Note: Due to the 15 floor component, in the high rise compilation. If it was just 8 floor, would go in the mid.
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Project: 1465 Park Avenue
Quote:
Last month, the City Council approved a rezoning application for a 400-unit affordable development at 1465 Park Avenue in East Harlem. Now Tahl Propp Equities and L+M Development have filed plans for the 15-story project between 107th and 108th Streets.
The 15-story, half million-square-foot building will fill a parking lot across the street from the elevated Metro North viaduct, on the eastern side of Park Avenue. Tahl Propp owns a 30-year-old Section 8 rental development next door called Lexington Gardens I, and the new building will be known as Lexington Gardens II.
Curtis + Ginsberg Architects are designing the project, which will resemble a series of linked buildings that vary in height from eight to 15 stories. Units will range from studios to three-bedrooms.
The apartments will rent to tenants from a broad swath of incomes, from households making 30 percent of the Area Median Income ($24,480 for a family of three) to 130 percent AMI ($106,080 for for a family of three). Twenty percent of the units will be “permanently affordable” because of the city’s Mandatory Inclusionary Housing policy. The rest will remain income-restricted for 40 years, under a regulatory agreement between the city and the developers.
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NYY