CPC AND HPD PROVIDE $1.69 MILLION FOR APARTMENT REHAB

NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York Department of Housing Preservation & Development (HPD) have provided $1.69 million in construction in permanent financing for an apartment rehabilitation project in the East Harlem neighborhood of Manhattan, New York City. The property is a five-story rental building, located at 10 E. 132nd St. It presently consists of 15 two-bedroom units, two of which are occupied. Construction will consist of the gut renovation of the building and the conversion of the units into one studio unit and nine larger two-bedroom units. In addition, the building will receive plumbing and electrical upgrades, the installation of new kitchens and bathrooms, a new heating system and the replacement of the roof and joists. Financing for the project comprises a $554,210 construction and permanent loan from CPC and $1.14 million in funds provided by HPD. The borrower is Frederick Brown. During construction, the building’s two tenants will be relocated. Monthly rents for the new units have been set by HPD at $700 for the studio and $1,300 for the two-bedroom units.