FOR IMMEDIATE RELEASERestoration of Bradhurst Avenue Building Transforms Critically Located Eyesore Into 24 Affordable Rental Units
April 26, 2001
Press Contacts: Carol Abrams (212) 863-5176
Kim Brown (212) 863-8076
City Loan Program Assists Harlem Renaissance
New York City Department of Housing Preservation and Development (HPD) Commissioner Jerilyn Perine announced the completed reconstruction of a privately owned apartment building critical to the redevelopment of Harlem's Bradhurst neighborhood. A ribbon cutting ceremony at 32 Bradhurst Avenue was held on Thursday, April 26 to celebrate the restoration of the 24 unit, six-story elevator building on the corner of West 144 Street, rehabilitated through HPD's Participation Loan Program by Artimus Construction, Inc.
32 Bradhurst Avenue is particularly important to the ongoing renewal efforts in Bradhurst, which has been a focus for the city's housing agency for nearly a decade and was designated an Urban Renewal Area in 1996. The building is surrounded by city-funded projects including the seven brownstones directly across the street rehabilitated in 1998. The vacant city block across West 144 Street is scheduled for a mixed-use development featuring condominium units built on top of 54,000 square feet of commercial space with a supermarket and other retail establishments.
The renovation of 32 Bradhurst Avenue was funded through the City's Participation Loan Program that provides low interest loans to private owners of multiple dwellings with more than twenty dwelling units. City funds at one percent interest are combined with market-rate financing to provide a below market-rate interest rate loan.
To rehabilitate 32 Bradhurst Avenue, the City committed $1.7 million of capital funds, and the Community Preservation Corporation provided an additional $1.025 million at 8.54% interest. The building's six one-bedroom and 18 two-bedroom apartments feature hardwood floors, tile baths and a sophisticated audio/video security system. The entire building is wired to accommodate the latest computer technology. Monthly rents are $750 for a one-bedroom unit and $900 for a two-bedroom unit. Robert Ezrapour, Vice President of Artimus Construction Inc., reported that his organization has received 600 applications, nearly twelve times the available apartments.
HPD Commissioner Jerilyn Perine said, "By restoring a vacant shell into much needed quality housing, Robert Ezrapour has reinforced the value of public/private partnerships which have been key to the City's long standing commitment to invest in Harlem."
Said the developer, Robert Erzapour, "I am pleased to participate in the redevelopment of this world famous New York neighborhood. The availability of a low cost loan made the project feasible, and I thank HPD and CPC for working with me."
Since 1994, HPD has produced more than 8500 units of housing in Central Harlem. Over 2000 of these are in Bradhurst, the area bounded by West 138 Street on the south, Edgecombe and Bradhurst Avenues on the west, West 155 Street on the north and Adam Clayton Powell, Jr. Boulevard on the east.
HPD's mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation's largest municipal housing development agency. Since Fiscal Year 1994, the agency has completed the construction or rehabilitation of 68,250 units of affordable housing. For more information about affordable rental housing call HPD's Affordable Housing Hotline at (212) 863-5610 or log on to nyc.gov/hpd.