Site 6 - Phase II, The Hamilton Project To Break Ground In Fall

The Hamilton Project, an elegant and affordable multifamily development constructed in the Hamilton Heights section of Harlem, will break ground in fall 2004.

New York, July 16, 2004 -- Site 6 - Phase II of the Hamilton Project, an elegant and affordable multifamily development constructed in the Hamilton Heights section of Harlem, will break ground in fall 2004 and is scheduled for completion within 24 months.

Site 6 as it is presently called will be located on the north side of West 145th Street between Frederick Douglass Blvd. and Bradhurst Ave. Phase II will feature a full-service residential building that will house approximately 170 cooperative units, retail space on the ground and mezzanine levels, a parking garage, and world-class amenities such as a 24-hour attended lobby, skyline views, Euro-style kitchens, fitness center, many oversized terraces and patios, and more.

Phase I, sold out by early spring 2003, included 77 cooperative housing units and 15,000 square-feet of ground retail space, anchored by a Duane Reade.

The Phase II units will be available to households with annual incomes of approximately, $52,000 to $157,000.

In this city, middle-class incomes can translate to $150,000 or more," says Michele A. Peters, Esq., In-house counsel for Manhattan Apartments, the real estate firm which is the exclusive marketer for the development, and a lot of professionals-teachers, assistant district attorneys, even doctors-cannot afford homeownership."

Peters, a strong voice for affordable housing in both the New York real estate industry and city government, believes the city must make affordable housing available in a price range sufficient to attract and retain a skilled professional labor pool.

Part of the Citys Department of Housing Preservation and Development (HPD) Cornerstone Program, The Hamilton was developed specifically to produce newly-constructed housing units to support homeownership for the middle class. The project relies primarily on financing from private sources, including a $14.8 million construction loan from Citibank; $6.1 million in construction and permanent loan financing from the New York City Housing Development Corporation, and $1.3 million from the Office of the Manhattan Borough President C. Virginia Fields. HPD provided the land.

The Hamilton is a joint venture between the Richman Group of New York, LLC and Gotham Organization, Inc. The architect is Greenberg Farrow Architects. Manhattan Apartments, Inc. is the exclusive marketer. The same team will develop Phase Two.

###

For:     

Manhattan Apartments

Michele A. Peters, Esq., 212-378-2696

From:    

Lee Laino Consultants

Irene Ross, 212-563-2353

Lee Laino, 212-879-1814