East River Apartments, a 179-unit multifamily apartment complex, is located at 109–125 East 130th Street in Upper Manhattan’s East Harlem neighborhood. It was acquired by Preservation Development Partners in December 2011for $36 million.The complex consists of five elevator-equipped buildings comprising 53 one-bedroom units, 47 two-bedroom units, 59 three-bedroom units, 17 four-bedroom units, 2 five-bedroom units, and one superintendent unit. Preservation Development Partners rehabilitated the property at a cost of approximately $31,000 per unit. Work included the repair and installation of new roofs, boilers, compactors, flooring, windows, and facade. In addition, individual units were upgraded with new kitchens and bathrooms. The purchase and rehabilitation of East River Apartments was made possible through the use of tax-exempt bonds issued by the New York City Housing Development Corporation (HDC) and credit enhanced by Freddie Mac through its Low Income Housing Tax Credit (LIHTC) Mod Rehab program. The project will also be capitalized with debt and equity financing provided by Wells Fargo. East River Apartments also benefits from a 20-year Project Based Section 8 Contract which will be renewed for an additional 20 years, ensuring the long-term affordability of its units for low income families. All 179 units at the project will be set-aside for tenants earning no more than 60% of AMI.
EAST RIVER APARTMENTS