Sample Projects
CP Building: 220-226 West 116th Street / 449 West 125th Street
In the early 1980's, this development which comprised five buildings and 50 units on two of the busiest commercial thoroughfares in Northern Manhattan were acquired and rehabilitated by two large not for profit housing development organizations.
Problem
In the early 1980's, this development which comprised five buildings and 50 units on two of the busiest commercial thoroughfares in Northern Manhattan were acquired and rehabilitated by two large not for profit housing development organizations. Twenty years later, the buildings suffered from severe disrepair, and both organizations had ceased to function. The tenants attempted to restore basic services to the building; however, they did not have the funds or expertise to sufficiently repair the buildings.
Solution
The City, through the Department of Housing Preservation and Development, designated Horsford & Poteat Realty as the developers for these sites. We began our involvement with the building by assessing all emergency repair conditions. Next, we structured a financing package that including approximately $5MM in renovations loans for the buildings. Horsford & Poteat used a combination of bank and municipal, low interest, funds to keep the rents affordable to the current tenants. Also, our firm, through its affiliated entity Apex Building Company, served as general contractors.
Scope of Work
Gut renovation of 5 buildings and 50 units
Total Project Cost
$5,000,000
Reference
Chris DeWees, Director
New York City HPD
(212) 863.5000