Phoenix Realty Group Announces $250-Million Fund to Create Workforce Housing, Mixed-Use and Commercial Properties in New York, New Jersey and Connecticut.NEW YORK CITY New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , N.Y. -- Phoenix Realty Group: --Housing Partnership Development Corporation in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to act as local advisor to fund manager --Investors to include major pension funds, banks and insurance companies Phoenix Realty Group (www.phoenixrg.com) today announced the formation of the $250-million Metropolitan Workforce Housing Workforce housing is a relatively new term that is increasingly popular among planners, government administrators and housing activists, and is gaining cachet with home builders, developers and lenders. Fund to provide market-rate housing to middle-income families and community-revitalizing commercial development throughout the Tri-State region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. of New York, New Jersey and Connecticut. By partnering to make equity investments with community-based developers, the fund's capital will be leveraged to provide over $1 billion of residential and commercial development, according to J. Michael Fried, Phoenix Realty Group (PRG PRG Parti Radical de Gauche (French: Left Radical Party) PRG Purge PRG Programming Research Group (Oxford University) PRG Preliminary Remediation Goal PRG People's Revolutionary Government ) founder and chief executive officer. Individual project investments may range from $3 million to $20 million for projects that could range in size from $10 to $100 million. "At a time when the Tri-State region has experienced significant growth in jobs and population and tremendous inflation in housing costs, it's essential to increase the availability of housing that is affordable to the key middle-income workforce including teachers, office workers, firefighters and police," said Keith Rosenthal, president and co-founder of PRG. PRG currently manages an additional $243 million in funds building workforce housing and commercial properties in California. Ralph Raciti, managing director, Urban Private Equity Funds, for PRG's Northeast Region spearheads the activity of the Metropolitan Workforce Housing Fund. Raciti is responsible for the origination, underwriting, due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and closing of investments by the fund. "This is an important institutional source of equity capital focused on building for-sale and rental housing for middle-income families in major urban and infill locations on the East Coast," added PRG managing director and co-founder Ron Orgel. "New York, New Jersey and Connecticut share a common problem -- first-time homebuyers preferring to raise their families close to their jobs in the urban core are being shut out of costly housing markets. We're meeting a pent-up demand for housing and commercial developments located in emerging and under-served urban markets." "We're very excited about our new role," said Dan Martin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Housing Partnership Development Corporation in New York, which will act as advisor to the fund manager. "We will be able to leverage our mission of for-sale housing creation, have additional financial resources for our developer clients and bring more affordable housing on line for working New Yorkers." It is estimated that the construction of the Metropolitan Fund's residential and commercial developments will yield $50 million in sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenue in the Tri-State region. The completed housing and retail developments also will yield significant property and sales tax revenue for the states. The mostly attached housing -- with a median price of $400,000 -- will be targeted at households making 80 to 200 percent of the median income. By way of example, those figures translate into $45,000 to $112,000 in Essex County, New Jersey; and from $70,000 to $175,000 in Nassau County, New York
Nassau County is a suburban county in the New York Metropolitan Area east of New York City in the U.S. state of New York. As of the 2000 census, the population was 1,334,544. and Fairfield County, Connecticut Fairfield County is located in the southwestern corner of the U.S. state of Connecticut. Its population according to the 2000 census was 882,567, but a 2006 survey put the population at 905,000. It is the most populous county in the State of Connecticut. . The Metropolitan Fund will be backed by some of the most prominent financial institutions in the world. "They are attracted to workforce housing investments because they can earn competitive, risk-adjusted returns and access a market they could not otherwise reach as institutional investors," Fried said. |
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