FOR IMMEDIATE RELEASE
Taneshia Nash Laird
The M&M Group for Full Spectrum of New York LLC
LARGEST AFFORDABLE "GREEN" MULTIFAMILY RESIDENTIAL CONDOMINIUM DEVELOPMENT IN NATION CELEBRATES GRAND OPENING IN HARLEM
1400 on Fifth was developed by African-American-owned Full Spectrum, a recognized innovator in developing affordable green and smart buildings
for emerging urban markets
(October 8, 2004 - New York City) - History was made today at a grand opening ceremony in Harlem for 1400 on Fifth, the largest "green," affordable multi-family building in the United States. The development consists of 129 condominium homes, including nine townhouses, plus first floor retail space. More than two-thirds of the condominium apartments were reserved for middle-income buyers, with the balance of the homes selling at market rates. Retail tenants include Ginger Restaurant, Harlem World Sports Club, Grisula's on Fifth Dry Cleaners, Amity Meats, and Carver Bank.
Joining developers Walter Edwards and Carlton Brown of Full Spectrum of New York LLC and Brad Singer of HRH Construction in the celebration were Congressman Charles Rangel, Manhattan Borough President C. Virginia Fields, Secretary of State Randy Daniels, Carter McClelland, President of Bank of America New York, Shaun Donovan, Commissioner of the NYC Department of Housing Preservation and Development as well as representatives from, Fannie Mae, U.S. Department of Housing and Urban Development, Housing Partnership Development Corporation, the Housing Development Corporation, City Council, the State Assembly and State Senate.
Full Spectrum is an African American-owned, Harlem based firm and is recognized as a national leader in the development of affordable environmentally sustainable and technologically smart buildings for emerging urban markets. Heralded during construction for its innovative use of green and smart technology at costs comparable to conventional construction, 1400 on Fifth is the only affordable housing project to qualify for the NYS Green Building Tax Credit. The NY Chapter of the International Association of Energy Engineers named the project the Energy Project of the Year.
1400 on Fifth uses 70% less energy than comparable buildings in New York City and over 60% of the building was constructed from recycled or renewable resources. The geothermal heating and cooling does not contribute to the depletion of fossil fuels and each home has filtered fresh air delivered to it with allergens and materials that "off-gas" eliminated.
"After an immeasurable amount of hard work from a wide range of team members, it is incredibly rewarding to see Full Spectrum's core beliefs regarding environmental sustainability, economic sustainability and cultural relevancy affirmed through the success of the 1400 Fifth Avenue project," said Carlton Brown, Chief Operating Officer of Full Spectrum. "It says a lot of good things about the prospects for redeveloping the country's emerging urban markets in ways that are responsible to the environment, responsible to long term stakeholders and that encourage the entrance of new financial and human resources into communities that had been long overlooked."
Construction of the 225,000 square foot, $40 million development was made possible through a unique public-private partnership. The NYC Department of Housing Preservation and Development provided the land, initiated a rezoning, and provided key funding. Bank of America provided construction and mezzanine financing totaling $28.75 million. Fannie Mae participated in the construction financing with Bank of America. Additional participants included the Housing Partnership Development Corporation, NYC Housing Development Corporation, the US Department of Housing and Urban Development, The Empire State Development Corporation, and the NY State Energy Research and Development Authority.
"Bank of America is proud to have participated in making 1400 on Fifth a reality," said Carter McClelland, New York market president, Bank of America. "This project demonstrates the way we will continue to deliver on the Bank of America promise of higher standards for the city of New York- by working with the most innovative partners, our dedicated city and state agencies and the many talented and effective community organizations that are focused on strengthening the vitality of the neighborhoods throughout our city."
Housing Commissioner Shaun Donovan added: "1400 on Fifth gives 129 families the opportunity to be homeowners and to build their futures in Harlem. Enabling families to buy homes in New York City is key to Mayor Bloomberg's $3 billion housing plan, 'The New Housing Marketplace: Creating Housing for the Next Generation,' to fund the construction and rehabilitation of 65,000 houses and apartments citywide through 2008."
1400 on Fifth was developed as part of ANCHOR/Mixed Use Program developed by the Housing Partnership and HPD to spur economic development via retail opportunities and housing in distressed areas. Housing Partnership oversaw all predevelopment of 1400 on Fifth, including the budget. The organization also helped to secure funding from the participating parties and played a key intermediary role in this complex public-private partnership.
"The Housing Partnership is proud to join our public and private sector partners in helping Full Spectrum and HRH bring new affordable homes and retail stores to Harlem," said Daniel E. Martin, President and CEO of the Housing Partnership Development Corporation. "Community development and homeownership opportunities for working New Yorkers make our neighborhoods and City stronger."
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