Yuco Buildings


HPD Selects Developers for Nearly 1,500 Apartments in Harlem, Downtown Brooklyn, and the Bronx

$360 Million Public/Private Investment in Fifteen Development Sites

Wednesday, November 12, 2003
Contact: Carol Abrams (212) 863-5176

 

The New York City Department of Housing Preservation and Development (HPD) has begun negotiations with developers for the construction of nearly 1,500 homeownership and rental apartments, as well as commercial and community space, at fifteen sites in Harlem, Downtown Brooklyn, and the Bronx through the third round of HPD's Cornerstone initiative.

"HPD's Cornerstone initiative spurs the creation of new homeownership and rental apartments on vacant City-owned land, financed principally through private sources," said HPD Commissioner Jerilyn Perine. "The total amount offered to HPD for the fifteen sites in round three of the Cornerstone program is nearly $12.5 million. The total development cost is approximately $361 million. Maximizing the private sector's investment in housing development is key to Mayor Bloomberg's The New Housing Marketplace: Creating Housing for the Next Generation plan."

The developments include nearly 950 homeownership and over 500 rental apartments with a broad range of affordability for low-, moderate- and middle-income families. Some of the apartments will be affordable to families with incomes as low as $20,000. The developments also include a total of over 157,000 square feet of commercial/professional office space for ground-floor, neighborhood service retail, and other uses and over 62,000 square feet of community space.

Through Cornerstone, HPD works in tandem with the Housing Development Corporation (HDC). Thirteen of the round three Cornerstone sites proposed funding from HDC programs: HDC's New Housing Opportunities Program (New HOP), an initiative designed to meet the affordable housing needs of middle income New Yorkers; HDC's Tax Exempt 80/20 Program, which creates affordable housing for low-income tenants in some of the most desirable locations in the City; and HDC's Low-Income Affordable Marketplace Program (LAMP), which combines the use of tax exempt bond financing with Federal Low Income Housing Tax Credits and other subsides to produce housing affordable to those earning less than 60% of area median income.

"HDC has been working with developers to finance affordable housing through the Cornerstone program since its inception," stated Emily Youssouf, President, HDC. "We look forward to continuing our collaboration with HPD, developers and financing partners---it is vital to the creation of affordable housing to have these partnerships especially as we work to implement the New Housing Marketplace plan."

A total of 128 proposals were received for the fifteen designated sites. The development teams selected were the following:

Development Team Site Number and Location
YUCO Real Estate 1 West 111th Street between Adam Clayton Powell & St. Nicholas Avenue (Harlem)
Galaxy Contracting 2 West 116th Street between Adam Clayton Powell and Malcolm X. Boulevard (Harlem)
Poko Partners and Bronx Builders 3 West 115th Street & Frederick Douglass Boulevard (Harlem)
ETB Joint Venture 4 West 128th Street & St. Nicholas Avenue (Harlem)
Abyssinian Development Corporation 5 West 138th Street & Adam Clayton Powell Boulevard (Harlem)
Brownstone Realty Partners 6 West 138th St & Frederick Douglass Boulevard (Harlem)
Bradhurst Parc with Harlem Congregations for Community Improvement 7 West 147th & West 148th Streets between Frederick Douglass Boulevard & Bradhurst Avenue (Harlem)
Artimus Construction 8 East 119th Street & Fifth Ave (Harlem)
Strategic Development and Construction Group, Lemle and Wolff, Inc. with Abyssinian Development Corporation 9 West 138th & West 139th Streets at Fifth Avenue (Harlem)
Artimus Construction 10 Frederick Douglass Boulevard between West 118th Street and West 119th Street (Harlem)
Artimus Construction 11 Manhattan Avenue and West 119th Street (Harlem)
Fifth Avenue Committee/MAP/Mega 12 Atlantic Avenue between South Portland & South Oxford Avenues (Brooklyn)
Atlantic Development Group 13 East 153rd Street to Concourse Village East to Morris Avenue (Bronx)
TEAM MELROSE (Nos Quedamos/Melrose Assoc./Procida Construction/L&M Equity Participants) 14 Fronting Third Avenue, Brook Avenue & East 156th Street (Bronx)
FSLM Associates (Full Spectrum and L&M Equities) 15 West 116th Street between Lenox Avenue and Fifth Avenue (Harlem)

 

"It was a very competitive selection process that allowed us to maximize affordable rents and monthly payments for the people who'll be moving in to these new buildings. There was creative design and strong financing proposals from many development teams," said Commissioner Perine.

Construction is expected to begin over the next two years. Qualified tenants for the new apartments will be selected by a lottery process administered by HPD. As with all HPD lotteries, at least half of the apartments will go to residents who currently live in the community board in which the new building is located. This is known as the community preference.

HPD's mission is to promote quality housing and viable neighborhoods for all New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1987, the agency has completed the construction or rehabilitation of 212,000 units of affordable housing. To request a Homeownership Kit or for more information about affordable rental housing, call 311 or log on to nyc.gov/hpd

The New York City Housing Development Corporation (HDC) is a public benefit corporation established in 1971 to facilitate the creation of affordable housing throughout New York City by providing below market rate financing. HDC finances most of its activities through the issuance of bonds and notes as well as provides mortgages directly from its Corporate reserves. In its 30-year history, HDC has financed more than 76,000 units of housing throughout the city of New York.

Yuco Real Estate Company Inc. is an owner/developer of commercial and residential properties throughout New York City. The Company and its affiliates provide real estate management, architectural/engineering, general contracting and maintenance services. In addition to office, residential and retail properties, the Company also offers furnished executive suite housing.

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