MARKET FOCUS
PLAZA BORINQUEN, NEW YORK
IN EARLY 2012, we acquired NHPF’s first property in New York City. Plaza Borinquen is an 88-unit townhome-style property in the Mott Haven section of the Bronx. The property is constructed on three separate sites in a one-block area. The majority of the units are three- and four-bedroom interlocking triplex apartments. Each has its own garden access and views of both the street and the courtyard. The property operates pursuant to a Project-Based Section 8 contract covering 66 of the units. During 2012, the Section 8 Contract was marked up to market and extended for a 20-year term. The majority of the non-Project Based tenants have Section 8 vouchers from New York City Housing Authority. We acquired the
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