Groundbreaking for the the two Lancaster coop Buildings happened last December and it seems that one site is slightly ahead of the other. We walked by the large lot on 1185 Lexington between 117th and 118th Street and the basic ground work was still at hand (top photo). New signs have been placed on the plywood fences stating the completion date at roughly around July of this year but the 27 unit Lancaster Lexington seems to be moving along much slower than the Lancaster Madison (last photo) which is located two avenues west and one block up. Both developments will focus on mix income apartments which provide home ownership options that are market rate along with affordable units. There will be a total of 55 units between the two buildings and 12,000 square feet of ground retail space. Check out this website for more information:
LINK. Photos by Ulysses
Groundbreaking for the the two Lancaster coop Buildings happened last December and it seems that one site is slightly ahead of the other. We walked by the large lot on 1185 Lexington between 117th and 118th Street and the basic ground work was still at hand (top photo). New signs have been placed on the plywood fences stating the completion date at roughly around July of this year but the 27 unit Lancaster Lexington seems to be moving along much slower than the Lancaster Madison (last photo) which is located two avenues west and one block up. Both developments will focus on mix income apartments which provide home ownership options that are market rate along with affordable units. There will be a total of 55 units between the two buildings and 12,000 square feet of ground retail space. Check out this website for more information: LINK. Photos by Ulysses
Are these rentals or coops? I think it is a bad decision to offer ownership to low income people. If they can't afford to buy why put them in this precarious state?
ReplyDeleteThey will be mixed income so only a portion will be affordable. There are many HDFC coops in Harlem that were started 20 years ago and the owners bought their apartments for $300 from the government. Those same apartments are now worth hundreds of thousands and the buildings are doing fine. Of course, nobody is giving away apartments for a couple of hundred dollars these days but it should be reasonable to those who have successfully gathered a life's savings.
ReplyDeleteUlysses,
ReplyDeleteI must concur with you on that one. It is a nice way to reward hard working, responsible individuals. At the same time the neighborhood is benefiting. It is a win-win for everyone.