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← BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by BREAKING GROUND II HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$10,287,949
Total expenses
$2,067,217
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$10,581,010
Investment income
-$851,060
Other revenue
$557,999
Total assets, end of year
$125,161,803
Total liabilities, end of year
$19,082,046
Net assets or fund balances, end of year
$106,079,757
Program services expenses (Part IX)
$1,981,136
Management and general expenses
$86,081
Fundraising expenses
$0
Program service expenses (Part III)
$1,981,136

Program services were 95.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: DEVELOPER FEE INCOME

    total $8,680,484 · related or exempt $8,680,484

  • 2b · Program service revenue: TENANT HOUSING (GOV'T CONTRACTS)

    total $1,900,526 · related or exempt $1,900,526

  • 3 · Investment income

    total $171,124 · excluded $171,124

  • 6a · Gross rents

    real property $330,593

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $330,593

  • 6d · Net rental income or loss

    total $330,593 · excluded $330,593

  • 7b · Less cost or other basis and sales expenses

    other assets $1,022,184

  • 7c · Gain or loss

    other assets -$1,022,184

  • 7d · Net gain or loss

    total -$1,022,184 · excluded -$1,022,184

  • 11a · Other revenue: HASA INCOME OFFSET

    total $126,993 · excluded $126,993

  • 11b · Other revenue: EFFICIENT ENERGY REBATES

    total $100,413 · excluded $100,413

  • 11e · Other revenue, total

    $227,406

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $442,055 · program services $402,675 · management and general $39,380

  • 8 · Pension plan contributions

    total $10,791 · program services $9,706 · management and general $1,085

  • 9 · Other employee benefits

    total $82,969 · program services $77,036 · management and general $5,933

  • 10 · Payroll taxes

    total $29,080 · program services $25,902 · management and general $3,178

  • 11a · Fees: management

    total $36,405 · program services $36,405

  • 11b · Fees: legal

    total $2,918 · management and general $2,918

  • 11c · Fees: accounting

    total $940 · management and general $940

  • 11g · Fees: other

    total $2,615 · management and general $2,615

  • 13 · Office expenses

    total $11,272 · program services $11,272

  • 16 · Occupancy

    total $130,258 · program services $125,428 · management and general $4,830

  • 23 · Insurance

    total $89,107 · program services $89,107

  • 24a · Other expenses: SECURITY EXPENSES

    total $691,642 · program services $691,642

  • 24b · Other expenses: SOCIAL SVCS TO RESIDENT

    total $410,070 · program services $410,070

  • 24c · Other expenses: REPAIRS AND MAINTENANCE

    total $101,893 · program services $101,893

  • 24d · Other expenses: MISCELLANEOUS

    total $25,202 · management and general $25,202

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,098,084 · end of year $423,619

  • 4 · Accounts receivable

    beginning of year $1,044,311 · end of year $1,297,394

  • 7 · Other notes and loans receivable

    beginning of year $23,712,114 · end of year $25,816,362

  • 9 · Prepaid expenses and deferred charges

    beginning of year $135,427 · end of year $218,068

  • 10a · Land, buildings and equipment: cost or other basis

    $1,223,171

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $3,225,290 · end of year $1,223,171

  • 15 · Other assets

    beginning of year $86,500,635 · end of year $96,183,189

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,585,047 · end of year $1,590,256

  • 19 · Deferred revenue

    beginning of year $6,106,377 · end of year $7,211,364

  • 23 · Secured mortgages and notes payable

    beginning of year $8,066,929 · end of year $8,073,943

  • 25 · Other liabilities

    beginning of year $2,098,483 · end of year $2,206,483

  • 27 · Net assets without donor restrictions

    beginning of year $97,859,025 · end of year $106,079,757

Mission and programs · 2024

Mission

SEE SCHEDULE O

Activities or mission (Part I)

OWN, REHABILITATE & MANAGE LOW INCOME HOUSING PROJECTS.

