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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.