Webster Commons

3620 Webster Ave, Bronx, NY 10467

Asset Class

Workforce Housing

Year built

2016

SIZE

475 Units

contract amount

$165,000,000

ROLE

Developer & General Contractor

Webster Commons is a mixed income residential community developed and built by Joy Construction, located in the Woodlawn neighborhood of the Bronx.

The site was privately acquired and subsequently rezoned for higher density to create affordable housing for a broad range of tenants.

Webster Commons includes 475 apartments with affordable rents for tenants earning between 40%-90% of New York City’s Area Median Income as well as housing for both seniors and formerly homeless tenants. The development also includes a 10,000 square foot Universal Pre-K leased to and operated by the NYC Department of Education.

The project was financed using the NYC Acquisition Fund, tax exempt and recycled tax exempt bond financing, 9 and 4 percent Low Income Housing Tax Credits, and discretionary capital funding from both the city and state of New York.