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Renovation project adapts to the times.

A former vacant industrial building converted into rental apartments through a city-sponsored loan program was completed at 2026 Pacific Street last week with dignitaries attending.

Housing Commissioner Shaun Donovan joined Sally Love and Morris Kompel, principals of the Eighth Avenue Development Group, LLC, and Michael Lappin, president and CEO of the Community Preservation Corporation at a ribbon-cutting.

"We're creating housing through the adaptive reuse of derelict industrial buildings such as 2026 Pacific Street. We're also providing housing for New Yorkers with a range of incomes," said Donovan. "This is a key strategy of Mayor Bloomberg's $3 billion housing plan, The New Housing Marketplace: Creating Housing for the Next Generation to construct or rehabilitate 65,000 homes and apartments by 2008."

The Building was originally constructed between 1888 and 1905 and housed a furniture manufacturing and woodworking business. But by the early 1970s, it was a vacant shell, a blight to the neighboring homeowners. Just months after Eighth Avenue Development Group, LLC, purchased the property, bricks
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 30, 2004
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