Hanover House
Hanover House is a 463-foot-tall residential tower at 17 Hanover Place in Downtown Brooklyn. Designed by Fogarty Finger and developed by Lonicera Partners.
The 34-story structure spans 295,000 square feet and yields 314 rental apartments in one- to two-bedroom layouts, with 95 reserved for affordable housing, as well as 9,000 square feet of ground-floor retail space. MGNY enhanced its operations to significantly increase its capacity for rapid lease-ups at Hanover House. By adopting a more agile approach and refining our processes, we accelerated the pace of application reviews and lease signings. This proactive strategy ensured that we could meet client needs swiftly and efficiently, setting a new benchmark for expedited lease-ups in the 130% AMI housing sector.
Project Highlights
19,092
Applications in Housing Connect
3200
Applications Processed
54
Leases Signed
95
Number of Affordable Apartments
4
Leads to Leases Conversion
4%
Leads to Leases Conversion %
The Challenge
The client is well-versed in New York's housing lottery process, but they've previously faced delays in finalizing full lease up in their prior lottery. For this lottery our goal was to expedite the lease-up process to efficiently meet their needs.
The Solution
At MGNY, we’ve streamlined document submission processing to handle higher volumes efficiently. This includes offering tours and securing leases in an expedited manner. By having specialists who have expertise at each part of the process the team was able to move at an expedited pace to meet client needs.
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Lonicera Partners
Lonicera Partners is a Brooklyn-based real estate investment and development company founded in 2010.
