Sample Projects
Victor Horsford Plaza: 224-258 West 149th Street
The tenants on this block have lived in a state of disrepair for several years. The ownership on the block had transferred hands several times before the City of New York finally seized control of the buildings in the early 1990's.
Problem
The tenants on this block have lived in a state of disrepair for several years. The ownership on the block had transferred hands several times before the City of New York finally seized control of the buildings in the early 1990's. This cluster, which is composed of 17 buildings and 225 units, has only two occupied buildings. Drugs were rampant on the block and the level of disrepair to the occupied buildings could not be addressed by the City alone.
Solution
Horsford & Poteat Realty was designated as the developers for this site by the City of New York. Construction was completed in February, 2001 The company has overseen the complete renovation of all eight buildings. Financing for the development involved a combination of federal tax credits, HOME funds, and City capital funds.
Today, more than 105 families live in rehabilitated housing. Due to the firm's exceptional work with the initial 8 buildings, Horsford & Poteat was awarded an additional 9 buildings to rehabilitate as a Phase II. Once Phase II is complete, an additional 120 families will live in rehabilitated and affordable housing.
Scope of Work
Gut renovation of 17 buildings and 260 units of affordable housing
Total Project Cost
Phase I: $10,000,000
Phase II: $16,000,000
Reference
Wendall Walters
NYC HPD
(212) 863-5000