City makes deal to sell Harlem apartment portfolio
By Al Barbarino
Gloria Homes Apts. L.P., a New York limited partnership, has purchased six city-owned properties for $16.7 million, city records show.
The properties — 2014 Seventh Avenue, 2471 and 2479 Eighth Avenue, 159 West 119th Street, 270 West 136th Street and 305 West 138th Street in Harlem — will be used as affordable rental housing for low and moderate-income New Yorkers.
The six buildings were gut rehabbed under the New York City Department of Housing Preservation and Development’s Neighborhood Entrepreneurs Program and account for a total of 57,408 s/f — 51,024 residential and 6,384 commercial — between its 60 residential units, according to sources at HPD.
Of the 60 units, 47 are considered affordable for individuals at or below 60 percent of the U.S. Housing and Urban Development’s designated Area Median Income for Manhattan, while 12 are affordable at or below 165 percent of the AMI, bringing the figures to $34,380 and $94,545, respectively.
The NEP program was initiated in the mid-1990s to allow neighborhood-based private property managers to own and manage clusters of occupied and/or vacant, city-owned buildings.
The goal of focusing on small, locally based entrepreneurs is to rebuild local real estate capacity and to ensure quality management and maintenance for the buildings.
Developer and entrepreneurs apply to participate in the program through a Request for Qualifications process — the process that Gloria Homes Apartments went through, the sources said.
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