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NEW YORK CITY-Apollo Real Estate Advisors LP, Carver Federal Savings Bank and the Harlem Congregation for Community Improvement have formed an alliance to concentrate in real estate investment and development in Upper Manhattan. The effort is also expected to create jobs through workforce development programs.

Apollo has acquired more than $60 million in assets in Upper Manhattan, the Bronx, Brooklyn and Queens in the last six months. The locally based firm is looking to invest about $300 million in equity in all five boroughs in the next few years.

Carver will have the opportunity to underwrite or to be a part of the underwriting syndicate for Apollo transactions, including acquisition, construction, and permanent financing, in Upper Manhattan. Carver will also have the opportunity to provide homebuyer financing for any new residential projects in addition to other financing arrangements. HCCI will provide job training through its Construction Trades Academy and other work force development programs.