• Developer of the Year – PRC

    PRC

     

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    Developer of the Year – PRC

    Property Resources Corporation is a family-run real estate firm that designs, develops, operates, and maintains all classes of multifamily residential real estate, from luxury condos to affordable housing.  Founded in 1971 by Jerome Chatzky, PRC has, over the past five decades, developed more than 9,800 units of affordable housing and more than 1,500 units of market rate housing in the New York City area.  PRC and its affiliated companies Peter Clements Architect, Melcara and PRC Management all work hand in hand to deliver a seamless execution for all the firm’s stakeholders. The firm operates under the core principle that everyone, regardless of income, deserves a clean, safe place to call home.  

    Throughout PRC’s history, the company has continuously adapted to the needs of the current environment, constantly reinventing itself and maintaining an entrepreneurial spirit.  In the 70s and 80s the firm was heavily focused on affordable housing construction and management – aggregating an affordable housing portfolio in the Bronx with more than 2,000 units and establishing a best-in-class affordable and market rate management company.  In the 80s and 90s the firm pivoted, utilizing its captive architectural firm to develop high rise condo and condop buildings throughout Manhattan including The Savannah, Princeton House, and The Regatta.  

    In the early 90s, Frank Linde and John Chatzky, Jerome’s son-in-law and son, took ownership of PRC, transitioning the firm’s leadership from first to second generation. Under Frank and John’s stewardship, the firm expanded its capabilities in both the market rate and affordable housing development, as well as in the firm’s financial sophistication. Utilizing a variety of financial resources including Low Income Housing Tax Credits, Tax-Exempt Bonds, Federal and State Loan Guarantees, and Green Community Support, PRC established an ability to use all available resources to deliver award-winning affordable housing preservation developments — consistently on time and budget.  Over this period the firm carved out a niche in being best-in-class at performing tenant-in-place rehabilitations. Few development companies have successfully completed as much tenant-in-place rehabs in the New York Metropolitan area over the past two decades as PRC. 

    Today, PRC is actively transitioning from second generation to third, with Matt Linde and Ben Linde taking a more active role in guiding the future direction of the company. Over the past several years, PRC has diversified from a sole focus on in-place rehabs in the Bronx to redeveloping two market rate housing projects in Westchester, restarting the firm’s ground up construction practice by building two new 100% affordable residential buildings in the south Bronx, completing two RAD projects in partnership with NRMHA and MHACY, and commencing construction on the Archive, an adaptive reuse conversion of an 1870s built Catholic university into a luxury residential community in Bed-Stuy, Brooklyn. More recently, PRC was awarded its first NYCHA PACT project, part of a team responsible for the rehabilitation of nearly 1,700 public housing units in East New York, Brooklyn. The $600m project will revitalize multiple communities that have long been neglected and underfunded, transforming living conditions for thousands of residents. 

    PRC’s strength lies in its vertical integration, employing a team of best-in-class experts in design, development, construction, and property management, all under one roof and working in concert to ensure that all our projects run smoothly and efficiently. From due diligence to closing, through construction completion and management, PRC uses its integrated platform to provide the services, skills, and systems necessary to develop or rehabilitate each property to the highest standards of quality. We take great pride in our ability to positively impact the world, creating stability for individuals, families, and communities. 

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  • Clara Fox Outstanding Achievement Award – Marc Jahr, Forsyth Street

    Marc Jahr, Forsyth Street

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    Clara Fox Outstanding Achievement Award – Marc Jahr, Forsyth Street

    Marc Jahr began his more than four-decade career in community development and affordable housing as a VISTA volunteer in Scranton, PA and Shungnak, AK. Subsequently, he was a tenant and community organizer with the New York City Commission on Human Rights and Director of its East Flatbush office. He continued his work in East Flatbush as a local coordinator with the Neighborhood Reinvestment Corporation helping to organize the Neighborhood Housing Services of New York City and became the first Executive Director of its East Flatbush program. He moved from there to become Deputy Director of the New York City Department of Housing Preservation and Development’s (“HPD”) Small Homes Unit, and then the agency’s Multi-Family Housing Unit.

    In 1989, Marc became the Fund Manager for the New York Equity Fund, a collaboration between the Local Initiatives Support Corporation (“LISC”) and the Enterprise Foundation. In that capacity, he oversaw the creation of the 1989 New York Equity Fund, a $49MM fund which, in collaboration with HPD financed approximately 1,100 units developed by nonprofit community development corporations (“CDCs”). He transitioned from that position to become the LISC’s New York City Program Director. In that capacity, while continuing to manage the program’s housing efforts, he played a leadership role in LISC’s support for the development of two unprecedented economic development projects: the 53,000 square foot Pathmark supermarket developed by the Abyssinian Development Corporation on East 125th Street and the New Horizons shopping center developed by MBD in the South Bronx. Under his leadership, the program also launched and administered a Child Care facilities development program, which served as a model for a national effort.

    Subsequently, Marc became a LISC Vice President responsible for supervising local programs in Buffalo, Cleveland, Greater Cincinnati/Northern Kentucky, Indianapolis, New York, Philadelphia, Southwest Pennsylvania, and Toledo. He was responsible for establishing the Buffalo and Cincinnati programs.

    In 2002, Mr. Jahr became Citi Community Capital’s New York Metropolitan Area Market Director where he supervised its community development real estate lending group. Under his leadership, from 2002- 2007, lending activity increased ten-fold and cumulatively his group originated over $2.2 billion in loans and letters of credit.

    Mr. Jahr served as President of the New York City Housing Development Corporation (“HDC”) from 2008-2013. During that time, he oversaw the provision of more than $6.6 billion in financing for 214 developments comprised of 81,290 units of affordable rental housing. Under his leadership, the Corporation’s assets grew 57.9% to $12.9BN and net assets grew 55.7% to approximately $1.65BN. Among the notable developments financed during his tenure were the federalization and partial renovation of 20,139 NYCHA units; the construction of the 925 unit Hunters Point South development; and the $621.5MM refinancing of the 15,372 unit Coop City. Additionally, he led the agency’s legislative efforts which resulted in the passage of federal legislation enabling the “recycling” of tax-exempt multifamily housing revenue bonds, as well as the enactment of a Low Income Housing Tax Credit mixed-income option.

    Currently, Marc is a Senior Advisor with Forsyth Street, a nationally recognized leader in structuring, sourcing, and investing capital for the preservation and development of affordable housing. Among his clients at Forsyth have been the Office of the New York Attorney General, the Los Angeles Housing + Community Investment Department, the Joint Ownership Entity (“JOE”), LISC, the AFL-CIO Housing

    Investment Trust, Highbridge Community Development Corporation, Los Sures, the Greystone Foundation, the NeighborWorks Alliance of New York State, the YMCA of New York, and the Harry and Jeanette Weinberg Foundation.

    Mr. Jahr has served on several Boards of Directors. Until recently, he was co-chairperson of the New York Housing Conference, but he was also Vice President of the National Association of Local Housing Finance Agencies, President of Municipal Bonds for America, the first Chairperson of Neighborhood Restore, and the Treasurer of the Brooklyn Historical Society. He has spoken at conferences in Quito, Ecuador, Sao Paulo, Brazil, and Tel Aviv, Israel, as well as at the Museum of Modern Art.

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