"This project, coupled with numerous mixed use projects in the area, will provide many opportunities for home ownership and quality affordable rental housing, as well as expanded retail development," says Andrew Alper, president of the New York Economic Development Corp., who selected Yuco for the development. "I am pleased that local developers like Yuco Real Estate are contributing to East Harlem's rebirth."

Plans for the 7,525 sf site include approximately 2,400 sf of ground floor retail and 23,400 sf of residential space. Rents will be adjusted for moderate-income families. Construction is expected to take 18months. The principals of Yuco Real Estate, Raymond and Catherine Yu, currently own and manage 112 units of affordable housing in Harlem. They have recently completed five projects through the city's department of housing preservation and development's vacant buildings program.

This project marks the latest in a string of undertakings designed to revitalize East Harlem. Recent large developments in the area include the $80-million Harlem Center project, located on Malcolm X Boulevard between 125th and 126th streets, and the $40-million "green" building development: an 225,000 affordable housing complex to be located at 1400 Fifth Ave.