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Multifamily Housing Saved from Foreclosure

NEW YORK CITY-Officials, lenders and community leaders have come together in an effort to revitalize 140-148 Bradhurst Ave., two deteriorated apartment buildings located in Harlem across from Jackie Robinson Park.

By Betsy Kraat | Updated on July 09, 2001

NEW YORK CITY-Decent affordable housing is already a scarcity in Manhattan, and so the 80 families living at 140-148 Broadhurst Ave. are especially grateful that their neglected building, recently purchased by the Kay Organization, was rehabilitated. The property, which contains 100 studios and one-bedroom apartments, was in need of extensive repairs. Electricity was sporadic, plumbing inadequate, and the 20 vacant apartments were uninhabitable.

Real estate consultant Sally Love helped the principals of the Kay Organization. Love connected the Kay Organization to The Community Preservation Corporation and the Department of Housing Preservation and Development. The firm benefited from the city’s Participation Loan Program. CPC contributed $1.305 million and HPD provided $630,000 of capital money to make available a below market-interest rate loan. HPD also provided nearly $2.2 million of federal HOME funds.

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