Tishman Speyer to develop 339-unit
affordable residence with $222m in financing

Bronx, NY Tishman Speyer’s TS Communities, the firm’s affordable housing development platform,  has secured financing and will begin construction in January on an eight-story, 100% affordable apartment building at 160 Van Cortlandt Park South in the Kingsbridge neighborhood.

The 279,000 s/f building will encompass 339 apartments, including a super’s unit, ranging from studios to three-bedrooms, 285 of which will be affordable for households earning between 40% to 105% of Area Median Income (AMI).  The remaining 53 apartments will provide supportive housing for formerly homeless individuals. 

160 Van Cortlandt Park South will also feature a variety of resident and community amenities, including two recreation rooms, a laundry room, a fitness room, and a rooftop terrace.  Built to Enterprise Green sustainable design standards, construction is expected to be completed in 2027.  

Tishman Speyer is developing 160 Van Cortlandt Park South on a portion of a full-city block that formerly housed the Visitation Church and School. Tishman Speyer acquired a portion of the site, which had been vacant since the parish merged with nearby St. John’s in 2015, from the Archdiocese of New York in 2022. The remainder of the site was purchased by the New York City School Construction Authority (SCA), which is currently constructing a 700-seat public elementary school.

“This development is the result of years of dedicated partnership and collaboration with the City of New York, Archdiocese of New York, the United Federation of Teachers, and the local community. Together, we are delivering a truly remarkable project that will create much-needed homes for hundreds of families,” said Tishman Speyer senior managing director Michelle Adams.

TS Communities has closed on approximately $222 million of total financing provided via tax-exempt bonds, subsidy loans from the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC), and low-income housing tax credit equity (LIHTC).  The Urban Investment Group at Goldman Sachs Alternatives will provide the letter of credit, and Hudson Housing Capital will provide an equity investment from the purchase of low-income housing tax credits.

United Federation of Teachers president Michael Mulgrew said, “Building affordable housing alongside a new school helps make our city more livable for hardworking families. We hope this effort is replicated across New York City.”

First deputy mayor Maria Torres-Springer said, “The all-affordable project at 160 Van Cortlandt Park South is more proof of this administration’s success in creating safe, quality, affordable housing.  We’re excited to see these new homes and resources, such as green space and a new school, come to the Kingsbridge community. Together with City of Yes for Housing Opportunity, our ongoing neighborhood planning efforts, and back-to-back affordable housing production records, we’re moving aggressively to solve our housing crisis and improve life for New Yorkers citywide.”

NYC Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr. said, “This site is one of the best sites I have ever seen for affordable and workforce housing. Those who are fortunate to live at 160 Van Cortlandt Park South will enjoy a community thriving with parks, transportation options, good schools, and local shopping. The Kingsbridge neighborhood in my home borough of The Bronx has a rich history dating back to the Revolutionary War and is home to great institutions that continue to enliven our city. We are so glad to partner with Tishman Speyer’s TS Communities on this historic development opportunity to deliver 339 affordable high quality homes alongside the iconic Van Cortlandt Park.”

HDC President Eric Enderlin said, “This new development will soon deliver nearly 340 deeply affordable homes to the Kingsbridge community. HDC is proud to join our partners in solving for the housing needs of New Yorkers through financing projects like 160 Van Cortlandt Park South.”

Executive director for Housing Leila Bozorg said, “160 Van Cortlandt Park will provide 339 families in the Bronx with best-in-class homes. This project will transform a vacant lot across the street from Van Cortlandt Park into a mixed-income affordable housing development equipped with recreation rooms, a rooftop terrace, and a host of other state of the art amenities that Bronxites will be able to take advantage of for generations to come. I salute the team at TS Communities for working with HPD and HDC to secure financing for this important project.”

New York City council member Eric Dinowitz said, “This development represents an important step forward in increasing affordable housing in our district, and I want to thank Tishman Speyer for spearheading this project and working to bring much-needed homes to our community. Affordability in housing has always been a top priority for me and District 11, and I’m proud to support efforts like this that help address the need for comfort and stability in the places where people live. As we celebrate this milestone, I remain committed to ensuring that future developments continue to meet the diverse needs of our residents.”

New York State assemblyman Jeffrey Dinowitz said, “As our community grows, ensuring access to safe and affordable housing is one of our most pressing challenges. I am happy that Tishman Speyer’s TS Communities is bringing a transformative, all-affordable residential project to 160 Van Cortlandt Park South. This development represents a significant investment in the future of Kingsbridge, providing hundreds of families with quality housing while addressing homelessness through supportive housing units. I commend the partnerships that made this possible and look forward to seeing this project become a cornerstone of our community.”

Bronx borough president Vanessa Gibson said, “We are excited about the new fully affordable housing project at 160 Van Cortlandt Park South. With hundreds of modern, energy-efficient homes, this development represents a significant step forward in addressing our community’s housing needs and supporting formerly homeless New Yorkers.”

Hudson Housing capital managing director Sam Ganeshan said, “Hudson Housing Capital is proud to partner with Tishman Speyer to finance affordable and supportive housing at 160 Van Cortlandt Park South. We thank and commend all parties involved, including our investor HSBC, for their commitment and creativity to achieve this exciting milestone. We look forward to the completion of this complex, impactful development.”

Urban Investment Group at Goldman Sachs Alternatives Co-head Sherry Wang said, “We are proud to support the development of 160 Van Cortlandt, which addresses the pressing need for quality affordable housing in the Kingsbridge neighborhood of the Bronx. This development is a testament to the power of collaboration between public and private sectors to create stable and sustainable housing for all residents.”

Breaking Ground president and CEO Brenda Rosen said, “Meeting the affordability crisis with projects like 160 Van Cortlandt Park South is exactly what’s needed to help New Yorkers remain in the neighborhoods they know and love, create vibrant communities, and overcome the trauma of homelessness. Breaking Ground is proud to partner with Tishman Speyer and our government and financing partners to bring this important project to life. We look forward to providing critical supportive services to tenants who enter an apartment from homelessness, helping each person realize dignity and stability in housing.”

Located directly across from Van Cortlandt Park, the third largest park in New York City, the development site spans an entire city block bordered by Van Cortlandt Park South, Review Place, West 239^th St. and Putnam Ave West. 160 Van Cortlandt Park South, which sits on the border of Kingsbridge and Riverdale, is within close walking distance to the 1 train and numerous bus lines, as well as a premier retail corridor that includes Riverdale Crossing and The Shops at Broadway.