$384M Manhattan Upgrade Lands Financing
Many of the buildings getting a makeover are more than 100 years old.
Genesis Cos. and Lemor Development Group have closed on financing for the $383.6 million Permanent Affordability Commitment Together project with the New York City Housing Authority that will renovate more than 600 units at the Frederick Samuel Apartments in Harlem, N.Y.
Construction is expected to take approximately three years and will be phased to enable most of the more than 1,200 residents to stay in place during the renovations. Genesis Cos. and Lemor Development will provide upgrades to residents’ apartments, community spaces and building infrastructure. Renovations will include upgrades to lighting, flooring, windows and appliances. Infrastructure improvements will include new heating systems, plumbing repairs and façade enhancements.
Monadnock Construction will be the general contractor. VPH Management Services LLC will provide property management services.
The Frederick Samuel Apartments stretch from West 139th Street to West 147th Street, between Adam Clayton Powell Jr. Boulevard and Lenox Avenue. Opened by NYCHA in 1993, the Samuel Apartment portfolio includes 660 units in 40 buildings, many of which are more than 100 years old.
The PACT program
The Frederick Samuel Apartments renovation will be the first joint-NYCHA project for Genesis Cos. and Lemor Development, both minority-owned firms based in Harlem. It is also the first PACT project to be awarded to a minority-owned business enterprises development team.
Jonathan Gouveia, NYCHA vice president for real estate development, called the PACT program a true partnership between residents and the development partners that will bring comprehensive investment to the communities.
Diana Blackwell, president of the Frederick Samuel Tenant Association, said in prepared remarks that residents are looking forward to working with Genesis, Lemor and VPH Management to build the future of affordable housing. She said residents have been waiting to have safe, clean, healthy homes and environments and to create a sustainable community.
PACT is a NYCHA initiative that leverages the federal Rental Assistance Demonstration to convert traditional Section 9 units to Project-Based Section 8: a more stable, federally-owned project. PACT allows NYCHA to unlock funding needed to complete comprehensive repairs while also ensuring the homes remain permanently affordable. Once the property is converted to Project-Based Section 8, NYCHA leases the land and buildings to the development partners, who conduct the repairs, manage the property and provide enhanced social services and community programs.
At least 138 NYCHA developments with more than 37,000 apartments are in pre-development, are under construction or have completed construction through the PACT program. NYCHA is on track to include 62,000 apartments in the program.
In July, NYCHA obtained a total of $332.3 million in financing for capital improvements at West Brighton Houses, a 574-unit 16 building public housing complex in Staten Island, N.Y., as part of the PACT program. Construction is expected to complete by fall 2026.
Late last year, another PACT partner team in the Bronx, N.Y., received $225 million in financing for capital improvements at seven affordable housing communities with 983 units across 18 buildings. Known as the Union Avenue Consolidated project, the construction work is expected to be finished in September 2025.
