Development Is One of the Largest Projects in HPD's History

Deputy Mayor for Economic Development and Finance Robert M. Harding, on behalf Mayor Rudolph W. Giuliani, and Department of Housing Preservation and Development (HPD) Commissioner Richard T. Roberts today announced that Chrystie Venture Partners (CVP) has been selected to construct a $230 million mixed-use development, one of largest development projects in HPD's history, on four sites in the Cooper Square Urban Renewal Area. These sites create a crossroads of the Lower Manhattan neighborhoods of the East Village, the Lower East Side, NoHo, and NoLita (Northern Little Italy.)

"This is great news for New York City and the residents of Cooper Square," said Deputy Mayor Harding. "This new development will not only create new housing, but also hundreds of jobs for area residents. This development, one of the largest in HPD's history, will further extend the renaissance of New York City in the Lower East Side. In addition to creating new housing and new retail outlets, the developers have been directed by the City to build a much-needed multi-use community recreation center where area residents will be able to meet, swim and exercise. I want to congratulate Chrystie Venture Partners on its selection and look forward to the groundbreaking next year."

As part of its proposal, which was designed by the architectural firm
Arquitectonica, CVP will create 618 residential units -- including 155 low-income housing units and 90 homeownership units -- almost 200,000-square-feet of retail space and a 30,000-square-foot community recreation center. Construction on the new development is expected to begin in 2001. In addition, two community gardens, the Liz Christy Garden and the Rock' n' Roll Garden, at the corners of Houston Street with Second Avenue and the Bowery will be preserved.

"We are pleased with the selection of Chrystie Venture Partners as the developer for the Cooper Square Urban Renewal Area," said Commissioner Roberts. "I am pleased that through working with the Cooper Square Task Force we have been able to develop this project which will provide much-needed housing and retail options for the distinct neighborhoods that make up Cooper Square."

CVP is a joint venture of: Avalon Bay Communities, a national real estate investment trust, which owns more than 40,000 apartments in nearly 140 communities nationwide; Phipps Houses, an established New York City-based non-profit developer and manager of more than 7,000 units of affordable housing; and Blackacre Capital Management LLC, a private investment fund with more than $6 billion in assets.

As the designated developer, CVP will be responsible for individual equity contributions and for securing private market construction financing. HPD will select qualified tenants for the new affordable apartments through a lottery process.

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 1994, the agency has completed the construction or rehabilitation of nearly 58,000 units of affordable housing throughout the City.

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