Share this article

print logo

Two affordable senior housing projects reopen after $25M renovation

A pair of downstate developers joined with state housing officials on Thursday to mark the reopening of a pair of renovated, affordable senior housing developments in Buffalo's Black Rock and Broadway-Fillmore neighborhoods, following more than $25 million of work.

The Riverview Manor and Piotr Stadnitski Gardens apartments ā€“ both redone after the rehab effort ā€“ feature a total of 211 affordable apartments, subsidized by the state and federal governments.

Riverview, formerly the Niagara River Basin Apartments, is a 12-story complex located at 8 Hertel Ave., with 110 one-bedroom units along the Niagara River. The 92,584-square-foot block building was constructed in 1979 on 3.03 acres.

Piotr Stadnitski Gardens, at 100 Beck St., is an 11-story building with 101 independent-living one-bedroom apartments for the elderly and disabled, plus surface parking. The 84,467-square-foot complex was constructed in 1978, on 1.77 acres.

Renovations included new roofs, updated elevators, landscaping, increased security and new finishes for the lobbies and community rooms. Individual apartments were repainted and also received new flooring and lighting, and updated kitchen and bathroom appliances.

Both buildings had been designated as affordable housing under the federal Section 202 program, and will continue to be covered by Section 8 Housing Assistance Payments with the U.S. Department of Housing and Urban Development. To qualify, at least one member of each household must be aged 55 or older or have a disability at any age, and incomes must be at or below 60 percent of the area median income. People Inc. provides social services to tenants.

The two buildings were acquired in May 2018 by Metropolitan Real Estate Development and its parent, MDG Design & Construction, for $8.4 million. They previously were owned by the holding company for the estate of Frank L. Ciminelli.

The Piotr Stadniski Gardens Apartments at 100 Beck St. (Provided)

The Huntington Station, N.Y.-based MDG is a real estate firm that develops, constructs and manages affordable housing, particularly in New York City and Long Island. Metropolitan worked with KMX Group and Timothy Henzy, a co-founder, principal and owner of Smith & Henzy Advisory Group, a boutique firm that helps nonprofits and private developers with affordable housing projects.

The renovation project was supported by New York State Homes and Community Renewal with $7.5 million in permanent tax-exempt bonds, an additional $7.6 million subsidy, and a combination of federal and state low-income housing tax credits that generated another $7.8 million in equity. The investment, which includes a guarantee of extended affordability for the units, was used to finance the purchase and renovation.


Story topics: / / /

There are no comments - be the first to comment