New York, NY - In a once deserted commercial stretch along Tenth Avenue on Manhattan's West Side, a "virtual" neighborhood is about to be built. After being chosen by the New York City Department of Housing Preservation and Development (HPD) in early 2003 to redevelop the expanse between 51st Street to 53rd Street, The Dermot Company, in a joint partnership with Archstone-Smith (NYSE: ASN), one of the nation's largest and most respected apartment companies, will construct The Mosaic, a mixed-use, 24-story project with two towers that incorporates 627 apartments, theaters, parks and retail. The Mosaic is scheduled for completion in fall of 2007.
"The positive impact of The Mosaic on the neighborhood cannot be overemphasized," said Stephen N. Benjamin, Principal of The Dermot Company. "From 'green' design, to expansion of the neighborhood's open spaces, new cultural outlets, and great housing, The Mosaic will be an anchor and a catalyst for future growth and further enhancement of this area."
The building, designed by Fox & Fowle Architects, will also support a variety of public spaces, including a glazed arcade connecting to Tenth Avenue, a park and a through-block connection with play area that will integrate the project with the adjacent Oasis Community Garden and the Clinton neighborhood. New commercial performance spaces for the 20-year plus neighborhood institutions, the Intar and Ensemble Studio Theater companies, will be incorporated with the addition of two theaters. Additional retail and restaurant space will be available, adding to the enhanced convenience and quality of lifestyle for residents of the neighborhood.
The Dermot Company has designed The Mosaic according to "green principles" as defined by LEED, the Green Building rating system. This design includes planning that maximizes natural light and views, integration of high performance HVAC systems with turbine-generated power produced on-site and the usage of locally available building materials to incorporate a look rooted in the community.
While primarily a high-end luxury rental, The Mosaic has two additional residential options; luxury condominium lofts three levels above the theater spaces will be offered for sale, and 20% of the rental units will be low-income studio, one-bedroom and two-bedroom units, providing much-needed affordable housing to this neighborhood. A generous amenity package will provide tenants with a health club, full tenant lounge, media room, underground tenant parking and library. Both towers will also have a full service café, operated by the building.
Susan Ponce de Leon, Assistant Commissioner at HPD said, "We have been delighted to work with the Dermot Company and the local community to ensure that requirements HPD set for the design process, community facilities and public open space plan have been met. This environmentally friendly, mixed-income development further advances Mayor Michael R. Bloomberg's New Housing Marketplace Plan, to fund the rehabilitation and construction of 65,000 apartments and homes by 2008."
The Dermot Company worked with HPD, Community Board 4, Councilwoman Christine Quinn over the last two years with the design and implementation of the The Mosaic. Financing was provided by tax-exempt bonds from The New York State Housing Finance Agency (HFA) with Bank of America acting as the lead construction lender.
About The Dermot Company
The Dermot Company is a leading developer of residential properties primarily located in the five boroughs of New York City. The company specializes in locating properties in emerging neighborhoods and creating multi-use, high-end condominium and rental buildings, further enhancing the community. The Dermot Company currently has over 750 existing residences and 1,300 residences, commercial and artistic spaces in various stages of development.
Archstone-Smith (NYSE: ASN), an S&P 500 company, is a recognized leader in apartment investment and operations. With a current total market capitalization of $12.7 billion, Archstone-Smith owns and operates an irreplaceable portfolio of high-rise and garden apartment communities concentrated in many of the most desirable neighborhoods. Through its two brands, Archstone and Charles E. Smith, Archstone-Smith strives to provide great apartments and great service to its customers - backed by unconditional service guarantees. As of March 31, 2005, Archstone-Smith owned or had an ownership position in 231 communities, representing 79,023 units, including units under construction. The company current owns four apartment communities in the greater New York City area representing 1,458 units: The Sonoma in Murray Hill, The Park Hudson on West End Avenue, Archstone Hoboken across the Hudson River in New Jersey and Archstone Westbury on Long Island.
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 over 223,000 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.