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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

November 12, 2003

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

HPD Selects Developers for Nearly 1,500 Apartments in Harlem,Downtown Brooklyn, and the Bronx
$360 Million Public/Private Investment in Fifteen Development Sites

The New York City Department of Housing Preservation and Development(HPD) has begun negotiations with developers for the construction of nearly1,500 homeownership and rental apartments, as well as commercial and communityspace, at fifteen sites in Harlem, Downtown Brooklyn, and the Bronx throughthe third round of HPD's Cornerstone initiative.

"HPD's Cornerstone initiative spurs the creation of new homeownershipand rental apartments on vacant City-owned land, financed principally throughprivate sources," said HPD Commissioner Jerilyn Perine. "The total amount offeredto HPD for the fifteen sites in round three of the Cornerstone program is nearly$12.5 million. The total development cost is approximately $361 million. Maximizingthe private sector's investment in housing development is key to Mayor Bloomberg'sThe New Housing Marketplace: Creating Housing for the Next Generationplan."

The developments include nearly 950 homeownership and over 500rental apartments with a broad range of affordability for low-, moderate- andmiddle-income families. Some of the apartments will be affordable to familieswith incomes as low as $20,000. The developments also include a total of over157,000 square feet of commercial/professional office space for ground-floor,neighborhood service retail, and other uses and over 62,000 square feet of communityspace.

Through Cornerstone, HPD works in tandem with the Housing DevelopmentCorporation (HDC). Thirteen of the round three Cornerstone sites proposed fundingfrom HDC programs: HDC's New Housing Opportunities Program (New HOP), an initiativedesigned to meet the affordable housing needs of middle income New Yorkers;HDC's Tax Exempt 80/20 Program, which creates affordable housing for low-incometenants in some of the most desirable locations in the City; and HDC's Low-IncomeAffordable Marketplace Program (LAMP), which combines the use of tax exemptbond financing with Federal Low Income Housing Tax Credits and other subsidesto produce housing affordable to those earning less than 60% of area medianincome.

"HDC has been working with developers to finance affordable housingthrough the Cornerstone program since its inception," stated Emily Youssouf,President, HDC. "We look forward to continuing our collaboration with HPD, developersand financing partners---it is vital to the creation of affordable housing tohave these partnerships especially as we work to implement the New Housing Marketplaceplan."

A total of 128 proposals were received for the fifteen designatedsites. The development teams selected were the following:

Development TeamSite Number and Location
YUCO Real Estate 1 West 111th Street between Adam Clayton Powell & St. Nicholas Avenue(Harlem)
Galaxy Contracting 2 West 116th Street between Adam Clayton Powell and Malcolm X. Boulevard(Harlem)
Poko Partners and Bronx Builders 3 West 115th Street & Frederick Douglass Boulevard (Harlem)
ETB Joint Venture (ELH Mgmt. LLC,TMA Construction Inc., and Beth CooperLawrence Architect, PC) 4 West 128th Street & St. Nicholas Avenue (Harlem)
Abyssinian Development Corporation 5 West 138th Street & Adam Clayton Powell Boulevard (Harlem)
Brownstone Realty Partners 6 West 138th St & Frederick Douglass Boulevard (Harlem)
Bradhurst Parc with Harlem Congregations for Community Improvement 7 West 147th & West 148th Streets between Frederick Douglass Boulevard& Bradhurst Avenue (Harlem)
Artimus Construction 8 East 119th Street & Fifth Ave (Harlem)
Strategic Development and Construction Group, Lemle and Wolff, Inc. withAbyssinian Development Corporation 9 West 138th & West 139th Streets at Fifth Avenue (Harlem)
Artimus Construction 10 Frederick Douglass Boulevard between West 118th Street and West 119thStreet (Harlem)
Artimus Construction 11 Manhattan Avenue and West 119th Street (Harlem)
Fifth Avenue Committee/MAP/Mega 12 Atlantic Avenue between South Portland & South Oxford Avenues (Brooklyn)
Atlantic Development Group 13 East 153rd Street to Concourse Village East to Morris Avenue (Bronx)
TEAM MELROSE (Nos Quedamos/Melrose Assoc./Procida Construction/L&MEquity Participants) 14 Fronting Third Avenue, Brook Avenue & East 156th Street (Bronx)
FSLM Associates (Full Spectrum and L&M Equities) 15 West 116th Street between Lenox Avenue and Fifth Avenue (Harlem)

"It was a very competitive selection process that allowed usto maximize affordable rents and monthly payments for the people who'll be movingin to these new buildings. There was creative design and strong financing proposalsfrom many development teams," said Commissioner Perine.

Construction is expected to begin over the next two years. Qualified tenantsfor the new apartments will be selected by a lottery process administered byHPD. As with all HPD lotteries, at least half of the apartments will go to residentswho currently live in the community board in which the new building is located.This is known as the community preference.

HPD's mission is to promote quality housing and viable neighborhoods for allNew Yorkers. The department is the nation's largest municipal housing developmentagency. Since Fiscal Year 1987, the agency has completed the construction orrehabilitation of 212,000 units of affordable housing. To request a HomeownershipKit or for more information about affordable rental housing, call 311 or logon to nyc.gov/hpd

The New York City Housing Development Corporation (HDC) is a public benefitcorporation established in 1971 to facilitate the creation of affordable housingthroughout New York City by providing below market rate financing. HDC financesmost of its activities through the issuance of bonds and notes as well as providesmortgages directly from its Corporate reserves. In its 30-year history, HDChas financed more than 76,000 units of housing throughout the city of New York.

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