BOSTON, MA - Boston Capital is investing in the construction of Harlem River Point South, a 140-unit multifamily development for families in Manhattan, NY. Harlem River Point South will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are Artimus Construction and L & M Development Partners, based in New York.
"Low to moderate-income families in need of high-quality affordable housing in the Harlem neighborhood of Manhattan will benefit from Boston Capital's investment in Harlem River Point South," said Jack Manning, president and CEO of Boston Capital. "The development will be located in a redeveloping area of East Harlem, and this new construction will have a positive impact on the economy through the creation of jobs and the generation of local income."
Harlem River Point South will feature 21 studio, 48 one-bedroom, 69 two-bedroom and two three-bedroom units in a thirteen-story building. The development will include a community room, bike storage, a recreation space, a central laundry facility, a community rooftop patio and a playground and picnic area. Units will feature wood flooring and air conditioning. Harlem River Point South will be located within walking distance of shopping, community services, a hospital, a recreation center and public transportation. Units will be available to families who have incomes at or below 38 percent and 58 percent of the area median income (AMI).
The construction of Harlem River Point South will generate $14.4 million in local income and create approximately 212 jobs in the Manhattan area. Boston Capital's investment in Harlem River Point South adds 140 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 6,350 units of affordable housing in New York.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.