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N.Y. City Housing Development Corporation Holds Ground-Breaking For New 185-Unit “Green” Mixed-Income Housing Project In Harlem

New York, NY – November 18, 2008 – (RealEstateRama) –  The New York City Housing Development Corporation (HDC) today celebrated a ground-breaking for the Tapestry, a “Green” 12-story, 185-unit mixed-income apartment building located at 245 East 124th Street in Harlem, Manhattan at the foot of the Triborough Bridge. 

The Tapestry Apartments are the first LEED® designed mixed-income rental building in Harlem. The project is expected to receive a LEED® rating of Silver, is designed to meet the Enterprise Green Communities Criteria, and is participating in the New York State Energy Research and Development Authority’s Multifamily Performance Program (MPP).

The ground-breaking ceremonies will commence at 10:00 AM EST. Speakers included:
Jonathan F.P. Rose, President, Jonathan Rose Companies, LLC
Nicholas Lettire, President, Lettire Construction
Hon. Scott Stringer, Manhattan Borough President
Robert C. Lieber, Deputy Mayor for Economic Development
Magdi Mossad, Manhattan Borough Commissioner, New York City Buildings Department
Melissa Mark-Viverito, District 8, New York City Councilwoman
Robert Rodriquez, Chair, Manhattan Community Board 11
Shaun Donovan, NYCHPD
W. Kimball Griffith, Vice President of Affordable Sales and Investments, Freddie Mac
Luke Falk, Project Manager, New York State Environmental Research and Development Authority (NYSERDA)
Elliott Hobbs, Community Development Banking Group, JPMorgan Chase
Robert Courtney, Co-Director, MultiFamily Capital, PNC

The Tapestry Apartments will be a mixed-income affordable-housing project with 37 apartments reserved for families earning between 40% to 50% of AMI ($38,400), and 55 apartments for families earning between 130% to 175% of AMI ($134,400). The remaining units will be market-rate apartments.

The project is close to several bus and subway lines, as well as retail shopping and public schools and Metro-North commuter trains.

The Tapestry Apartments will include underground parking, a membership gym, green finished, an accessible green roof, outdoor patios, doorman, concierge, a media room/children’s playroom, bicycle storage, in-unit laundry for selected apartments and a community laundry room. In addition to its 185 apartments, the development will also feature 8,000 square feet of retail space on the ground floor.

HDC financed the construction phase under its New Housing Opportunities Program (New HOP), issuing $40 million in taxable long-term variable-rate bonds for the project’s construction, and an additional $40 million in taxable long-term variable-rate bonds for the project’s permanent first mortgage.

The New York City Housing Development Corporation (HDC) is one of the nation’s leading issuers of bonds for multi-family affordable housing. Established as a public benefit corporation by the State of New York in 1971, HDC provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. The financing provided by HDC is in the form of low-cost mortgages made through the sale of tax-exempt and taxable bonds. These mortgages are provided to developers for the construction and preservation of affordable housing. In addition, HDC provides second mortgages from its own corporate reserves.

LEED is the registered trademark for the U.S. Green Building Council’s “Leadership in Energy and Environmental Design program.

Mike McDermott (HDC)
(212) 227-9496,
mmcdermott (at) nychdc (dot) com