  • BREAKING GROUND II HDFC'S ("BG II") PRIMARY EXEMPT PURPOSE IS TO OWN, REHABILITATE, MANAGE, MAINTAIN, AND OPERATE HOUSING AND SUPPORTIVE SERVICES FOR LOW INCOME AND FORMERLY HOMELESS TENANTS. BG II'S PRIMARY RESIDENCE IS THE PRINCE GEORGE IN MANHATTAN. BUILT IN 1904, THE PRINCE GEORGE WAS ONCE ONE OF NEW YORK CITY'S PREMIER HOTELS. AFTER MANY YEARS OF DECLINE AND NEGLECT, IT WAS REHABILITATED BY BREAKING GROUND AND REOPENED IN 1999 TO PROVIDE 416 UNITS OF AFFORDABLE HOUSING FOR LOW-INCOME AND FORMERLY HOMELESS ADULTS AND PERSONS LIVING WITH HIV/AIDS. THE PRINCE GEORGE IS NOW LISTED ON THE NATIONAL REGISTER OF HISTORIC PLACES. (SEE SCHEDULE O)IN SEPTEMBER 2023, BREAKING GROUND COMMENCED CONSTRUCTION ON SUTPHIN SENIOR RESIDENCE, A 15-STORY AFFORDABLE HOUSING PROPERTY AT 97-04 SUTPHIN BOULEVARD IN JAMAICA, QUEENS. THE BUILDING WILL YIELD 173 APARTMENTS RESERVED FOR LOW-INCOME SENIORS, INCLUDING 52 SUPPORTIVE HOUSING UNITS FOR FORMERLY HOMELESS OLDER ADULTS WITH SERIOUS MENTAL ILLNESS OR SUBSTANCE USE DISORDER. THE REMAINING 121 UNITS WILL BE RESERVED FOR ADULTS AGED 62 YEARS OR OLDER, EARNING 50 PERCENT OR LESS THAN THE AREA MEDIAN INCOME. BREAKING GROUND RECOGNIZED $6.2M IN DEVELOPER FEES FOR THIS NEW CONSTRUCTION PROJECT.

    Expenses $1,981,136 · Revenue $10,581,010

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brenda E Rosen

    PRESIDENT & CEO

    Total calculated
    $656,013
    From this org
    $0
    From related orgs
    $641,542
    Other
    $14,471
    Hours/week
    5.92 + 29.08 related

    Schedule J breakdown matched by us

    Base
    $0 + $641,542 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $671 related
    Filer's total
    $0 + $656,013 related

  • David Beer

    VICE PRESIDENT

    Total calculated
    $384,032
    From this org
    $0
    From related orgs
    $333,921
    Other
    $50,111
    Hours/week
    8.43 + 26.57 related

    Schedule J breakdown matched by us

    Base
    $0 + $333,921 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,680 related
    Nontaxable benefits
    $0 + $36,431 related
    Filer's total
    $0 + $384,032 related

  • Judith Rosenfeld

    SECRETARY

    Total calculated
    $161,031
    From this org
    $0
    From related orgs
    $142,608
    Other
    $18,423
    Hours/week
    8.87 + 26.13 related

    Schedule J breakdown matched by us

    Base
    $0 + $142,608 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,914 related
    Nontaxable benefits
    $0 + $12,509 related
    Filer's total
    $0 + $161,031 related

  • Benjamin Stacks

    TREASURER

    Total calculated
    $0
    Hours/week
    0.06 + 0.3 related

  • Nicholas Tsang

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.21 + 0.19 related

  • Kevin Moran

    CFO

    Total calculated
    $415,906
    From this org
    $0
    From related orgs
    $365,675
    Other
    $50,231
    Hours/week
    5.92 + 29.08 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,675 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $13,800 related
    Nontaxable benefits
    $0 + $36,431 related
    Filer's total
    $0 + $415,906 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • PRINCE GEORGE ASSOCIATES LP

