Representative Transactions >
North Cove will be a 30-story multi-use development at the corner of Ninth Avenue and West 207th Street in the Inwood neighborhood of Manhattan. The project site is adjacent to the Harlem River and was rezoned as part of the Inwood Rezoning Plan.
When completed, North Cove will deliver 611 units of 100% affordable housing, reserved for households earning between 27-110% of area median income (AMI). Fifteen percent of the units will be set aside for formerly homeless households who will also have access to onsite support services.
Resident amenities will include bike storage, recreation rooms, shared laundry facilities, outdoor lounge and recreation spaces, picnic areas, and free high-speed internet in each unit. A public access waterfront park is being developed adjacent to the site on land provided by New York City.
The first two floors of North Cove will provide 60,000 square feet of retail space and 120 ground-level parking spaces.
Financing for the $288 million project was provided by a $155 million letter of credit from Wells Fargo’s Community Lending and Investment to back NYC-issued tax-exempt bonds arranged by CLI Debt. The remaining $133 million was provided by CLI Equity as an equity investment through the purchase of Low Income Housing Tax Credits (LIHTC) and New York State Brownfield Redevelopment Tax Credits.
Developers: Joy Construction Corporation and Maddd Equities
Architect: Aufgang Architects
Contractor: Joy Construction Corporation
Number of Units: 611
Financing: Wells Fargo, N.A./CLI Equity