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NYC Department of Housing Preservation & Development
Press Room

FOR IMMEDIATE RELEASE

March 19, 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 DESIGNATES DEVELOPMENT TEAM FOR SITES ON MANHATTAN'S WEST SIDE

$170 Million Environmentally-Friendly Development on 10th Avenue between West 51st and 53rd Streets to include 600 Mixed-Income Housing Units, Retail and Cultural Space

New York City Department of Housing Preservation and Development (HPD) Commissioner Jerilyn Perine announced the designation of The Dermot Company, Inc. to develop two large city-owned sites located on 10th Avenue between West 51st and West 53rd Streets in the Clinton neighborhood on Manhattan's West Side.

The Dermot Company, Inc. proposes to build Clinton Green, a $170 million development of approximately 600 mixed-income housing units, 11,600 square feet of retail space, new homes for the Intar Theater and Ensemble Studio Theater, 29,000 square feet of publicly accessible open space, 2,850 square feet of community facility space, and 142 below-grade parking spaces.

"HPD has led the revitalization of the Clinton neighborhood through years of investment in affordable housing," said Commissioner Perine. "By making these sites available for environmentally-friendly, mixed-use development, we are continuing these efforts and taking another step toward fulfilling Mayor Bloomberg's housing plan, known as The New Housing Marketplace: Creating Housing for the Next Generation. Through the plan, the City will invest $3 billion over the next five years to create and preserve more than 65,000 homes and apartments in New York City's neighborhoods."

In the RFP, HPD required that developers incorporate "Green Building" principles, which promote environmentally and financially sound new development geared toward greater energy efficiency, as well as the use of renewable and sustainable resources. Clinton Green will achieve a "Silver" rating as outlined in the U.S. Green Buildings Council LEED Ratings System.

Dermot has partnered with the AFL-CIO Housing and Building Investment Trusts to complete this development. Clinton Green will draw from the AFL-CIO Investment Program's $750 million New York City Community Investment Initiative, which directs pension funds from the Housing Investment Trust and Building Investment Trust to finance New York housing and commercial development and mortgages for working families.

The Dermot Company, Inc. was formed in 1991 as a real estate investment and management company focused on multi-sector properties. The Dermot Company currently has approximately $220 million in assets. It owns, holds investments in, and manages more than 4,000 multi-family units, with over 1,000 additional units in the development pipeline. Construction in Clinton Green is expected to begin in Spring 2005.

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 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 nyc.gov/hpd.




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