NEW YORK CITY-A new school and affordable housing units are coming to East Harlem, brought to the area by unique partnerships, involving public-private money, baseball and education. The $85 million, 13-story facility will go up on East 104th street, between 2nd and 3rd avenues and is expected to open in the summer of 2014.

The school component will house the DREAM Charter School, the K-8 school founded in 2008 by Harlem RBI, a group that advocates and provides services for inner-city youth. The residential component will be 90 units of low-income housing, part of the Bloomberg administration’s $8.4 billion New Marketplace Plan. The Dept. of Housing Preservation and Development and the Housing Development Corp. will provide nearly $30 million for the units.

“This building will be a place where New York families can afford to live, children can get a first-rate education, and a fantastic non-profit can expand its services,” Mayor Michael Bloomberg said at an event yesterday where the plans were unveiled. “East Harlem will experience the benefits of this development immediately, but the greater impact on our city as a whole will come in the future.”

Continue Reading for Free

Register and gain access to:

  • 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.