    EXCLUDED FROM TAX · REAL ESTATE · NY · 100% owned · general or managing partner

    Directly controlled by BG II

  • CHELSEA RESIDENCE LP

    NONE · REAL ESTATE · NY

    Directly controlled by BG III

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHELSEA GP CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG III HDFC

  • PRINCE GEORGE GP CORPORATION

    C · REAL ESTATE · NY · 100% owned · share of income $50,000 · share of assets $4,851,609 · controlled entity

    Directly controlled by BG II HDFC

  • CG HEGEMAN AVE HOUSING CORP

    C · REAL ESTATE · NY · 100% owned · share of income $50,152 · share of assets $198,325 · controlled entity

    Directly controlled by BG II HDFC

  • CG BROOK AVE HOUSING CORPORATION

    C · REAL ESTATE · NY · 100% owned · share of income $50,130 · share of assets $748,122 · controlled entity

    Directly controlled by BG II HDFC

  • PITT STREET HOUSING CORP

    C · REAL ESTATE · NY · 100% owned · share of income $243 · share of assets $3,947,592 · controlled entity

    Directly controlled by BG II HDFC

  • ST MARKS SENIOR HOUSING CORPORATION

    C · REAL ESTATE · NY

    Directly controlled by BG HDFC

  • 1630 DEWEY AVENUE MANAGING MEMBER

    C · REAL ESTATE · NY · 100% owned

    Directly controlled by BG II HDFC

  • SCHERMERHORN HOUSING CORP

    C · REAL ESTATE · NY

    Directly controlled by BG HDFC

  • CG-BOSTON ROAD HOUSING CORP

    C · REAL ESTATE · NY · 100% owned · share of income $110 · share of assets -$979 · controlled entity

    Directly controlled by BG II HDFC

  • CG-WEBSTER AVENUE SUPPORTIVE HOUSING

    C · REAL ESTATE · NY · 50% owned · share of income $88 · share of assets $9,386,553 · controlled entity

    Directly controlled by BG II HDFC

  • COMMON GROUND 410 ASYLUM HTC LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • COMMON GROUND CEDARWOODS MANAGEMENT LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • WEBSTER AVE AFF MANAGING MEMBER LLC

    C · REAL ESTATE · NY · 50% owned · share of income $6,537,343 · share of assets $4,992,973 · controlled entity

    Directly controlled by BG II HDFC

  • COMMON GROUND 410 ASYLUM LIHTC LLC

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • LA CENTRAL SUPPORTING HOUSING LLC

    C · REAL ESTATE · NY · 100% owned · share of income $134,786 · share of assets $391,827 · controlled entity

    Directly controlled by BG II HDFC

  • BREAKING GROUND V

    C · REAL ESTATE · NY

    Directly controlled by CGM

  • WEBSTER AVENUE AFFORDABLE DEVELOPER LLC

    C · REAL ESTATE · NY · 100% owned · controlled entity

    Directly controlled by BG II HDFC

  • LA CENTRAL SUPPORTIVE DEVELOPER LLC

    C · REAL ESTATE · NY · 100% owned · controlled entity

    Directly controlled by BG II HDFC

  • EDWINS PLACE DEVELOPER LLC

    C · REAL ESTATE · NY · 100% owned · controlled entity

    Directly controlled by BG II HDFC

  • EDWINS PLACE HOUSING LLC

    C · REAL ESTATE · NY · 100% owned · share of income $197 · share of assets $910,030 · controlled entity

    Directly controlled by BG II HDFC

  • BG BETANCES HOUSING LLC

    C · REAL ESTATE · NY · 100% owned · share of income $222 · share of assets -$1,088 · controlled entity

    Directly controlled by BG II HDFC

  • BG SUTPHIN LLC

    C · REAL ESTATE · NY · 100% owned · controlled entity

    Directly controlled by BG II HDFC

Provenance

Return type
form_990
Tax year
2024
Filed
7 November 2025
IRS schema version
2024v5.2
Source object
202523119349302187

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