Sample Projects
Sarasota Plaza: 551 West 157th Street
557 West 157th Street is a 30 unit building that was formerly owned by F & J Management. The owners of F & J Management allowed the building to go into a state of disrepair.
Problem
557 West 157th Street is a 30 unit building that was formerly owned by F & J Management. The owners of F & J Management allowed the building to go into a state of disrepair, and one of the owners was subsequently arrested for arson for a different building.
The tenants successfully organized and transferred management of the building to the 7A Administration unit of HPD. The tenant association wanted all outstanding major maintenance items to be repaired and wanted to eventually buy the building as a cooperative.
Solution
Horsford & Poteat Realty (HP Realty) was hired as a 7A Administrator. Through intensive negotiations with NYC HPD, HP Realty raised $600,000 in order to repair immediate building concerns. These renovations included repair of the roof and all plumbing concerns. HP Realty then structured a financing package through HPD and the NYC Community Preservation Corporation to provide an additional $1.5MM in renovation loans to the building and will assist the tenants to form a cooperative corporation that will eventually buy the building once renovations are completed. HP Realty through its affiliate company, Apex Building Company, served as general contractor.
Scope of Work
Renovation to all major systems and acquisition of building
Total Project Cost
$2,100,000
Reference
Ethlyn Jenkins
Department of Housing and Preservation
(212) 863-8869