Volume 74, Number 34 | December 29 - January 04, 2004

Extra Place Apartments project gets $6 million in bond funding

The New York State Housing Finance Agency issued $6,225,000 in bonds on Thurs., Dec. 23, to finance construction of Extra Place Apartments in the Cooper Sq. Urban Renewal Area on E. First St. and Bowery.

The building will provide 41 rental apartments for tenants whose average family income does not exceed 60 percent of the area median income.

The action is the third by the state H.F.C. in the past month for Lower Manhattan.

The agency also financed the Avalon Chrystie project at E. Houston and Chrystie St. also in the Cooper Sq. Urban Renewal Area a few blocks south of the Extra Place Project. Avalon Chrystie will have 361 apartments and 73,000 sq. ft. of retail space in a 14-story building.

The agency this month also financed 10 Barclay St., a 57-story building with 396 apartments and 20,000 sq. ft. of community space at the intersection of Barclay and Vesey Sts. in a deal that included Liberty Bonds.

Extra Place is being developed by Phipps Houses, one of the nation’s oldest nonprofit developers of affordable housing. Additional financing for the project comes from AvalonBay Communities, Inc.

The project is named for Extra Pl., a small cul-de-sac that runs north of First St. between the Bowery and Second Ave.

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