Developers Tapped to Build on NYC Housing Authority Land

Written By Laura Schier | February 06, 2018 | Published in Real Estate Market Trends, Urban Design
2018%2f02%2f05%2f21%2f18%2f34%2f3bd3ec57 97c2 4747 a8aa e8fc5c597c64%2fwycoff%20gardens%20

Development company Two Trees Management is partnering with Arker Companies to construct two new residential buildings at the New York City Housing Authority’s (NYCHA) Wyckoff Gardens, situated in Boerum Hill. Selected by city officials, these developments are expected to stand at 16 stories and hold 500 apartments.

Out of the all the future apartments, half will be sold at affordable rates and half at market rate. The New York Daily News predicted that the developers may try to get rental rates of at least $3,900 for the two-bedroom apartments. The owners of Two Trees and Arker Companies are donors who have raised $124,600 in total for Mayor Bill de Blasio and his causes.

The two residences are going to be built on the site of parking lots at Wyckoff Gardens. These developments are part of a larger project created by NYCHA, in which the agency leases empty space to developers in 99-year plans in order to raise money for much-needed repairs. Two Trees and Arker Companies have both donated to the mayor’s campaigns over the past few years. Jed Walentas, CEO of Two Trees, donated $100,000 to the mayor’s Campaign for One New York, a former non-profit campaign, in April of 2015. And Sol Arker, owner of Arker Companies, donated a total of $24,600 to help fund Mayor de Blasio’s re-election bid in October of 2015. According to de Blasio’s press secretary, the donations had no influence on the selection of developers Two Trees and Arker Companies. Together, the two developers will pay $37 million to NYCHA, $18.5 million of which will be used to fund Wyckoff Gardens. Tax subsidies for the developers still need to be figured out, according to NYCHA spokeswoman Jasmine Blake.

The Wyckoff Gardens development plan is the NYCHA’s second project; the first project, also involving a de Blasio donor, was for the development of Holmes Tower, located on the Upper East Side. Developer company Fetner Properties was chosen to construct the 47-story building; the company CEO Harold Fetner has donated a total of $39,150 to the de Blasio campaigns in checks, according to the New York Daily News. Fetner Properties is planning to pay NYCHA $27 million for the project and will qualify for taxpayer subsidies of $13 million. Just like the buildings at Wyckoff Gardens, half of the units at Holmes Tower will be sold at market rates and half at affordable rates.


Mentioned neighborhoods

Boerum Hill

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.