909 Affordable Units Created in
NEW YORK, NY, May 28th, 2009 – Today, the New York City
Housing Development Corporation (HDC), the New York City Department of Housing
Preservation and Development (HPD) and YUCO Real Estate Company, Inc. (YUCO)
celebrated the grand opening of 1405 Fifth Avenue Apartments, an 81-unit
mixed-income development located in the East Harlem section of Manhattan.
The creation of affordable housing in New York City is part of the City's Five
Borough Economic Opportunity Plan to create jobs for New Yorkers today and
implement a vision for long-term economic growth while strengthening and
stabilizing neighborhoods in all five boroughs.
1405 Fifth Avenue Apartments, located between East 115th
Street and East 116th Street on Fifth Avenue, consists of three separate
eight-story buildings connected by a common multi-level, landscaped
courtyard. Each building is newly constructed with handsome cornice
details, a prominent façade of patterned brick, oversized windows that provide
abundant light and a brownstone base with entrances accentuated with polished
granite. Construction was financed with $14.2 million in bonds issued by
HDC, supporting the employment of 103 jobs, 69 of which were in the construction
“This neighborhood has emerged from some tough
economic times stronger than ever, and with its character intact,” said HPD
President March Jahr. “I am confident that during this recession, East
Harlem will demonstrate its resilience once again. This addition to the housing
stock will certainly help – we are proud of the role we have played in this
neighborhood, financing the construction of 909 affordable homes and apartments
right here in East Harlem. I am pleased to add 1405 Fifth Avenue
Apartments to that roster.”
“We at HPD are proud to work with partners like
YUCO to build the kind of housing that adds to the vitality of our city’s
neighborhoods and the stability of the families that call them home,” said HPD
Commissioner Rafael E. Cestero. “1405 Fifth Avenue exemplifies what an important
role wel-conceived and properly financed affordable housing developments
continue to play in the city – especially in the current economic climate.”
“The grand opening of 1405 Fifth Avenue Apartments marks
the completion of the 15th building in Harlem that YUCO has either newly
constructed or substantially rehabilitated under various HPD and HDC affordable
housing programs,” said YUCO President Raymond H. Yu. “Our commitment to
providing quality affordable housing in neighborhoods throughout New York City
is exemplified by this meticulously designed and constructed project.
Today, YUCO also celebrates our 20th year of building and managing affordable
housing in Harlem.”
Tenants are selected through a lottery process.
Seventeen of the units have been reserved for tenants earning up to 50% of AMI
($38,400 for a family of four). Of the low-income units, three units were
reserved for tenants earning up to 40% AMI ($30,720 for a family of four)
pursuant to the deep rent skewing provisions of the Internal Revenue Code.
Additionally, fourteen units will be marketed to tenants earning up to 130% of
AMI ($99,840 for a family of four). The remaining forty-nine units will be
marketed to tenants earning up to 175% of AMI ($134,400 for a family of
four). The 103,600 square-foot project includes approximately 8,200
square-feet of retail space.
YUCO Real Estate Company, Inc. (YUCO) and
its principals have successfully completed numerous residential and commercial
projects throughout New York City. They are able to professionally and
expeditiously carry out all aspects of the development process from acquisition,
financing, municipal approvals, design and construction to marketing, leasing
and sales while maintaining strict quality control over the entire design and
construction process, thereby ensuring that each of their projects are completed
to exacting standards. YUCO has completed the new construction or substantial
rehabilitation of more than sixty buildings.
YUCO is part of an active, vertically integrated real
estate organization that was founded in 1969 and, in conjunction with affiliated
companies, designs and builds, both affordable and market-rate residential
apartment buildings, fully furnished executive suite housing accommodations, and
commercial office and retail properties. YUCO and its principals have been
involved in the new construction and substantial rehabilitation of residential,
mixed-use and commercial properties throughout New York City for over
thirty-five years. YUCO projects are consistently completed on time and
within budget due to strict monitoring and supervision.
YUCO was one of the first Asian-American owned firms to
be selected to construct affordable housing under various HPD initiatives
including the Vacant Buildings Program and Artist's Housing Program. The
company has worked in and contributed to the revitalization and renaissance of
the Lower East Side, Clinton and Harlem in Manhattan and Sunset Park, Flatbush
and East New York in Brooklyn.
YUCO currently has projects either under construction or
in pre-development in the Morningside Heights neighborhood of Manhattan, the
Sunset Park and Williamsburg areas of Brooklyn and in the Mott Haven section of
the Bronx. For more information visit www.yucoinc.com.
The New York City Housing Development
Corporation (HDC) provides a variety of financing programs for the creation and
preservation of multi-family housing that meets the wide range of affordable
housing needs of the City's economically diverse population. It is the nation’s
number one issuer of affordable housing bonds. In 2008, HDC issued more than
$1.3 billion worth of bonds in the calendar year, including approximately $500
million in tax-exempt housing revenue bonds, enabling HDC to finance the
construction and/or preservation of 7,371 apartments. HDC, along with HPD, is
implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and
preserve 165,000 units of affordable housing for 500,000 New Yorkers. The New
Housing Marketplace Plan is the largest municipal affordable housing effort in
the nation’s history. For more information visit www.nychdc.com.
mission is to promote quality housing and viable neighborhoods for New Yorkers.
It is the nation's largest municipal housing preservation and development
agency. Responsible for implementing Mayor Bloomberg's New Housing Marketplace
Plan to build and preserve 165,000 units
of affordable housing, HPD also actively promotes the preservation of affordable
housing through education, outreach, loan programs and enforcement of housing
quality standards. For more information visit www.nyc.gov/hpd.
About New York City’s Five Borough Economic Opportunity
The City's Five Borough Economic Opportunity Plan is a comprehensive
strategy to bring New York City through the current economic downturn as fast as
possible. It focuses on three major areas: creating jobs for New Yorkers today,
implementing a long-term vision for growing the city's economy, and building
affordable, attractive neighborhoods in every borough. Taken together, the
initiatives that the City has launched to achieve these goals will generate
thousands of jobs and put New York City on a path to economic recovery and
growth. To learn more about the plan, visit www.nyc.gov.