On Monday, August 1st, 2005, at 10:30 AM, The Richman Group Development Corporation and Gotham Organization, Inc. will celebrate the ground breaking of The Langston, their second Harlem residential development located at 68 Bradhurst Avenue between West 145th and 146th Streets. Pamela Mikus, Vice President, The Richman Group Development Corporation states, "The Richman Group Development Corporation is proud to be part of Harlem's continued revitalization."
"We are pleased that the influence from our first successful project in Harlem, in addition to favorable market conditions, has enabled us to create more opportunities for a wider economic spectrum of home ownership", states Kenneth Miller, Vice President of Development, Gotham Organization, Inc.
The project is made possible through the Housing Partnership Development Corporation and the New York City Housing Preservation and Development's Cornerstone Program, a multi-family housing initiative whose goal is to create nearly 3,000 new middle-income and market-rate housing units on vacant city-owned land. "This beautiful new mixed-use building will make homeownership in Harlem available to New Yorkers with a broad range of incomes," said HPD Commissioner Donovan. "Homeowners are anchors of their communities because they want to preserve their investment. They want what all parents want for their children: the security that only good homes in safe and stable neighborhoods can provide. Homeowners advocate for excellent schools, convenient shopping and well-maintained parks. Mayor Bloomberg's "New Housing Marketplace" plan understands the importance of housing to New Yorkers and to New York City's long-term economic health and will add new and improved homes and apartments for over 200,000 New Yorkers."
Daniel Martin, President of the Housing Partnership Development Corporation goes on to say, "Our Partnership with its many helping hands has revived a renaissance in Harlem. The formation of The Langston will further add to the achievement of affordable homes in this great community".
Wachovia and JPMorgan Chase Bank provided the $60.5 million construction loan. An additional $720,000 came from the New York State Affordable Housing Corporation to make 18 of the apartments affordable to low-income buyers. 102 condos are priced for mixed-income households and 59 are market rate.
"Wachovia is pleased to provide lead arranger financing for The Langston development. It underscores Wachovia's continued commitment and support of The Gotham Organization, The Richman Group, and the New York City real estate community", said Mark Melchione, Senior Vice President and Market Manager for Wachovia's Real Estate Financial Services.
The New York City office of GreenbergFarrow provided full architecture services, construction administration and civil engineering services for the site. "It's gratifying to design affordable, quality housing for the area's residents," said Paul Carr, the project manager at GreenbergFarrow. "Greenberg Farrow takes pride in designing first-rate projects that offer residents efficient, livable spaces with an emphasis on premium design."
The Langston, located near historic Hamilton Heights, will rise 10 stories and have 180, one-, two- and three-bedroom luxury condominium units. Building features and amenities will include 24-hour concierge, a state-of-the-art fitness facility, broadband wiring, residents' terrace, valet for dry cleaning and tailoring services, and is located across the street from Jackie Robinson Park and near Riverbank State Park. Many homes will feature stone kitchen countertops, elegant wood floors, marble master baths, gas fireplaces and private terraces and patios in select units. The development will also feature 37,000 square feet of ground floor retail space and a parking garage for approximately 80 cars.
The Development Division of Manhattan Apartments, Inc. is the exclusive sales and marketing agents for The Langston. Michele A. Peters, Esq., In-house Counsel / Director of Project Development states, "The Langston is the second of our Harlem projects with the Developers and we are exceedingly proud to be involved in the sales for this beautiful building." The exclusive agents for the building are Anthony von Meyers and Neil Tilbury.
The apartments will be marketed through a city-supervised lottery that gives a preference for 50% of the condominiums to income-eligible residents of Harlem Community Boards 9 and 10. Applications to enter the lottery will be made available late summer of 2005 Information about the Langston will be advertised in The New York Times, The Amsterdam News and El Diario.
For more information :
Obtaining an application, www.thelangston.com
Manhattan Apartments, Inc. Development Division, Exclusive Agents: Anthony von Meyers and Neil Tilbury call 212-835-1001, email@example.com
The Richman Group Development Corporation, www.therichmangroup.com
Gotham Organization, Inc., www.gothamorganization.com
NYC Department of Housing Preservation and Development, www.nyc.gov/hpd