Yuco Buildings

NYC Economic Development Corporation Selects Developer for East Harlem Site

Project will Create Residential, Retail Space and New Jobs

Monday, August 5, 2002
Contact: Lynn Rasic / Janel Patterson (212) 312-3523


New York City Economic Development Corporation (EDC) President Andrew M. Alper today announced that Yuco Real Estate Company, Inc has been selected to develop a site consisting of three vacant lots in East Harlem for residential and retail uses. The site is located on the east side of Fifth Avenue between 115th and 116th Streets and totals approximately 7,525 square feet.

"East Harlem is in the midst of a residential and commercial revitalization," said Andrew Alper, EDC President. "This project, coupled with numerous mixed use projects in the area, will provide many opportunities for home ownership and quality affordable rental housing, as well as expanded retail development. I am pleased that local developers like Yuco Real Estate are contributing to East Harlem's rebirth."

The site is strategically located near East 116th Street, which is the second most active commercial corridor in Harlem. Nearly 850 residential units and approximately 110,000 square feet of retail space have recently been completed or are nearing completion between East 115th and East 117th Streets. The site is within six blocks of both Central Park and Marcus Garvey Park.

Yuco Real Estate currently proposes the construction of a seven-story, 31,800-square-foot building that will contain approximately 2,400 square feet of ground floor retail space and 23,400 square feet of residential space. The $5.5 million project will offer rental apartments consisting of 12 one-bedroom and 12 two-bedroom units. It will also create approximately 60 construction and permanent jobs. Rents for the units will be at affordable rates for moderate-income families that populate the area. Construction is expected to begin early next year and be completed in about 18 months.

"We are delighted to have the opportunity to work closely with EDC to design and construct a building of the highest quality and we look forward to continuing our redevelopment work in Harlem," said Raymond H. Yu, President of Yuco Real Estate. "As an early participant in the revitalization efforts here in Harlem, we are gratified to see so many successfully completed projects as well as the number of new projects in the construction and planning phases."

The principals of Yuco Real Estate, Raymond and Catherine Yu, currently own and manage 112 units of affordable housing in Harlem, in addition to other commercial and residential properties throughout the City. The Company has successfully completed five projects through the City's Department of Housing Preservation and Development's Vacant Buildings Program.

Yuco Real Estate was selected to develop the site as a result of a Request for Proposals issued by EDC. In evaluating the responses, EDC took a number of criteria into consideration, including economic impact on the City; development team qualifications, relationship to surrounding community and financial feasibility.

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.

EDC is the City's primary vehicle for economic development services. Using its real estate and financing resources, EDC helps develop businesses and create jobs throughout the five boroughs. EDC is also responsible for the sale and leasing of City-owned land for economic development and for the redevelopment of City-owned waterfront properties.