​405 & 407 West 206th Street (Inwood)

The new construction $416 million development at 405 and 407 West 206th Street in Inwood will deliver 698 units of mixed-income housing. The development’s two interconnected residential buildings will include a mixture of studio, one-, two-, and three-bedroom apartments, of which 40% will be reserved for residents earning at or below 80% of Area Median Income (AMI). Additionally, 10% of the units will be rent-stabilized with rents restricted up to 30% of 120% of AMI. As part of an effort to help bridge the digital divide, free broadband will be provided to all residents.

With all-electric heating and cooling, the project meets New York State Homes and Community Renewal sustainability standards and supports the goals set by the New York Climate Leadership and Community Protection Act. The project is pursuing a LEED B+C Silver certification.

Amenities will include landscaped courtyards, multiple roof decks, a fitness center, lounge and co-working spaces, and music rehearsal rooms.

In addition to the residential component, the Inwood development will also include a supermarket, neighborhood retail space, parking, and a performing arts center owned and operated by the People’s Theatre Project.

The project is being developed by a joint venture of L+M Development Partners, MSquared, and Taconic Partners. The Community League of the Heights (CLOTH) is the community sponsor.

Financing for the affordable portion of the new development includes nearly $70 million in Low Income Housing Tax Credit (LIHTC) equity and nearly $82 million in tax-exempt bonds along with almost $182 million in taxable bonds provided by New York State Homes and Community Renewal (HCR). In addition, In addition, developers have applied for tax credits following work.

The bonds were purchased by Wells Fargo Municipal Capital Strategies and Wells Fargo Bank. Credit enhancement will be provided by Fannie Mae at conversion. The Low-Income Housing Tax Credits were purchased by the Urban Investment Group within Goldman Sachs Asset Management. Additional sources include nearly $87 million in equity from the joint venture and the Urban Investment Group.
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Press
“Governor Hochul Announces Start of Construction on $416 Million, 698-Unit Mixed-Income Development in Upper Manhattan”
“Massive $416 Million Apartment Towers Headed To Inwood: NY Governor,” Patch.com
“$416M mixed-use development will bring 700 new apartments to Inwood,” 6sqft
“Construction of Mixed-Income Development Underway in NYC,” TheCityLife.org