FOR IMMEDIATE RELEASEMIDDLE-INCOME CO-OPERATIVE DEVELOPMENT IN HARLEM BEGINS CONSTRUCTIONGroundbreaking ceremony held today for first multifamily development to be constructed in the Bradhurst Urban Renewal Area as part of the City's Department of Housing Preservation and Development's Cornerstone Program
October 22, 2002
Taneshia Nash Laird
New York City, Tuesday, October 22, 2002 - Public officials, developers, community residents and business leaders gathered in Harlem today to celebrate the groundbreaking for The Hamilton, the first multifamily development to be constructed in the Bradhurst Urban Renewal Area as part of a unique public/private partnership program designed to increase middle-income homeownership opportunities in New York City. Located in Manhattan on 145th Street between Edgecombe and Bradhurst Avenues, this will be a full service residential building with 77 cooperative apartments and approximately 15,000 square feet of ground floor retail space, including a new Duane Reade store.
Created by the City's Department of Housing Preservation and Development (HPD), the Cornerstone Program relies primarily on financing from private sources to produce newly constructed middle-income and market rate housing units. Developers were chosen through a competitive Request for Proposals process.
HPD Commissioner Jerilyn Perine said, "New York City through HPD has invested $1 billion in housing in Harlem since 1987. The Hamilton is a wonderful addition to the more than 40,000 homes and apartments already built or rehabilitated through HPD programs during the last 15 years."
The Hamilton is a joint venture between the Richman Group and Gotham Organization, Inc. The architect is Greenberg Farrow Architecture. All three companies have extensive development experience in Harlem. The Richman Group has raised equity financing for hundreds of homes in Harlem. Gotham is best known for co-developing the retail and entertainment complex Harlem USA. Greenberg Farrow was the architect for Renaissance Plaza, a full-service cooperative on 116th Street.
The Hamilton is made possible by a $14.8 million construction loan from Citibank, $6.1 million in construction and permanent loan financing from the New York City Housing Development Corporation, $1.3 million from Manhattan Borough President C. Virginia Fields and equity from the developers. HPD provided the land. The New York City Housing Partnership is also a participant, holding title to the land during construction and overseeing marketing.
Kathryn Wylde, President and CEO of the New York City Partnership, said: "As evidenced by The Hamilton, the city's business community stands ready to bring its resources to bear to help jumpstart residential and economic development throughout New York City. Once the public and private sectors inject new life into communities, subsequent private development becomes self-sustainable."
Ajay Banga, Business Head for Citibank North America Retail Banking added: "At Citibank, we strive to make every community where we have operations a better place to live and work because we are there. Citibank's Center for Community Development Enterprise (CCDE) is pleased to be a part of The Hamilton partnership and looks forward to seeing it come to fruition. We are confident that all those who will live here will enjoy their revitalized neighborhood."
The Hamilton was designed specifically for middle-income families. All cooperative apartments are available to households with annual incomes between approximately $52,000 and $157,000. The homes are estimated to range in price from $128,000 to $303,000.
The Hamilton's amenities include:
- 24-hour attended lobby
- State-of-the-art broadband infrastructure
- Wood parquet floors
- Designer tile floors in kitchens and baths
- Large floor-to-ceiling windows
- Euro-kitchen cabinetry
- Fully equipped, residents-only fitness center
- Professionally landscaped garden courtyard
- Wrap around terraces in most penthouse units
- Granite countertops & stainless steel appliances in penthouse kitchens
- Expansive views of Jackie Robinson Park to Midtown Manhattan
- Easy access to all transportation
- Midtown just few stops away via the A, B, C, D, 1, 9 and 3 subway trains
A lottery will be held for the sale of the cooperative apartments. The Hamilton is exclusively marketed by Manhattan Apartments, Inc. Prospective homeowners can visit www.thehamiltonnyc.com for more information or to download an application. Applications can also be obtained by sending their name and address to The Hamilton, 163 Amsterdam Avenue #181, New York, NY 10023. Applications must be postmarked by December 17, 2002.