560 Lenox Ave.
NEW YORK CITY- Fairstead Affordable has acquired Harlen Housing, a two-building, 214-unit affordable housing portfolio in Central Harlem for $75.5 million. Ariel Property Advisors arranged the sale.
The property benefits from a HUD Project-Based Section 8 contract for rental assistance and HPD Article 11 regulatory agreement, a tax incentive for new construction or rehabilitation of affordable housing carried out by a Housing Development Fund Company, a corporation formed to build low-income housing.
Fairstead Affordable plans to renovate the property to lower its energy consumption and for overall sustainability. The project will consist of in-unit renovations, including the creation of UFAS/ADA accessible units, and common areas such as the lobby, hallways and community room.
Fairstead will preserve 100% of the units as deeply affordable, targeting people earning just 25%-35% of the area median income, for a minimum of 40 years.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
