Announcement | October 13, 2005

Bradhurst’s Emergence as a Neighborhood of Choice Continues with Two New City-Sponsored Affordable Resdiential Developments on West 148th Street

The City of New York Department of Housing Preservation and Development

 

Government, community and business leaders, and local elected officials today celebrated the groundbreaking for The Sutton and Bradhurst Apartments, two city-sponsored affordable residential developments on the same square block in Harlem. The coops and rental apartments are being built on formerly city-owned land in the Bradhurst neighborhood bordering Jackie Robinson Park.

 

The two new buildings will offer housing options to New Yorkers with a range of incomes. The Sutton, located on Bradhurst Avenue between West 147th and 148th Streets, is the first property to be developed through the NYC Housing Development Corporation’s (HDC) Affordable Cooperative Housing Program. Bradhurst Apartments, at the corner of West 148th Street and Frederick Douglass Boulevard, is funded through the NYC Department of Housing Preservation and Development’s (HPD) Middle-income Rental Program. Together the two developments will provide a total of 158 new apartments. Both properties are being developed by Durvernay + Brooks LLC and Pennrose Properties LLC with the locally based not-for-profit Harlem Congregations for Community Improvement (HCCI).

 

“Quality, affordable housing like The Sutton and Bradhurst Apartments is fundamental to building a city of opportunity for everyone,” said HPD Commissioner Shaun Donovan. “These two buildings continue the transformation of Bradhurst into a mixed-income community with convenient shopping, ample open space, and community facilities. These developments are part of the Mayor’s New Housing Marketplace plan to fund the construction and rehabilitation of homes and apartments for 200,000 New Yorkers through 2008.”

 

“We are pleased to be able to work with the City and the many public, private and not-for-profit partners to offer attractive, high quality, and affordable housing in Harlem that meets the needs of both homeowners and renters,” said Joni Brooks of Duvernay + Brooks, a member of the development team. “The Sutton and Bradhurst Apartments are part of a larger development plan that will include the groundbreaking on another cooperative this spring.”

 

“Revitalizing these buildings is a part of the Bradhurst Revitalization Plan that HCCI helped pen 20 years ago,” said Lucille McEwen, HCCI President and CEO. “The Sutton and Bradhust Apartments are critical aspects of our goal to provide long-time Harlem residents with opportunities to develop equity, while sustaining our revitalization efforts through the creation of mixed-income neighborhoods.”

 

The Sutton

Sales prices for the Sutton’s 134 studio, one-, two-, and three-bedroom cooperative apartments are estimated to be between $55,000 and $429,750 with 27 of the apartments available for households with annual incomes up to about $81,682 for a family of four (130% of area median income). The building’s many amenities include an attended lobby, underground parking, a fitness center and a landscaped interior courtyard. The apartments are generously sized with high-speed internet access, and many have private terraces and views of Jackie Robinson Park. The architect is Magnus Magnusson, principal of Magnusson Architecture and Planning.

 

Applications for The Sutton are now available on line at www.thesuttoncoop.com or by fax request at (212) 234-8852, or telephone request at (212) 234-8840. Completed applications must be postmarked no later than November 30, 2005. Buyers for The Sutton cooperatives will be selected by lottery. Preference for 50% of the apartments in each building will be given to Community Board 10 residents. Preferences also apply to mobility, visually, and hearing impaired individuals, active uniformed NYPD officers, and city employees.

 

HDC is providing $6 million through its corporate reserves for a subordinate construction loan with a 1% interest rate. Wachovia Bank provided $24.4 million in construction financing, and the New York State Affordable Housing Corporation contributed an additional $675,000 subsidy. The Housing Partnership Development Corporation provided a loan for pre-development costs and will contribute technical and financial support through the construction period. Upon construction completion, HDC will provide an additional $4.6 million for the underlying mortgage totaling $10.5 million. This financing derives from the proceeds of bonds previously sold to the Bank of America at a fixed interest rate.

 

The Sutton also marks a first for HPD. To rid the site of two deteriorated formerly city-owned buildings, the development received an additional $802,000 of funds from a newly created loan pool, the New Ventures Incentive Program (NewVIP). The NewVIP Program was designed to help defray acquisition and pre-development costs. A consortium of banks funds NewVIP.

 

“The Sutton is the first development to utilize the financing available through HDC’s newly created Coop Program,” said HDC President Emily Youssouf. “As a result of bringing this product to market, more New Yorkers will be given the opportunity to share in the American dream of owning a home. HDC continues to be innovative in developing ground-breaking financing programs to encourage the expansion of affordable housing in New York City.”

 

Said Daniel E. Martin, President and CEO of the Housing Partnership Development Corporation, “We are pleased to be among the partners who are helping to provide more affordable homeownership opportunities to Harlem residents. Our strong public and private partnership will help bring the dream of homeownership and neighborhood improvement to this community.”

 

“Wachovia is pleased to provide financing for The Sutton development. This project underscores our continued commitment to providing affordable housing in the communities we serve,” said Jim Fitzgerald, North Atlantic Regional President for Wachovia Bank, N.A.
“Bank of America is proud of its $100 million commitment to HDC’s new Affordable Cooperative Housing Program, which provides affordable homeownership opportunities for New Yorkers,” said Margaret Guarino, Bank of America Managing Director. “This development is one of the first under the program, helping to fulfill Mayor Bloomberg’s goal to create and preserve 65,000 affordable housing units throughout New York City.”

 

Bradhurst Apartments
Bradhurst Apartments offers 23 rental apartments and approximately 3,600 square feet of commercial/retail space. The apartments are reserved for households with incomes up to $37,680 for a family of four (60% of the area median); seven of the units will be reserved for formerly homeless families. Newspaper advertisements will announce the availability of applications for Bradhurst apartments. A copy of the ad will also appear on the HPD website www.nyc.gov/hpd. Renters for the Bradhurst Apartments units will be selected by lottery. Preference for 50% of the apartments will be given to Community Board 10 residents. Preferences also apply to mobility, visually, and hearing impaired individuals and city employees. Financing was provided by HPD, JPMorgan Chase Community development Group and low-income housing tax credit equity from Richman Housing Resources LLC.

 

“At JPMorgan Chase, we believe that affordable housing is a basic building block of the community,” said Elliot J. Hobbs, Vice President, JPMorgan Chase. “It is in that tradition that the Bradhurst Apartments development will continue to strengthen the community of Harlem.”