12-story building to rise at 171 Lexington Ave.A new 12-story building with 41 residential apartments for low-income senior citizens is being developed through a joint venture between Vornado 175 Lexington, Inc., a subsidiary of Vornado Realty Trust Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. and developer Jeffrey E. Levine to create Inclusionary Zoning Inclusionary zoning, also known as inclusionary housing, refers to city planning ordinances that require that a given share of new construction be affordable to people with low to moderate incomes. Bonus Certificates. Located at 171 Lexington Ave. at 31st Street, the new building under construction will also have 3,000 SF of ground floor retail space. Upon completion of the senior citizen residences (expected in Summer 2002) the residential portion of the building will be gifted to the Metropolitan New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Coordinating Council on Jewish Poverty, a non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. which will operate the building and provide social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales to the tenants. "This project emphasizes the tremendous benefit of Inclusionary Zoning Bonus Certificates in creating affordable housing," said Jeffrey E. Levine, developer and President of Levine Builders. "Through this program, 38 senior citizens will be able to afford brand new apartments that are close to shopping and transportation, in a prime area of Manhattan." The, Inclusionary Zoning Bonus Certificate program is an effort by the City of New York to create additional low-income housing by leveraging the demand for air rights in new construction projects. For every square foot of low-income housing created in certain areas of Manhattan, the developer receives certificates allowing for an additional four square feet of air rights for residential buildings in the same or adjoining community boards. 171 Lexington Ave. will have a structural system of masonry bearing walls with precast concrete plank floors. The exterior envelope is a rose-colored ironspot brick, silhouetted by precast pre·cast adj. Relating to or being a structural member, especially of concrete, that has been cast into form before being transported to its site of installation. stone lintels and enclosed by insulated sliding aluminum windows. The bathrooms in each unit will be handicapped adaptable with emergency pull cords. Interior features will include wall-to-wall carpeting, VCT VCT Voluntary Counseling and Testing VCT Vinyl Composition Tile VCT Saint Vincent and the Grenadines (ISO Country code) VCT Venture Capital Trust (UK fiscal status) tile in the kitchens and ceramic tile in the bathrooms. An automated fire alarm system and sprinklers will also be installed throughout the building. The Construction Manager for the apartments is Levine Builders. Herbert L. Mandel & Associates is the project architect. |
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