Williamsburg project started

Real Estate Weekly, Oct 30, 2002

An abandoned Brooklyn high school will be transformed into 29 coops for residents of the Williamsburg area. It is the 89th conversion sponsored by Con Edison's RENAISSANCE Housing Program.

Paul Draskovic and Michael Mendillo are the development team converting the former All Saints High School into 29 moderate-income coops for parishioners of the Williamsburg church.

This conversion is the first Con Edison RENAISSANCE Housing Program based on a secured master lease. This program is expected to provide long-term cash flow for All Saints parish. It is becoming a model for other religious institutions searching for ways to invest in their underutilized properties. The former All Saints high school has been vacant for 20 years.

Con Edison's RENAISSANCE Housing's role includes helping to secure a $4.2 million loan from Independence Community Bank and Citibank, and assembling the development team.

Rev. Donald Kenna, pastor of All Saints, joined Con Edison representatives and the developers at a groundbreaking ceremony on Thursday, Oct.

Since 1978, the Con Edison RENAISSANCE Housing Program has completed 2,246 co- ops and/or condos in 27 city neighborhoods--most of them in Brooklyn. The program has generated more than $178.8 million in new private-sector investment.