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NEW YORK CITY-The Sutton, a 135-unit mixed-income Harlem residential project, is moving forward. It is the first property to be developed through the New York City Housing Development Corp.'s Affordable Cooperative Housing Program.
The first of three projected buildings in the city's Bradhurst Urban Renewal Plan, the Sutton will rise 12 stories on West 147th Street between Bradhurst Avenue and Frederick Douglass Boulevard, adjacent to Jackie Robinson Park. The property is being developed by a joint venture of Duvernay & Brooks LLC, and Penrose Properties LLC. "We wanted to make a statement with this property," says Gale Kaufmann, managing director of Duvernay.
Combining market-rate and affordable units, the family-oriented $40-million building will contain a variety of two- and three-bedroom apartments. Approximately 20% will have terraces or balconies. Other features will include underground parking for 44 cars, 24-hour security, a fitness center, community room and landscaped courtyard. Approximately 3,500 sf of retail space will be provided on the West 147th Street-Bradhurst Avenue corner.
Magnus Magnusson, principal of Magnusson Architecture and Planning, is the architect. He will work with Barbara Skarbinski, AIA, associate design architect, ABS. The team was selected by HPD and the Harlem Congregations for Community Improvement to develop the project on city-owned property. "The Sutton represents an exciting departure from most urban developments, allowing for people of many different incomes the chance to own a great home," says Magnus Magnusson, principal of MAP.
Sutton's companion, Bradhurst Apartments, at the corner of West 148th Street and Frederick Douglass Boulevard, is funded through the NYC Department of Housing Preservation and Development's Middle-Income Rental Program. Together the two developments will provide a total of 158 new apartments.
Sale prices for the Sutton are estimated to be between $55,000 and $429,750 with 27 of the apartments available for households with annual incomes up to about $81,682 for a family of four, 130% of area median income. The Bradhurst apartments are reserved for households with incomes up to $37,680 for a family of four, 60% of the area median. Seven of the units will be reserved for formerly homeless families.
For the Sutton, HDC is providing $6 million through its corporate reserves for a subordinate construction loan with a 1% interest rate. Wachovia Bank provided $24.4 million in construction financing, and the New York State Affordable Housing Corporation contributed an additional $675,000 subsidy. The HDC provided a loan for pre-development costs and will contribute technical and financial support through the construction period. Upon construction completion, HDC will provide an additional $4.6 million for the underlying mortgage totaling $10.5 million. Introduced in December 2004, the program is a low cost, innovative venture to increase the construction of affordable cooperative developments as a result of a Bank of America revolving loan fund of $100 million and loan financing provided by HDC. This collaborative lending program, which will increase affordable homeownership in the city, is expected to create 3,000 apartments over the next five years.
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