The 116th Street Block Association, in partnership with CHPC board members, Horsford & Poteat Realty (HP Realty) recently completed the construction of 55 affordable residential units on three city-owned lots at 55 East 115th Street between Park and Madison Avenues in East Harlem section of Manhattan, called Colon Plaza.
Nearly 40 percent of the residents of the project’s Community Board receive some type of public benefit income and, despite the presence of more than 17,000 public housing units, there still exists a severe shortage of affordable housing in East Harlem. This project worked to address this issue by creating 100% affordable units at 60% or less of AMI. In addition, 11 families have incomes below 50% AMI.
The project includes 6 studio apartments at 460 sf; 24 one bedroom apartments at 620 sf. and 25 two-bedroom apartments at 810 sf (including a superintendent unit). The base of the building consists of commercial space with medical & dental offices, and community office space, with the building offering a laundry room, community meeting room, open space and garden at the rear of the building for the residents.
The total development cost for the 55 residential units, plus the commercial and non-profit community office space, was approximately $18 million. Sources of funding included New York State Housing Finance Agency tax exempt bonds, Housing Finance Agency Empire Funds, and low income tax credits, New York City Department of Housing, Preservation & Development Mixed Income Rental Program Funds, and Federal Home Loan Bank of New York Affordable Housing Program.