NEW YORK – September 26, 2008 – (RealEstateRama) — St. Philip’s on the Park, a 260-unit affordable multifamily rental apartment building located in central Harlem, today opened a renovated plaza and a new playground and announced the completion of the renovation of all of its apartments.
The $28.2 million project was financed by the New York State Housing Finance Agency (HFA) with other financial assistance provided by the U.S. Department of Housing and Urban Development (HUD) and the NYC Department of Housing Preservation and Development (HPD).
“I congratulate St. Philip’s on the Park for working with the private sector and all three levels of government—city, state and federal—to improve the lives of their residents,” Governor David A. Paterson said. “My administration is committed to preserving affordable housing all across the state and St. Philip’s is a wonderful example of how we can turn our vision into concrete results.”
Les Bluestone, a principal in Blue Sea Development Co. LLC, part of the project’s development team, said, “We are very proud to have the opportunity to refurbish St. Philip’s on the Park and create a new community plaza and playground for the tenants. We finished the renovations on budget, a year ahead of schedule and with virtually no displacement of any of the tenants.”
St. Philip’s on the Park, located at 480 St. Nicholas Ave., Manhattan, is a HUD-financed Section 236 project owned by St. Philip’s on the Park Housing Development Fund Corporation (HDFC), a not-for-profit entity associated with St. Philip’s Church of Harlem.
The development team for the improvements was a joint venture between Blue Sea Development Corp. and Ironman Housing Co.
The capital improvements included upgrading of the electrical and heating systems, new windows, kitchens and bathrooms and installation of common area lighting. The plaza was refurbished, lights and security cameras installed and a new playground built.
Assemblyman Keith L.T. Wright of Harlem said, “St. Philips on the Park Housing Development Fund has done a wonderful job in their renovations, helping Harlem residents get the quality affordable housing they deserve. From the environmentally sustainable amenities to the fantastic new playground, this is a property and community New York can be proud to call its own. I thank all of the agencies and organizations which have successfully worked together to make this a reality and I congratulate the residents on a beautiful new place to call home.”
Priscilla Almodovar, HFA President and Chief Executive Officer, said, “The renovations at St. Philip’s on the Park are part our mission to protect and improve affordable housing throughout New York State. Many of the state’s affordable housing developments are in need of repair. HFA is proud to have the resources to finance these improvements and improve the quality of life for the residents.”
Deborah VanAmerongen, Commissioner of the NYS Division of Housing and Community Renewal (DHCR), said, “I am pleased that the renovation of St. Philip’s has been completed. These improvements, which were a priority of mine while I was HUD’s Director of Multifamily Housing for the NYC Region, will make the residents of St. Philip’s safer, more comfortable and more secure.”
HPD Commissioner Shaun Donovan said, “The rehabilitation of St. Philip’s on the Park demonstrates how older residential building stock can be renovated and made more energy efficient while preserving the affordability through creative partnerships between government, not-for-profits and the private sector. The City is committed to keeping Harlem affordable so that its current renaissance happens for its residents, not to its residents. I would like to thank Governor Paterson and HFA President and CEO Almodovar for their incredible partnership in creating and preserving more affordable housing for the residents of Harlem. ”
Sean Moss, HUD’s Regional Director for New York and New Jersey, said, “HUD has no higher priority than preserving and creating affordable housing, and there is no better example of this than the restoration of St. Philip’s on the Park in Harlem. I would like to congratulate NYSHFA, DHCR and HPD for working together to improve the lives of these residents, and simultaneously, strengthening the community as well.”
Lovell Jackson, Vice President of the St. Philip’s on the Park Tenants Association, said, “We are very pleased with the capital improvements that have been made at St. Philip’s. All the tenants now have new kitchens, new bathrooms, new hallways and—best of all—new windows that provide insulation against the cold in the winter. We also have a new roof and a refurbished parking garage. And today, we are having our celebration on our new, rebuilt plaza. I want to thank all the tenants for their cooperation, which ensured that this project was completed ahead of schedule. I also want to thank our managing agent, Webb & Booker, for working with the lawyers and the developers to make this project a reality.”
The financing of the St. Philip’s renovations included a $16.3 million HFA loan to the St. Philip’s HDFC, HUD Section 236 Interest Rate Reduction payments, project-based HUD Section 8 subsidies, an annual allocation of $893,958 in Federal Low Income Tax Credits, a Resolution A $250,000 grant from the Manhattan Borough President’s office that will be disbursed through a program used to upgrade substandard buildings, and a 420-c real estate exemption from HPD.
The NYS Housing Finance Agency was created in 1960 to sell bonds to finance the construction and rehabilitation of multi-family affordable rental housing in New York State.
Contact: Philip Lentz
Director of Communications
212-872-0679
plentz (at) nyhomes (dot) org
