NYC HDC Lends $569M Across Five Nostrand Houses Mortgages

New York City’s Housing Development Corporation is the lender on $569,233,185 of mortgages recorded Oct. 8 against Nostrand Houses in Brooklyn. Five documents, all dated Sept. 29, name Nostrand Houses Preservation LLC as borrower and cover Brooklyn block 7389 lot 1 and block 7408 lot 1, per the live City Register.

Why it matters

The recordings are the paper trail for a deal the city announced on Sept. 30: a $607M modernization of the NYCHA complex, described by 6sqft as the first project to close through the Public Housing Preservation Trust. The reported scope is 1,148 apartments over five years. For contractors and lenders, a closed Trust deal turns a policy vehicle into a financed construction program with a single public lender at the top of the stack.

The numbers

The five mortgages, by ACRIS document ID:

• $297,938,823, doc 2026100200605010
• $94,138,847, doc 2026100200605008
• $90,911,153, doc 2026100200605009
• $54,764,957, doc 2026100200605011
• $31,479,405, doc 2026100200605012

Together they total $569,233,185, about $37.8M below the announced $607M. The record does not say why. The gap may reflect other funding sources or documents we did not count; the Register also shows a further document in the same recording series (2026100200605013) that we did not read. Recorded mortgage amounts are the face value of the debt, not construction cost.

What’s next

Construction is expected to begin this fall, according to the announcement coverage. Watch for the general contractor’s DOB NOW filings and for any assignment or subordination documents tied to these lots. Other NYCHA developments that move through the Trust would follow the same lender pattern; see our New York coverage for related public-lender filings, including the Roosevelt Island mortgages.