East Harlem developer selected.New York City Economic Development Corporation Overview New York City Economic Development Corporation (NYCEDC) is a non-profit local development corporation that promotes economic growth across New York City's five boroughs. president Andrew M. Alper announced that Yuco Real Estate Company, Inc has been selected to develop a site consisting of three vacant lots in East-Harlem for residential and retail uses. The site is located on the east side of Fifth Avenue between 115th and 116th Streets and totals approximately 7,525 SF. "East Harlem is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a residential and commercial revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. ," said Alper. "This project, coupled with numerous mixed use projects in the area, will provide many opportunities for home ownership and quality affordable rental housing, as well as expanded retail development. I am pleased that local developers like Yuco Real Estate are contributing to East Harlem's rebirth." The site is strategically located near East 116th Street, which is the second most active commercial corridor in Harlem. Nearly 850 residential units and approximately 110,000 SF of retail space have recently been completed or are nearing completion between East 115th and East 117th Streets. The site is within six blocks of both Central Park and Marcus Garvey Park Marcus Garvey Park, or Mount Morris Park as it is referred to by the people in the neighborhood, is located in Harlem in the New York City borough of Manhattan. The 20. . Yuco Real Estate currently proposes the construction of a seven-story, 31,800-SF building that will contain approximately 2,400 SF of ground floor retail space and 23,400 SF of residential space. The $5.5 million project will offer rental apartments consisting of 12 one-bedroom and 12 two-bedroom units. It will also create approximately 60 construction and permanent jobs. Rents for the units will be at affordable rates for moderate-income families that populate To plug in chips or components into a printed circuit board. A fully populated board is one that contains all the devices it can hold. the area. Construction is expected to begin early next year and be completed in about 18 months. "We are delighted to have the opportunity to work closely with EDC EDC See: Export Development Corp. to design and construct a building of the highest quality and we look forward to continuing our redevelopment work in Harlem," said Raymond H. Yu, president of Yuco Real Estate. "As an early participant in the revitalization efforts here in Harlem, we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see so many successfully completed projects as well as the number of new projects in the construction and planning phases In amphibious operations, the phase normally denoted by the period extending from the issuance of the order initiating the amphibious operation up to the embarkation phase. The planning phase may occur during movement or at any other time upon receipt of a new mission or change in the ." The principals of Yuco Real Estate, Raymond and Catherine Yu, currently own and manage 112 units of affordable housing in Harlem, in addition to other commercial and residential properties throughout the city. The company has successfully completed five projects through the city's Department of Housing Preservation and Development's Vacant Buildings Program. Yuco Real Estate was selected to develop the site as a result of a Request for Proposals issued by EDC. In evaluating the responses, EDC took a number of criteria into consideration, including economic impact on the City; development team qualifications, relationship to surrounding community and financial feasibility. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion