909 Affordable Units Created in East Harlem

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 trades. 

 “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. 

About YUCO
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.

About HDC
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.

About HPD
HPD’s 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 Plan
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.