Corey Ribotsky News

The Atlantic Avenue condo project which is being spearheaded by Habitat for Humanity with the assistance of New York hedge funds is a $13 million dollar enterprise with funding coming from fund raising, borrowed money, state funding, sales revenue, a foundation grant and a donation from the president’s office of the borough of Brooklyn, where the project is being developed.

Because of the enormous increase in construction costs, over 150% rise in the five years from 2002 until 2007; it is difficult, if not impossible, for non-profit and even for-profit developers to finance low-income housing projects. This is where Habitat for Humanity steps in, and in the case of the Atlantic Avenue, Ocean Hill-Brownsville, Brooklyn, there will be an additional 41 units for hard-working but low-income New Yorkers to purchase.

The NIR Group, Corey Ribotsky managing partner, is excited to part of Hedge Funds for Humanity.

Habitat for Humanity formed its New York chapter in 1984, and since that date has built over 180 low-cost homes, with about 58 of them completed since 2007. The most recent project is being built on a a vacant lot which Habitat purchased from New York City for $1. The new condo development  is on Atlantic Avenue in Brooklyn, in the Ocean Hill-Brownsville section.

In order to help fund this 13 million dollar project Habitat enlisted the help of New York based hedge funds, the first time Habitat has joined forces with hedge funds to raise money. Previously Habitat sought out support from real estate brokers, which helped to raise about $100,000 for the Atlantic Avenue condominium project.

Corey Ribotsky and the NIR Group of Roslyn, New York, are pleased and proud to play a role in the partnership between hedge funds and Habitat for Humanity.

A unique and creative partnership has been established between a very special organization, Habitat for Humanity: New York City and members of New York’s hedge fund investing community, such as Corey Ribotsky and the NIR Group of Roslyn, NY.

This partnership, Hedge Funds for Habitat – NYC was established to help hard-working families, the backbone and foundation of New York, fulfill their dream of owning their own homes.

As one of the hedge fund investors involved in this enterprise put it,

“Hedge fund managers know that investing in human capital is key to the success of our industry—and our city.”