Affordable housing developer has a very good year.

During 2005, The Arker Companies bolstered its leadership position in affordable housing development through more than $455 million in projects.

The Long Island-based firm developed or redeveloped projects involving low- and moderate-income housing, senior housing, family housing, for-sale and rental housing, formerly homeless housing and neighborhood retail projects.

"We are proud to support the efforts of Commissioner Shaun Donovan and his team at the city's Department of Housing Preservation and Development as they fulfill the vision of Mayor Michael R. Bloomberg's New Housing Marketplace Plan, the largest affordable housing initiative in a generation," said Alex Arker, company principal.

"We are partnering with HPD, president Emily Youssouf and her excellent staff at HDC and other agencies to help make this $3.5 billion undertaking a Success.

Arker cited numerous company milestones in 2005, including completion of construction or preservation of more than 1,100 units of affordable housing and 20,000 s/f of neighborhood retail valued at more than $130 million.

The firm closed financing or began construction on more than 570 units of affordable housing and 40,000 s/f of neighborhood retail, with development costs exceeding $125 million.

Combined with $200 million in projects either awarded or in pre-development, the company's year-end portfolio encompassed more than $455 million in community development initiatives statewide.

Recognizing Arker's proven role as an early adapter to new housing initiatives, the New York State Energy Research and Development Authority designated the firm's Overlook at West Hill project in Ithaca as the first to participate in a pilot program supporting new construction of energy-efficient affordable housing.

"The affordable properties in Ithaca were developed through the leadership of Commissioner Judith A. Calogero of the state's Division of Housing and Community Renewal," said Sol Arker, another company principal.

"The Division leveraged low-income housing tax credits to successfully finance the transaction."

Arker developed the Ithaca project in partnership with The Domain Companies, a real estate services company formed in 2004 by Matthew Schwartz and Chris Papamichael. Both previously held leadership positions at some of the city's largest development firms, including Related Capital, W&M Properties and Crescent Heights.

Last year, Arker also completed redevelopment of the 816-unit Sea Park complex in Coney Island, investing nearly $60,000 per unit to rehabilitate the property and preserve it as affordable housing for another 50 years. Arker partnered with seven government agencies and secured financing from 12 sources to complete the $80 million project.

Through a competitive process, HPD has designated the firm to redevelop the landmark Nurse's Residence on the Sea View Hospital Campus on Staten Island.

Arker will create 100 units of low-and moderate-income senior housing at the site.

The Arker Companies also became one of the first developers statewide to utilize the new Brownfield Cleanup Program to create affordable housing at the White Plains Courtyard project in the Bronx.

"We anticipate a major portfolio expansion in 2006," said Alex Arker. "This year's pipeline substantially exceeds that of 2005 with additional housing preservation, special-needs housing, mixed-income housing and mixed-use projects planned."