Permits & development · Owners & management · 10/20/2026
Bronx co-op subsidy hits $710K per unit at Stevenson Square
Camber Property Group finished 58 affordable co-op units at its Stevenson Square campus in Soundview. They cost about $914,000 each to build and will sell for an average of $204,000 to buyers at 80 percent of area median income. The column argues such heavily subsidized projects cannot scale and favors many smaller reforms to cut housing costs.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Gov. Kathy Hochul announced on October 14, 2026 that Phase I of Stevenson Square in the Soundview section of the Bronx is complete. The phase built 58 affordable co-op homes in two new four-story buildings at 1843 and 1847 Seward Avenue. Secret NYC reported that the homes were sold through a 2025 Housing Connect lottery to buyers earning up to 80 percent of Area Median Income, at an average price of about $204,000. Buyers needed a 5 percent down payment, and the homes carry resale restrictions to keep them affordable.
Secret NYC reported that prices ranged from about $145,600 to $264,500, depending on unit size and income tier. In the 2025 lottery, one-bedrooms started at $145,632, two-bedrooms at $189,000 and three-bedrooms at $191,500. Each unit has a dishwasher and an in-unit washer and dryer. Next door, a six-story building at 1841 Seward Avenue holds 117 rental apartments for seniors 62 and older earning up to 50 percent of AMI.
The homeownership phase cost $53 million and was funded in part by HPD's Open Door program, according to Secret NYC. The Real Deal calculated the cost at about $914,000 per co-op, against the average sale price of $204,000. In its column, the outlet argued that a model where homes sell for 22 percent of their cost will not be scaled up. It pointed to financing and regulatory changes as more scalable options.
The site is part of Stevenson Commons, a 948-unit Mitchell-Lama campus built in the 1970s. Camber Property Group bought it in 2017 and drew up a master plan with WXY Architecture + Urban Design to build on underused land. Secret NYC described a $1 billion, three-phase plan across six new buildings. Phases II and III are planned as more affordable rental homes. HPD says the full plan will bring more than 700 new affordable homes.
Key facts
- Address
- 1843 and 1847 Seward Avenue, Soundview, Bronx (co-ops); 1841 Seward Avenue (senior rentals)
- Units
- 58 co-ops: 11 one-bedrooms, 31 two-bedrooms, 16 three-bedrooms; plus 117 senior rentals
- Prices
- Average about $204,000; range about $145,600 to $264,500
- Income limits
- Co-op buyers up to 80% of AMI; senior renters 62+ up to 50% of AMI
- Cost
- $53 million for the homeownership phase, about $914,000 per unit per The Real Deal
- Developer
- Camber Property Group
- Agency
- HPD, funded in part through its Open Door program
- Date
- Completion announced October 14, 2026; broke ground March 2024
What it means
Buyers and owners
These 58 homes were already sold through a 2025 Housing Connect lottery, and the planned Phases II and III are rentals, not co-ops. The homes carry resale restrictions, so owners will not be able to sell at full market price.
Tenants and voucher holders
Seniors 62 and older earning up to 50% of AMI are the target for the 117 rentals at 1841 Seward Avenue. More affordable rentals are planned in later phases, but the material gives no timing or lottery details.
Caseworkers
Clients looking to buy should know that projects like this go through Housing Connect and require savings for a down payment, which was 5 percent here. Senior clients in the Bronx may want to watch for future Stevenson Square rental lotteries.
The highlights
- Gov. Hochul marked completion of 58 co-op units costing $53 million on Oct. 14.
- Units sell for an average $204,000, affordable at 80 percent of area median income.
- Camber bought the 948-unit 1970s Mitchell-Lama campus in Soundview in 2017.
Why it matters
Subsidized homeownership in NYC remains costly and scarce, so most low- and moderate-income households will keep relying on rentals.
Not known yet
- The exact terms and length of the resale restrictions
- Monthly co-op maintenance charges for buyers
- When Phases II and III will open lotteries, and their income limits
- Whether the senior rentals accept housing vouchers
Background
In New York City, most income-restricted homes built with city subsidy are filled through the Housing Connect lottery, where applicants apply online and are screened against income limits tied to Area Median Income. HPD's Open Door program generally finances the building of co-ops and condos sold to moderate- and middle-income first-time buyers, and these homes usually come with resale restrictions to keep them affordable for later buyers. Mitchell-Lama is a state program that has created middle-income housing since the 1950s.
Also drawn from: $145K for a Bronx co-op you can own: inside the 58 new affordable homes just completed in Soundview (Secret NYC)
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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