River Park Towers is a Mitchell-Lama property located in the Bronx, New York. The property consists of four buildings containing 1,654 units. Omni New York LLC acquired the property on December 13, 2012 with financing provided by the New York State Homes and Community Renewal (“HCR”). HCR provided financing through the issuance of tax-exempt bonds, low-income housing tax credits and a low interest subordinate loan. Financing included a refinancing of a portion of River Park’s existing debt from the New York State Urban Development Corporation as a third subordinate loan. The transaction also benefited from energy efficiency grant funds from the New York State Energy Research and Development Authority.
Over $116 million dollars was spent on the building renovation that was completed in the summer of 2015. The scope of work included converting from electric to gas heat, renovating the lobby and elevators, replacing and upgrading building mechanics, new roofs and doors and brick pointing. Additionally, in-unit capital improvements included the installation of new floors, energy efficient light fixtures and appliances, water saving showers, sink faucets and toilets, windows, kitchen cabinets, countertops, bathroom vanities, sinks, bath tubs and tiles. The renovations incorporated a clean microturbine cogeneration unit. The microturbine unit allowed the Project to produce enough electricity to power the common areas and at the same time satisfy the domestic hot water requirements. The security system at the property was also completely overhauled with the installation of 1,670 DVR surveillance cameras.