2024 Year in Review: Katie Devine, Rockabill Consulting, LLC

What noteworthy transactions or deals from this year best exemplified key market trends or shifts?

At the end of the year, my team will lead the closing for Columbia Street Commons I, which will bring 371 units of much-needed 100% affordable and supportive housing to Red Hook, Brooklyn. The project is the first of a three-phase, 761-unit development, which will be the first large-scale residential development in Red Hook. It is a partnership between Express Builders and Jericho Project, one of the most well-respected nonprofit service providers in NYC. This type of high-impact development represents both the critical need for more housing and the city’s commitment to investing in high quality housing for all New Yorkers. 

What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024?

In 2024, I saw my pipeline of transitional housing and shelter projects grow substantially, with three nonprofit-owned shelters completed and several in development with top-tier service providers, including Care for the Homeless, Volunteers of America, and BronxWorks. In response, my team has launched an affiliate firm, a women-owned business called Prospect Housing Partners, which will work specifically with homeless services providers, healthcare organizations, and community groups focused on improving the quality and supply of transitional housing and shelter for vulnerable New Yorkers. 

What emerging trends will drive investment and development in 2025?

Even before the approval of City of Yes, it was clear that residential affordable housing development in NYC will be driven by fewer, larger deals. Both new construction and preservation resources will continue to be directed to higher-impact, higher-unit count projects.