Summary of Improvements

Acacia Gardens is a 12-story apartment building containing 178 apartments, 5,370 square feet of grade-level retail, a 4,334 square foot community facility space, and a 29-space parking lot. The improvements will have 205,343 square feet of gross building area, all of which will be above grade. The subject property will operate as a restricted-income rental apartment building, whereby 18 apartments will be set-aside for median income households earning less than 100% of the Area Median Income (AMI), 106 apartments will be set aside for low-income households earning less than 60% of the AMI, and 54 apartments will be set aside for households eligible for shelter rent allowances. In total, there will be 178 rentable apartments that will contain 125,366 square feet of rentable area. Rents will be restricted through the Extremely Low and Low-Income Affordability (ELLA) Program through the New York City Housing Development Corporation (HDC). Construction will be partially funded with Low Income Housing Tax Credit (LIHTC) equity.

Residential Apartment Mix

As % Minimum Maximum Average Total Unit Type No.

Studio 37

1-Bedroom 48

2-Bedroom 91

3-Bedroom 2