L + M Development Partners who are recently finishing up the condo conversion of
PS 90 on West 148th Street will start on a new project in South Harlem. The Read Deal reports that the firm secured $27.7 million in construction funding to rehab a 120 unit affordable housing building at 1482 Fifth Avenue, between 116th and 117th Street (top photo). The developers also bought a parcel of land next to the building (lower photo) for $5.1 million and will start on designing a new building with a mixed percentage of affordable and market rate condos. Tax exempt bonds are being used to finance the existing building on Fifth Avenue and the renovations that would include a new roof, Energy Star appliance and a new venilation system will be finished by end of 2010. The new building, which will sit directly across the street from the Kalahari on 116th Street, will be finished mid 2011. Read more about it in the Real Deal:
LINK. Photos by Ulysses
L + M Development Partners who are recently finishing up the condo conversion of PS 90 on West 148th Street will start on a new project in South Harlem. The Read Deal reports that the firm secured $27.7 million in construction funding to rehab a 120 unit affordable housing building at 1482 Fifth Avenue, between 116th and 117th Street (top photo). The developers also bought a parcel of land next to the building (lower photo) for $5.1 million and will start on designing a new building with a mixed percentage of affordable and market rate condos. Tax exempt bonds are being used to finance the existing building on Fifth Avenue and the renovations that would include a new roof, Energy Star appliance and a new venilation system will be finished by end of 2010. The new building, which will sit directly across the street from the Kalahari on 116th Street, will be finished mid 2011. Read more about it in the Real Deal: LINK. Photos by Ulysses
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