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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

November 19, 2002

Press Contacts:
Leewood Real Estate Group: Cara Marino (212) 889-0808
NYC Department of Housing Preservation and Development: Carol Abrams (212) 863-5176
NYC Housing Development Corporation: Tracy Paurowski (212) 227-9496
The Related Companies, L.P.: Lee Silberstein (212) 889-0808
NYC Housing Parnership: Elaine Iandoli (212) 493-7414

CONSTRUCTION TO BEGIN ON BRADHURST COURT

Groundbreaking Ceremony Celebrates First Full-Size Supermarket in Central Harlem and Affordable Housing

MANHATTAN, November 19, 2002 - Construction is set to begin on Bradhurst Court at West 145th Street and Bradhurst Avenue, a development that will bring the first full-service supermarket to central Harlem as well as create 126 affordable cooperative apartment homes. The New York City Department of Housing Preservation and Development (HPD) along with its development partners marked the start of construction with a groundbreaking ceremony today.

Bradhurst Court will consist of a 45,000-square-foot Pathmark supermarket, 7,000 square feet of additional neighborhood retail space, the residential component and a parking garage. The 1- to 3-bedroom cooperative apartment homes will sell for between $170,000 and $339,000 and will be affordable to households with incomes in the range of $60,000 - $130,000 per year.

The project is being developed through the ANCHOR Program (Alliance for Neighborhood Commerce, Homeownership and Revitalization) administered by HPD and the New York City Housing Partnership. The ANCHOR Program integrates the rebuilding of commercial corridors with the development of homeownership housing using public funds to leverage private financing and spur local economic development. The Related Companies, L.P., Leewood Real Estate Group and Salama Development and Consulting LLC are developing the property.

Funding for the development is being made possible through a combination of below market and market rate financing. The New York City Housing Development Corporation (HDC) is providing a total of $8 million in construction and permanent loan financing. HPD is providing a $1.4 million below market loan for the commercial portion of the development, while also providing a $1.04 million grant for the housing portion. Citibank and Carver Federal Savings Bank are providing the construction financing for the development. Harlem Congregations for Community Improvement, Inc. is the community sponsor.

Construction will official start in December and completion is expected in early 2004.

The new Pathmark will be the first full-size, full-service supermarket in central Harlem. The existing supermarkets are Pathmark at East 125th Street and Lexington Avenue, and Fairway at West 133rd Street and the West Side Highway, neither conveniently located for central Harlem residents. Carver will maintain a full-service branch within the supermarket, for the convenience of shoppers and the neighborhood.

HPD Commissioner Jerilyn Perine said, "New York City through HPD has invested $1 billion in housing in Harlem since 1987. Bradhurst Court is a terrific addition to the 40,000 homes and apartments already constructed or rehabilitated through HPD programs over the past 15 years."

"This Bradhurst groundbreaking is another great step for affordable homeownership and economic development in Harlem," said George Armstrong, President and CEO of the NYC Housing Partnership. "Public private partnerships are working successfully to revitalize neighborhoods and bring growth, housing and retail activity to our communities."

"This project is a milestone for the Harlem community," said Jeff T. Blau, President of The Related Companies. "Bradhurst Court demonstrates all that can be accomplished when public and private entities work together to promote neighborhood revitalization."

"My partners and I are glad that this development has finally become a reality," said developer R. Randy Lee, CEO of Leewood Real Estate Group. "Bradhurst Court will not only provide quality affordable housing, but will also make the neighborhood much more convenient for residents with new retail options."

Developer Jerry Salama of Salama Development and Consulting LLC added, "This development has a long history and it is satisfying that the needs and desires of the community will be finally achieved in Bradhurst Court."

"In Bradhurst alone, HDC has committed over $62 million in just the past two years to develop more than 650 units of affordable housing," stated Charles A. Brass, HDC President. "We are pleased to be working with HPD to continue to expand affordable homeownership opportunities in Harlem."

"For more than two decades here in New York, Citibank's community development efforts have focused on strengthening communities to make them better places to live and to do business in," said Maura Markus, President of Citibank Retail Distribution Group. "we are truly excited to be part of the Bradhurst Court project. We are confident that the 126 families who will own these cooperative apartments will enjoy their new homes and their revitalized neighborhoods."

"Bradhurst Court is a prime example of what can be achieved when the public and private sectors work with community leaders and residents to meaningfully improve the neighborhoods they serve: real economic growth and opportunity, new business development, and affordable housing for residents with the quality amenities they deserve," said Deborah C. Wright, President and Chief Executive Officer of Carver Federal Savings Bank. "Carver has a 53 year history of working with the people of Harlem to achieve their personal and professional financial goals, and we are delighted to again be performing that role with Bradhurst. We look forward to the day in 2004 when Carver will expand access to financial services for an underserved community in northern Manhattan through our new branch at Bradhurst Court."

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 1987, the agency has completed the construction or rehabilitation of nearly 204,000 units of affordable housing. To request a Homeownership Kit, call HPD's Information Line at (212) 863-8000. For more information about affordable rental housing, call HPD's Affordable Housing Hotline at (212) 863-5610 or log on to www.nyc.gov/hpd.

The New York City Housing Partnership promotes development of affordable housing, revitalization of neighborhoods and expanded participation by local residents and entrepreneurs in the economic benefits of community development. The Housing Partnership was established in 1982 by the New York City Partnership & Chamber of Commerce (www.nycp.org). Since then, more than 21,000 new units have been completed or are in construction or predevelopment. The Housing Partnership also has completed the rehabilitation of over 6,000 apartments under the Neighborhood Entrepreneurs Program.

The New York City Housing Development Corporation (HDC) is a public benefit corporation established in 1971 to facilitate the creation of affordable housing throughout New York City by providing below market rate financing. HDC finances most of its activities through the issuance of bonds and notes as well as provides mortgages directly from its Corporate reserves. In its 30-year history, HDC has financed more than 74,000 units of housing throughout the city of New York.

The Related Companies, L.P. is a diversified real estate company with divisions specializing in development, financing services and property management. Related's Development/Acquisition Division is a leading developer and acquirer of luxury apartments, affordable housing, retail, commercial and mixed-use properties. To date, the company has developed or acquired approximately 34,000 residential units and more than 3.5 million square feet of office and retail space. Related currently has a real estate portfolio valued in excess of $7 billion in 40 states.

The Leewood Real Estate Group was founded in 1967 by R. Randy Lee. Leewood provides design, construction, marketing, operational management and general contracting services, with current projects totaling more than 1000 dwelling units in the construction and planning stages throughout the metropolitan area. Mr. Lee is chairman of the board of the Building Industry Association of New York City, senior life director for the National Association of Home Builders (NAHB), and chairman of NAHB's Legal Action Committee.




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