Located on 145th Street between Edgecombe and Bradhurst avenues, the Hamilton will be a 77-unit co-op building for middle-income residents. The project will include 15,000 sf of ground-floor retail space, to be anchored by a Duane Reade pharmacy.
The Hamilton is part of the city's Department of Housing Preservation and Development's Cornerstone Program, which arranges private financing to construct middle-income and market-rate housing units. The project is a joint venture between the Richman Group and Gotham Organization Inc. The architect is Greenberg Farrow Architecture.
The Hamilton, to be located at 163 Amsterdam Ave., is being funded through a $14.8-million construction loan from Citibank, $6.1 million in construction and permanent loan financing from the New York City Housing Development Corp., $1.3 million from Manhattan Borough President C. Virginia Fields and equity from the developers. HPD provided the land. The New York City Housing Partnership is also a participant, holding title to the land during construction and overseeing marketing.
Apartments will be assigned by lottery to residents with annual household incomes between $52,000 and $157,000. Units will range in price from $128,000 to $303,000.
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