NEW YORK CITY-A ten-building stretch on West 135th Street in the heart of Harlem has become the neighborhood’s “greenest” block. In collaboration with private and public investment groups, developer Jonathan Rose Cos., the US Department of Housing and Urban Development, Enterprise Community Partners and the New York City Department of Housing Preservation and Development have completed a $50.8-million tenant-in-place renovation of 198 units located from 107 to 145 W. 135th Street here.

The project is the first in the country to benefit from HUD’s Green Retrofit Program using federal stimulus funds, which Jonathan F.P. Rose, president of Jonathan Rose Cos., describes as “essential” due to the lack of funding available for new construction. “The solution is to have responsible owners purchase the existing stock as it comes up for sale, extend the period of committed affordability and make green capital and operating improvements,” Rose says in a statement after a ribbon-cutting ceremony on September 12. “Carrying out these goals on a large scale requires committed, innovative, responsive financiers.”

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

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.