Developers Jonathan Rose of the Rose Companies and Gerard Lettire closed a couple of weeks ago on financing for the Tapestry, a 184-unit, affordable housing project 245 East 124th Street (at Second Avenue) in Harlem. The 12-story rental development will seek a LEED Silver rating from USGBC, meet the Enterprise Green Communities Criteria, and participate in NYSERDA’s Multifamily Performance Program.
Rose broke ground on the $65 million project yesterday and assembled financing from a dizzying number of sources- Enterprise tax credits, tax-exempt bonds, loans, and other grants. Half of the Tapestry’s units will be set aside for low-income residents. Mr. Rose told the New York Times last week that, even in the midst of the credit crunch, financing is still out there for developers who “have a good track record, and financial strength, and the project has to be well thought-out.”
The Times makes the excellent point that there will never be enough affordable housing here in New York; local developers such as Mr. Rose who are committed to projects that accomodate low-income residents and incorporate sustainable design features will find plenty of opportunities for financing from numerous sources and will likely continue to build during the course of the market downturn. The Tapestry will be located at the foot of the Triborough Bridge and is rising out of ten formerly private- and city-owned lots. We’ll have more details on green features, the construction schedule, and the project team once they’re made available.
- Financing Stalls on Affordable Housing Projects (NYT)
- Rose Breaks Ground on Green Development (MHN)
- Affordable Housing Archive (gbNYC)