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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

October 22, 2003

Press contact: Carol Abrams (212) 863-5176
To request a homeownership kit, call 311.
Click here for HPD's lists of affordable homes


MIDDLE-INCOME CO-OPERATIVE DEVELOPMENT
CELEBRATES GRAND OPENING IN HARLEM

First City-sponsored New Apartment Building Completed in Bradhurst Offers Homeowners Luxury Amenities with Skyline and Park Views

New York City - Public officials, developers, community residents and business leaders gathered in Harlem today to celebrate the grand opening for The Hamilton, the first newly constructed multifamily development to be completed 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 76 cooperative apartments and approximately 15,000 square feet of ground floor retail space, including a new Duane Reade store.

The building was developed through the through the NYC Department of Housing Preservation and Development's (HPD) Cornerstone Program that relies primarily on financing from private sources to produce newly constructed middle-income and market rate housing units on formerly city-owned land. Developers were chosen through a competitive Request for Proposal process.

HPD Commissioner Jerilyn Perine said, "As Mayor Bloomberg likes to say, New York is a City of neighborhoods, the places we call home, where our children go to school, our shopkeepers serve their customers and New Yorkers enjoy family life. Affordable housing is fundamental to prosperous neighborhoods. That's why the Mayor developed his housing plan, The New Housing Marketplace: Creating Housing for the next Generation, to build or rehabilitate 65,000 homes and apartments citywide over a five year period,"

"Homeownership plays a significant role in strengthening a neighborhood and The Hamilton will prove to be an important asset to this community," stated Lisa Gomez, Senior Vice President of Development, HDC. "HDC is committed to providing financing programs that will continue to strengthen the City's neighborhoods and will create opportunities for New Yorkers to realize the American Dream of owning a home."

"Together with our public and private partners, the Housing Partnership has a long history of helping to make homeownership a reality in Harlem," said Diane Nowlin, Acting President of the New York City Housing Partnership. "We are pleased to celebrate the success of The Hamilton and its positive housing and economic development impact for this community."

The Hamilton is a joint venture between the Richman Group and the 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, a $1.3 million grant 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.

"Helping to make life better is the foundation of the commitment we make to each community where we do business," said Ajay Banga, Executive Vice President, Citigroup's Global Consumer Group, and Business Head for Citibank North America Retail Banking. "Citibank's Community Development Group is pleased to strengthen this commitment through its participation in The Hamilton Project, which has created 77 new homeownership opportunities. We are confident that all those who will live here will enjoy their new homes and revitalized neighborhood."

"The Richman Group is proud to have been a co-developer of this very exciting new community," said Richard Richman, Chairman of the Richman Group. "We look forward to working with HDC, HPD and others on the other developments in the area."

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. Sale prices range from $128,000 to $302,500.

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 was held for the sale of the cooperative apartments and a total of 1,200 applications were submitted. To date, 62 apartments have been sold with close to 50% of the new owners coming from the Harlem community.

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 212,000 units of affordable housing. To request a Homeownership Kit or for more information about affordable rental housing, call 311 or log on to nyc.gov/hpd




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