Agency developing Bed-Stuy housing for mentally disabled borrows $54.2M from New York State

The Federation of Organizations of the New York State Mentally Disabled, Inc. through the entity Federation Herkimer Gardens, LLC as borrower signed a loan agreement with the New York State Housing Finance Agency The valued at $54.2 million for 10 parcels, including the tax class unlicensed parking lot (G7) at 501 Herkimer Street, 495 Herkimer Street, 493 Herkimer Street, and others in Bedford-Stuyvesant. The deal closed on October 22, 2020 and was recorded on January 28, 2021.
The organization is planning a large housing development at the site.

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