News
$66M TAPESTRY BUILDING FIRST OF MANY
December 18, 2008
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| Jonathan Rose Cos. is certainly busy in Harlem: last month, it broke ground on its $66M, 12-story, 185-unit mixed-income residential Tapestry development at 245 East 124th St. with Lettire Construction; and this week, it’s closing on a 114-unit affordable housing community (including units for ex-offenders re-entering society) at 625 W. 140th St. in partnership with the Fortune Society. We were intrigued, considering we’ve heard that the emerging market has been affected by the economy with some projects not getting off the ground. We visited Paul Freitag, JRCo’s New York City director of development, to find out more about its Harlem plans. |
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| Projects that are solid will still move ahead, he says; Tapestry, for one, has both public and financer support as a mixed-income and LEED-Silver designed building. The project is also a part of the 125th Street River to River Rezoning, a multi-city agency effort to bring more cultural, retail and entertainment uses to the area. Additionally, a great deal of retail sprouting along 125th supports the residential development; the project itself will have 8k SF of premium ground retail space. The project will have 50% market-rate units, 30% middle-income units, and 20% low-income units after its 18-month build-out. |
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| Paul with colleagues Roger Gore and Kendra Stensven, both part of the Tapestry team. The firm is no stranger to Harlem; it built the $18M, 85-unit Dinkins Garden affordable housing and youth center at 263 W. 153rd St. with Harlem Congregations for Community Improvement (HCCI). It also hopes to break ground this spring on a 65-unit senior housing facility in an HCCI JV at 203 W. 146th St. While busy in Harlem, Paul recently served as a juror for the Terner Prize, a national affordable housing award, and said it’s inspiring to see how developers are rapidly redefining the look of affordable housing. (Last year, JRCo was a finalist by turning an old 19th-century masonry building in Irvington, NY into affordable housing and a town library.) |
