FOR IMMEDIATE RELEASE
September 21, 2000
Contact:Jennifer LipariHARLEM'S RENAlSSANCE PLAZA MARKS TOPPlNG OFFA Milestone for Home Ownership and Rebirth of West 116th Street
The Marino Organization
NEW YORK, NY - September 21, 2000 - Hailed as part of the rebirth of West 116th Street when construction began last year, the $60-million Renaissance Plaza program today marked the topping- off of the 11-story co-op apartment building known as The Renaissance. Among those joining in the celebration were the New York City Department of Housing Preservation and Development, the NYC Housing Partnership, and elected officials including the Manhattan Borough President. Also present was the developer Suna/Levine, community leaders and retailers.
"Today marks a milestone in the development of affordable housing and home ownership for the residents of Harlem," said HPD Commissioner Jerilyn Perine. "The overwhelming response to the application lottery clearly demonstrates the need for projects like The Renaissance." To date, approximately 4000 applications have been received for the 240 one-to-three bedroom coop apartments in the building.
The Renaissance Plaza is the largest mixed-use project under the City's ANCHOR/Partnership Plaza development program, jointly sponsored by the NYC Department of Housing Preservation and Development and the NYC Housing Partnership. The ANCHOR initiative uses a new and innovative approach to community redevelopment by integrating the rebuilding of commercial corridors with the development of homeownership housing.
"We are delighted by the extraordinary response to The Renaissance," said Jeffrey Levine, a partner in Suna/Levine and president of Levine Builders, the general contractor for the Renaissance. "This project offers many people the chance to fulfill the American dream and a first-time opportunity to own a home in a neighborhood full of culture and commerce."
"The marketing program was designed by the public and private participants involved in the project to ensure an equal opportunity for all applicants," said Charles A. Brass, NYC Housing Partnership President. In order to participate applications were due by September 1, 2000. Apartment homes in The Renaissance will be offered to qualified purchasers who satisfy certain financial requirements, agree to live in the apartments as their primary residence, and whose annual gross income is between $25,488 and $140,500, depending on family and apartment size.
Based upon ranking in the random pool, credit eligibility and program requirements, eligible applicants will be given the opportunity to purchase an apartment. Preferential consideration wiil be given to residents of Community Board 10, and to applicants who are mobility-impaired, as well as those who are visually- and hearing-impaired.
"We are proud that owner-residents of The Renaissance will enjoy a full range of amenities," said Stuart Match Suna, a partner in Suna/Levine. These include a courtyard, community and laundry rooms, 24-hour security and an attended indoor parking lot. "They will also have the added convenience of on-site shopping at such stores as Rite Aid Drugs, Petland Discounts, Ashley Stewart woman's apparel and Met Food supermarket," he noted.
The Renaissance offers 19 different floor plans of 660 to 1420 sq. ft., at purchase prices ranging from $4056 to $14,637, with monthly maintenance from $708 to $2558. Construction began on the building in July 1999, and residents are expected to move in during the summer of 2001.
West 116th Street is one of the commercial corridors selected for the ANCHOR/Partnership Plaza Program. ANCHOR is redeveloping city neighborhoods in order to bring jobs and much- needed retail services to under-served communities where HPD and the private sector are making a significant residential investment.