101 W. 118th St./ Photo credit: Exact Capital
NEW YORK CITY—Real estate developer Exact Capital and the Harlem Congregations for Community Improvement have renovated and preserved 650 affordable residential rental apartments and 25 stores in Central Harlem, spanning 113th to 152nd streets.
The $26 million project rehabilitated apartments ranging from one to five bedrooms. Renovations included replacing roofs and boilers, repointing, refreshing common areas, and updating kitchens and bathrooms.
Calling the project an “ambitious rehab achievement,” Craig Livingston, managing partner of Exact Capital, says the building rehabilitations preserved much-needed affordable housing in the neighborhood.
“This collaboration with Exact Capital, extends affordability for 29 buildings of HCCI's 89-building portfolio for another 40 years,” said Malcolm A. Punter, president and CEO of HCCI. The community development corporation that was founded by clergy and local residents works to ensure residents can remain in the rapidly developing neighborhood.
Joan O. Dawson, chairperson of HCCI's board of directors, notes in the 1990s, HCCI developed the property. Its rental units will remain affordable to lower income residents though a Housing Preservation and Development program.
The Bank of New York Mellon, TD Bank, the New York City Department of Housing Preservation and Development and Merchants Bank provided the financing for the repairs and capital improvements.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
