FOR IMMEDIATE RELEASEAFFORDABLE LUXURY HOMES RISE FROM VACANT BUILDINGS IN CENTRAL HARLEM
September 27, 2000
Department of Housing
Preservation & Development
New York City Housing Partnership
Community Preservation Corporation
Contact:Rubenstein Associates, Inc.
Bud Perrone (212) 843-8068
Cheri Fein (212) 843-8019
Housing Officials, Community Leaders and the Business Community Celebrate the Completion of Morningside Parc Condominiums
(Harlem - September 27, 2000) Elegant, affordable living in one of Harlem's premier neighborhoods was celebrated today when new homeowners, community activists, and a unique public/private partnership of lenders, developers and city officials opened the doors to spacious new condominiums on 117th and 118th Streets and Morningside Avenue.
Six adjoining buildings have been combined into one complex. The classic facades of these distinguished five-story brick buildings have been completely restored, and the fully renovated interiors include 49 beautiful apartments, many with views of Morningside Park. This remarkable transformation -- from abandoned and dilapidated vacant properties to an elegant, yet affordable development -- will soon be occupied by new homeowners. In keeping with program guidelines, the homes have been purchased by families with annual incomes between $32,000 to $70,950.
The 49 apartments include eight one-bedroom, 33 two-bedroom and nine three-bedroom apartments ranging in size from 650 to 1,150 square feet. All have new mechanical systems, layouts, and finishes, including a laundry room, walk-in closets, hardwood floors, and spacious bathrooms and kitchens. Entryways are secure with audio and/or visual intercoms, and the complex contains upscale lobbies, carpeted public hallways, a community room, and private landscaped rear courtyard. The buildings are handicapped accessible.
A one-bedroom averages $68,OOO, a two-bedroom averages $112,000, a two-bedroom duplex averages $145,000 and a three-bedroom averages $137,000.
Morningside Parc was created through the Partnership New Homes Program, New York City's largest new construction program. It is an innovative public/private initiative of the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Partnership. It is the second stage ofa three-stage plan by a partnership that includes the Harlem Community Development Corporation (HCDC) and The Community Preservation Corporation (CPC).
When completed, all the vacant buildings in a two-block square will have been renovated. The third phase of the plan, involving 48 condos, will commence early next year. Upon completion, 117th Street will be almost completely comprised of homeowners, and the general area will include a significant number of new condominiums and renovated brownstones.
CPC and the Metropolitan Life Insurance Company provided construction financing of $2.033 million each. HCDC and Galaxy General Contracting were the developers of the project. As community sponsor, HCDC also assisted in marketing as well as outreach to the community. The New York State Affordable Housing Corporation (AHC) provided 890,000 in subsidies for Morningside Parc. New York City, through HPD, contributed the buildings and an additional $490,000 in subsidies.
"It is fitting that we celebrate Morningside Parc in September, which is Homeownership Month in New York City," said HPD Commissioner Jerilyn Perine. "Along with our many partners, we are helping residents of Central Harlem attain their dream of owning a home while further stabilizing and preserving this vibrant community."
"AHC is committed to providing financial resources that help hard working New Yorkers become homeowners. These grants are just one example of how the agencies are carrying out Governor Pataki's commitment to create affordable housing in New York State," said Stephen J. Hunt, President and CEO ofAHC. "Affordable housing is the cornerstone of a strong community. These grants are investments in the future of New York City and will have positive social and economic benefits for the homeowners and the Harlem community for years to come."
''Over the past 24 years, CPC has invested in the preservation and development of more than 5,000 homes in the Harlem community. Our commitment to the renaissance of Harlem continues with the creation of Morningside Parc apartments. We are proud to have been a participant, along with our partners, in the ongoing work to restore not only Central Harlem but the entire Harlem community," said CPC President and CEO Michael D. Lappin.
"Morningside Parc is symbolic of the new dawn that is breaking for much of Central Harlem. This rejuvenation is due in large part to the dedication and efforts of community leaders as well as the ability of the public and private sectors to work with them to enact positive change," added New York City Housing Partnership President and CEO Charles Brass.
"I am delighted that Morningside Parc is completed at last and that it has turned out so beautifully. Not only were we able to reach a broad range of first-time homebuyers, but the project demonstrates that beauty, affordability and quality construction can be complementary," said HCDC President Diane Phillpotts.
"Metlife is committed to creating affordable housing for low- and moderate-income families all around the country. Morningside Parc is a prime example. It will serve as an anchor in the continued revitalization of Harlem, and we take great pride in having been a partner in this important initiative since its inception," said Dennis White, Vice President, Metropolitan Life Insurance Company.
HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year l994, the agency has completed the construction or rehabilitation of 65,000 units of affordable housing. To request a homeownership kit from HPD, call (212) 863-8000.
The Community Preservation Corporation is a mortgage lender specializing in the financing of affordable housing throughout New York and New Jersey. Since 1974, it has financed over 70,000 units for an investment ofmore than $2.2 billion.
The New York City Housing Partnership works to promote development of affordable housing, revitalization of neighborhoods and expanded participation by local residents and entrepreneurs in the economic benefits ofcommunity development. The Housing Partnership was established in 1982 by the City's premier business and civic organization, the New York City Partnership, and has constructed or rehabilitated more than 20,000 units of housing. For more information, log on to www.nycp.org.