Thursday, January 24, 2013

☞ REVIVE: More Details on Financing PS 186

The last time a major newspaper reported on PS 186 was when The New York Times stated a couple of years ago that it would be demolished to make way for a new building but details for restoring the historic school building has now been finalized as of last summer.  A Harlem Community Development Corporation summary page has the details as below for the financing of the $79.3 million project which ends over two decades of feuding within the community board on protecting the building at 145th Street.

 "The build program for the Project has been modified. Instead of demolishing the existing structure and building a larger new structure BGCH will retain and renovated the existing, landmark-eligible building which will house approximately 90 units of housing in addition to the new facility for BGCH. The community facility and retail components of the build program, for where there were no anchor tenants and for which project financing could not be secured, have been eliminated. Retention of the existing building makes the Project eligible for historic tax credit financing. The application for the low income tax credits for the residential part of the Project will be submitted in June 2012. Closing on construction financing is expected to occur by year-end 2012."

Some have been questioning the source of financing and the HCDC document has "NYC Housing Development Corporation, NYC Department of Housing Preservation and Development, Tax Credit Equity, New York State and City capital grant funds" all listed: LINK

Building rendering via Dattner Architects


  1. Funding wouldn't be such a big deal if they allowed luxury rate apartments in this building. Why all the affordable nonsense? Seriously, the reality is sometimes: save an architectural gem with market rate condos, or demolished or let rot. Unfortunately too many churches and harlemites would rather have buildings rot. We the community could write elected officials to wake up and save these historic buildings. Write community board to allow developers to save these buildings instead of depending on the city or state government for financing.

  2. Curious, you make a distinction between "harlemites" and "we, the community". I would have thought they were the same.

  3. Unfortunately, this changes nothing. As predicted, no funding was secured because the current plan for 100% affordable housing is not financially viable or sustainable. In fact, the link you've provided just highlights this point. Yes, they tried to get even more tax breaks, and yes, they tried to secure funding. All to no avail and now another $100K down the drain. When will people pull their heads out of the sand and face reality? Affordable housing is all nice and good but it doesn't work without "someone" to subsidize it - market rate units, commercial enterprise, the residents and/or tenants themselves... I could go on. Unfortunately, in this neighborhood, the pendulum has swung so far in one direction that affordable housing has become synonymous with "practically free" thanks to an over-inflated sense of entitlement and a local government that has indulged this fantasy. Wake up, people! This neighborhood is practically a wasteland (minimal jobs, minimal services, crime, decay) because no one wants to invest in a community that doesn't even invest in itself. We/"harlemites"/Hamilton Heights-ers/ whatever you call yourself, "we" need to face up to the facts that this community desperately needs an influx of new people, money, investors, etc... The status quo CLEARLY doesn't work, and never has. What little progress has occurred is entirely the result of the little bit of new blood/new life that has trickled in, albeit incredibly slowly. Isn't that evidence enough? What is it they say is the definition of insanity? Doing the same thing over and over again expecting a different result. Let's stop the insanity, huh? Time to step aside and let someone else have a turn.

  4. Today's NY Post write about how Harlem's Empowerment Zone has done nothing with all their money, could this be another example of how UMEZ needs to be closed down and closed with the Harlem CDC who also has showed no developments or results in what they do as an organization.