PRESENTATION
Carl Hedman Presents the Genesis MMN1901 Project
0:04:43
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3 min
Carl Hedman introduces Genesis MMN1901, aimed at creating affordable housing in Central Harlem through the multifamily preservation loan program.
- The initiative involves renovating city-owned, vacant, mixed-use buildings for low and moderate income rental housing.
- Genesis Companies LLC is selected as the sponsor, with buildings sold to it for a $1 purchase price per site.
- Eight sites in Manhattan are set for disposition, involving urban development actions and a proposal for a 40-year regulatory agreement to maintain affordability.
- The project includes eight buildings with 78 units in total, highlighting the need for significant renovations to achieve the goal of affordable housing.
Carl Hedman
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My name is Carl Hedman.
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I'm a director with the leverage reservation programs at HPD.
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I'm here to start presentation on Genesis MPMMN 1901, which is a part of the multifamily preservation loan program at HPD.
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You can advance the next slide, please.
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The proposed actions today, I will provide a quick summary.
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The applicant is the New York City Department of Housing Organization Development.
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The program is the multifamily preservation loan program, which designates qualified sponsors to purchase and rehabilitate city owned and vacant lots.
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That are multifamily and mixed use buildings in order to create low and moderate income rental housing as part of the proposed designation, the properties would be sold to the sponsor for a nominal $1 purchase price for each site.
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The sponsor is Genesis Companies LLC.
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They were Post Property Manager is Ezra Management.
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The summary of the land use applications today are an urban development act area designation along with an urban development action area project approval, the disposition of 8 sites in Manhattan, Blocks 1823, 1831, 1720, 17, 20, 1937, 17, 36, 18, 49, and 1914, and lots, 36, 25, 35, 36, 27, 25, 42, and 60, respectively, along with the action request today is an article 11 exemption for the full cluster.
0:06:21
And as part of the action, HPD will be issuing a 40 year proposed to issuing a 40 year regulatory agreement to preserve the affordability.
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You can advance the next slide, please.
0:06:34
Has a quick overview of the bid properties.
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This cluster is comprised of 8 buildings with 78 rental units currently located in Central Harlem.
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220 Lenox Avenue and 22 Lenox Avenue are vacated 8 Unit Buildings that are both Landmarked Exterior.
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170 West 130th Street.
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Is an occupied 4 unit building that is lane marked here and interior.
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77 Lenox Avenue, AKA 100 West 114 street is an occupied 9 unit building.
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203 West 131st Street is occupied 9 units.
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205 West 115th is occupied 11 unit 33 East West.
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On 38th Street is occupied 24 units, and 358 West, 116th occupied 5 units.
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In addition, there is one vacant commercial space located at 77 Lenox.
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The cluster consists of 46 occupied units and 39 bacon units.
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All buildings are city owned.
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There is no existing regulatory agreement as it is a city owned site or property, and all properties are in need of significant renovation work.
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And we can advance the next slide, please.
0:07:49
Just a quick overview.
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This is a map showing that the properties are located in Central Harlem between West 14 18th Street at West 138th Street.