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Con Edison's Latest RENAISSANCE Housing Rehab: A Former Shoe Polish Factory in Brooklyn
NEW YORK, Oct. 24 /PRNewswire/ -- The long-vacant former Esquire Shoe Polish factory, converted to condominiums, is Con Edison's RENAISSANCE Housing Program's latest project, the 87th rehabilitation by the 23-year-old housing initiative.
All 77 condominium units, located at Wythe Avenue, between South First and South Second Streets near the Brooklyn waterfront, sold within one month. The project was developed by Stephanie Eisenberg, of 330 Wythe Avenue Associates LLC.
Con Edison's RENAISSANCE Housing Program, among other aspects of its assistance, helped secure the $7.5 million construction-loan financing for the project from TJ & W Residential, Inc. from Highland Park, Illinois.
"Con Edison's RENAISSANCE Housing Program demonstrates the company's commitment to the communities we serve. Our support of this project makes a positive impact on people's lives as well as the life of the neighborhood," said David Gedris, vice president of Brooklyn/Queens electric operations for Con Edison.
Over the past 23 years Con Edison's RENAISSANCE Housing Program has spearheaded the redevelopment of 87 successfully completed projects, which have positively affected 27 New York City neighborhoods. The RENAISSANCE Housing Program has generated $174.6 million of private-sector reinvestment, rehabilitation or new construction of 2,248 formerly vacant units of the city's multiple-dwelling housing stock. These have all been converted into tenant co-ops, condominiums, or two-family, owner-occupied homes, affordable to area residents.
Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $10 billion in annual revenues and $17 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit Con Edison's web site at http://www.coned.com.
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SOURCE Consolidated Edison Company
CONTACT: Joseph Petta of Consolidated Edison Company, +1-212-460-4111/
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