Breaking Ground’s Innovative NYC Housing Project
August 16, 2016
Cleary Gottlieb represented Breaking Ground on a pro bono basis in a first-of-its-kind transaction expected to generate funds to preserve and develop affordable and supportive housing.
Under the arrangement, the NYC Department of Housing Preservation and Development permits Breaking Ground to use the proceeds from the sale of air rights generated by its Prince George housing project in Manhattan to renovate that property and to develop new affordable and supportive housing projects. The Cleary team advised Breaking Ground on the HPD arrangements, the financing of the renovation with TD Bank and the Low Income Investment Fund, and the sale of the initial tranches of air rights.
Breaking Ground is New York City’s largest provider of supportive housing, and focuses on the homeless and those at risk of becoming homeless. It also operates NYC’s street homeless outreach programs in Brooklyn, Queens and one-third of Manhattan.