Exact Capital Rehabs 29 Central Harlem Properties
- Apr 26, 2019
Exact Capital has spent approximately $26 million renovating and preserving 650 affordable residential rental units and 25 stores in 29 buildings between 113th and 152nd streets in New York City’s Central Harlem section.
The apartments range from one to five bedrooms. Renovations included new roofs, boilers and kitchens as well as upgrades to bathrooms. Common areas were refreshed and the buildings were repointed.
Financing for the affordable housing rehabilitation was provided by The Bank of New York Mellon, TD Bank, the New York City Department of Housing Preservation and Development and Merchants Bank.
“We are proud to play a role in rehabilitating and preserving much-needed affordable housing in Central Harlem,” Craig Livingston, managing partner of Exact Capital, said in a prepared statement. “Exact teamed in joint ventures with Harlem Congregations for Community Improvement Inc. for this ambitious rehab achievement.”
Malcolm Punter, president & CEO of HCCI, noted the collaboration with Exact Capital extended affordability for 29 of HCCI’s 89-building portfolio for another 40 years.
“As a longstanding CDC in Central Harlem, HCCI has a commitment ensuring that our founders—clergy and local residents—who worked tirelessly to improve the Harlem community, are able to stay and enjoy the benefits of this rapidly developing enclave,” Punter said in a prepared statement.
Central Harlem Deals
Joseph Sitt, chairman of Thor Equities Group, referred to the “growing popularity of Central Harlem” in December when the firm filled out the last retail space at 17 W. 125th St. with a 2,600-square-foot lease for Smile Direct Club on the building’s ground floor. The 46,200-square-foot, five-story pre-war building has 53 residential units and 9,000 square feet of retail space. The other retail tenants are Insomnia Cookies, Fuel Juice Bar, Harlem Wine and Spirits, Buffalo Boss and My Wellness Solutions.
In January, Avanath Capital Management acquired Invincible Court, an affordable, 54-unit apartment building at 112 W. 138th St., and announced plans to modernize the building. The transaction was part of a 1031-tax-deferred exchange Avanath made in a joint venture with Oak Tree Residential to acquire two properties for a total of $36.3 million. The second property was a 148-unit multifamily property in Temple Hills, Md.