Staten Island Senior Apartment Restoration Celebrates Completion

parklanelogo The New York Department of Housing Preservation and Development (HPD) Commissioner Rafael E. Cestero, together with Borough President James Molinaro and City Council Minority Leader James S. Oddo, joined the Domain Companies, the Arker Companies and Metropolitan Council on Jewish Poverty last month to celebrate the historic and environmentally friendly restoration of two landmark buildings in Sea View, Staten Island.  The ceremony also served as the the ribbon on Staten Island’s Park Lane at Sea View that  consists of 104 mixed-income rental apartments for seniors.

Park Lane, located on the 70-acre campus of Sea View Hospital and Rehabilitation Center and Home, was developed as a joint venture between the Domain Companies, the Arker Companies and the Metropolitan Council on Jewish Poverty. The Spanish Mission-style buildings, first constructed nearly 100 years ago as dormitories for nurses who cared for tuberculosis patients, were meticulously restored and modernized under the supervision of the New York City Landmarks Commission, New York State Historic Preservation Office and the National Park Service. The new Park Lane will redefine senior living on Staten Island in terms of product quality, residential services and amenities.

The project is also the first completed historic preservation undertaking to qualify for NYSERDA’s program for the creation of new energy-efficient affordable housing, and is eligible to receive nearly $300,000 from NYSERDA for incorporating energy-efficient design features throughout the project. 

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Centerline Capital Group provided $14.6 million in equity through the syndication of historic and housing tax credits and Bank of America provided $5.2 million in construction financing which will be replaced with a $5.2 permanent loan from Fannie Mae that was arranged by MMA Financial.

“Today we are celebrating the first historical preservation initiative on Staten Island to use green building practices to create first-class, mixed-income rental housing for seniors,” said HPD Commissioner Rafael E. Cestero. “The development’s success is the result of an unyielding commitment to collaborate across government agencies and with our private and non-profit partners. In doing so, we have advanced our shared mission of creating housing for Staten Island seniors. We are proud to have been a part of this endeavor.”

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