Energy Efficient Affordable Housing to be Built in NYC

An historic groundbreaking was held Friday at 1400 5th Avenue, the site of a future energy-efficient, affordable multifamily housing condominium that will incorporate “smart” technologies for residents.

NEW YORK, New York – June 25, 2002 [] The US$40 million development will be the first of its kind in New York City and is expected to be the largest in the U.S. The 225,000 square-foot development includes 30,000 square-feet of retail space. Construction is scheduled to be completed by summer 2003. This venture was specifically designed for middle-income families. Of 128 total units, two-thirds (85 units) of the residences are reserved for buyers with annual incomes between US$53,000 and US$103,000. The condominium will be the first affordable urban mid-rise to qualify for the New York State Green Building Tax Credit. It is estimated that the average tax credit for each homeowner will amount to US$24,000 over a 5-year period. Construction of 1400 on 5th is made possible through a unique mix of public and private funding, including a US$25 million construction loan from Fleet National Bank, with additional funding from Fannie Mae, New York City Housing Development Corporation, New York City Housing Preservation and Development, US Department of Housing and Urban Development, Harlem Community Development Corporation, and the New York State Energy Research and Development Authority. 1400 on 5th is part of NYC Housing Partnership’s High Performance Building Program. “This is one of the most significant housing development projects of its kind in Harlem and the City of New York,” said Carlton Brown, a Principle, at Full Spectrum Building “We believe we will see many more like this in the future. They not only help bridge the housing affordability gap for urban families, but are environmentally friendly and provide many of the modern amenities people want.” Full Spectrum Building and Development, a Harlem-based African American-owned real estate developer is the developer of the project. HRH Construction LLC is the general contractor. “Fleet is proud to play a lead role in the construction of 1400 5th Avenue, particularly in the wake of President Bush’s call this week for the ‘home ownership gap’ among minority families to be filled,” said Philip Grossman, Senior Vice President and Director, Community Real Estate Finance at Fleet . “This development will help fill that gap by providing quality housing for Central Harlem residents, opening the door for many to be homeowners for the first time.” The principles of Full Spectrum believe that housing in underserved communities should meet the following criteria. It should provide infrastructure that is energy efficient; provide superior air quality; utilizes renewable resources; provides the necessary digital infrastructure to empower its residents by bridging the digital divide; and it should provide an architecture that is culturally relevant to the prevailing culture of the community. Green Building Features 1400 on 5th meets the following green building criteria: approximately 70 percent of the building will be constructed from recycled or renewable resources; the filtration and mechanical systems will maximize fresh air and remove allergens from the air; the building will use 35 percent less energy than is permissible by the New York State Energy Code and 70 percent less than many other comparable multifamily buildings in New York City; the building will minimize the use of fossil fuels through its reliance on geothermal energy for heating and air conditioning. Applications for purchasing the homes are due by July 19, 2002.


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