Stretch of East Harlem seeing remarkable turnaround

Real Estate Weekly, Nov 13, 2002

Roslyn Savings Bank has a significant role in the turn-around of an East Harlem neighborhood through its financing of the construction of several ambitious and innovative affordable housing projects.

A four block stretch of upper Madison Avenue is in the midst of a remarkable transformation centered on three new low to moderate income co-operative apartment buildings between East 117th and East 120th Streets:

* Madison Park--Roslyn provided a participation loan of $8,898,400 to finance construction of this 129-unit residential co-operative apartment building located on E. 120th Street and Madison Avenue. The project was built in conjunction with the New York City Housing Partnership and Housing Preservation and Development. The Madison Park project also involves equity participation under the Federal National Mortgage Association's American Communities Fund.

* Madison Court--Roslyn Bank provided a $16,448,585 construction loan for a 92-unit, nine-story co-operative apartment building on Madison Avenue and E. 119th Street. The project is being developed in conjunction with the New York City Housing Partnership and Housing Preservation and Development.

* Madison Plaza--Roslyn provided a $17.87 million construction loan for this 98-unit co-operative apartment building located on Madison Avenue and E. 118th Street. The project is being developed under the New York City Housing Development Corporation's New Housing Opportunities Program.

These projects are part of Roslyn's affordable housing/community development lending (CDL) portfolio, which includes financing for such diverse projects as apartments for senior citizens, rehab of scattered site Harlem brownstones and construction of not-for-profit day care facilities. For 2002, Roslyn expects to close over $200 million in community development loans.

The Madison Park and Madison Plaza co-ops in East Harlem are among several projects built by BFC Partners, a leading developer of affordable housing in New York City, and financed by Roslyn Savings Bank.

"We enjoy working with Roslyn Savings Bank," said Donald Capoccia, president of BFC Partners. "The Bank's commitment to affordable housing and its expertise in evaluating residential project proposals in the New York metro area are at the heart of our relationship with Roslyn."

"The innovative Madison Park and Madison Plaza affordable housing projects reflect BFC Partners' vision of realistic affordable housing solutions in New York City, and feature thoughtful and appealing layouts and amenities," said Dan Martin, senior vice president of Roslyn Savings Bank.

Of the two BFC Partners' affordable housing projects in East Harlem, Madison Park Apartments will be the. first to open. The nine-story co-op has one and two bedroom apartments with kitchens equipped with high quality GE appliances. All two-bedroom units feature two bathrooms, and many apartments have terraces or balconies.

"Roslyn seeks a key role in community development projects in the neighborhoods we serve," said Joseph L. Mancino, chairman and CEO of Roslyn Savings Bank. "The transformation of this section of upper Madison Avenue in Manhattan reflects the Bank's ability to develop affordable housing in this neighborhood. These new co-op apartment buildings will also attract retailers, further enhancing the quality of life in the neighborhood."