership consists of 16 two-family townhomes to be built next to the senior building. The project is in the pre-development stage with a construction closing anticipated for 2016.

Total Units: 222
Total development Cost: $95 million

The Academy Street Preservation Project comprises the substantial renovation of six buildings in the Washington Heights community of Manhattan. Principals of Lemle & Wolff have owned the properties since the early 1980s and are committed to their preservation as affordable housing in a rapidly changing part of the city.

Construction started in June 2013 with funding provided through HPD’s Participation Loan Program. The participating lenders are the Enterprise Community Loan Fund, Chase, and the Low Income Investment Fund. Northern Manhattan Improvement Corporation, a non-profit whom Lemle & Wolff has partnered with on other projects, is providing additional assistance through the New York State Weatherization Assistance Program.

Total units: 150
Total Development Cost: $21 million

Quadrant Properties was a joint venture between Lemle & Wolff and South Bronx Community Management Company to rescue a large portfolio of properties in the Longwood, Hunts Point, and Mott Haven neighborhoods of the Bronx. The problems with the portfolio were vast, including a vacancy rate over 30%, millions of dollars in municipal arrears and dangerous physical conditions at the properties.

Lemle & Wolff began managing the portfolio in 2008 and took ownership in 2011 in a complicated workout that involved a significant loan from the New York City Acquisition Fund and major capital improvements funded by LIHTC equity, financing from HDC and loans through HPD’s Participation Loan Program, and Article 8A program. Lemle & Wolff created a unique ownership structure for this project that invests the majority of cash flow back into the properties, further ensuring the long-term financial viability of the portfolio.

The final phase of construction for Quadrant Properties was completed in 2014. The Quadrant Properties project was a major effort by the Lemle & Wolff family of companies that resulted in the successful turnaround and preservation of this important resource of affordable housing.

Total units: 1,240
Total development cost: $96.5 million

Hoewood Point was an 80-unit Bronx preservation project financed through HDC’s LAMP Preservation program and HPD’s Low Income Rental program. 932-940 Hoe Avenue has 61 apartments, 39 of which are covered under an HPD project-based Section 8 contract. 1023 Longwood Avenue has 19 units and two commercial spaces. Lemle & Wolff acquired these buildings under a joint venture agreement with South Bronx Community Management Company, a non-profit organization.

Acquisition and rehabilitation LIHTC were syndicated by Hudson Housing Capital LLC and JPMorgan Chase Bank and Capital One provided the credit enhancement for the tax-exempt bonds. Both buildings received Article XI tax abatements.

The construction scope of work for Hoewood Point included joist replacement, fully renovated apartments, extensive masonry repairs, all new major systems, new windows, lead and asbestos abatement, and a comprehensive energy reduction program under Enterprise Green Communities. Each building has a solar thermal system that reduces the fuels costs for the buildings.

Hoewood Point closed and started construction in June 2012 and was completed in early 2014.

Total units: 80 plus two commercial spaces
Total development cost: $19 million

Aurea Development includes two buildings and 85 units in the Bronx. It was one of the most challenging renovation projects that Lemle & Wolff has undertaken. In addition to addressing dangerous structural conditions at both buildings, the company needed to vacate more than 50 tenants and remediate an oil spill that occurred after removing the fuel tank at one of the properties. Despite these issues, construction was completed six months ahead of schedule and tenants returned to their newly-renovated apartments one year after relocating.

Financing for Aurea was provided throught HDC’s LAMP Preservation program and HPD’s Low Income Rental program. LIHTC equity was provided through Enterprise Community Investment and Chase Bank provided credit enhancement for the tax-exempt bonds.

Total units: 85 plus three commercial spaces
Total Development Cost: $21 million