JV Wraps Up NYC Mixed-Income Community Makeover

By Corina Stef

Nelson Management Group and L+M Development Partners have finished upgrading the Promenade Apartments, a mixed-income rental located in Bronx. Nelson Management’s investment branch, Global One Investments, fronted by principals Robert Nelson and Michael Gerstein, and L+M Development’s New York Affordable Housing Preservation Fund coordinated the renovation program that started in 2013.

“Promenade Apartments offer residents the luxury of proximity to Midtown Manhattan, but from the comfort of a quieter environment along the Hudson River waterfront, at an affordable cost,” Nelson said in a prepared statement. “With the renovations and new amenities, we are redefining affordable luxury living in New York City.”

Brand new amenities

The community is situated at 150 W. 22nd St., and features new elevators, boilers, laundry room, community room and a replaced roof. Additionally, the hallways, lobby and outdoor plaza and deck were completely renovated. Other amenities include an outdoor deck with lounge, pergola and children’s play area. The 33-story property also has a two-story covered and gated garage. The owner plans to open a high-end fitness center in early 2018.

Promenade Apartments comprises 318 one-, two- and three bedroom apartments ranging from 650 to 1,200 square feet. The fully equipped units include private balconies, and the building has a modern security camera system and 24-hour attended lobby.

The property is overlooking the Hudson River and it located in the vicinity of the River Plaza mall, the Riverdale neighborhood and Van Cortland Park. The MTA 1 subway station, the Marble Hill Metro North train station, Major Deegan Expressway and Interstate 87 provide residents easy access throughout the entire area.

L+M is developing another mixed-income community in Manhattan that will include 22 affordable units and 88 market-rate units.

Images courtesy of Nelson Management Group