Ground broken on Harlem retail, housing development

Real Estate Weekly, Jan 1, 2003

Construction is set to begin on Bradhurst Court at West 145th Street and Bradhurst Avenue, a development that will bring the first full-service supermarket to central Harlem as well as create 126 affordable cooperative apartment homes. The New York City Department of Housing Preservation and Development (HPD) along with its development partners marked the start of construction with a groundbreaking ceremony Nov. 19.

Bradhurst Court will consist of a 45,000-SF Pathmark supermarket, 7,000 SF of additional neighborhood retail space, the residential component and a parking garage. The 1- to 3-bedroom cooperative apartment homes will sell for between $170,000 and $339,000 and will be affordable to households with incomes in the range of $60,000 - $130,000 per year.

The project is being developed through the ANCHOR Program (Alliance for Neighborhood Commerce, Homeownership and Revitalization) administered by HPD and the New York City Housing Partnership. The ANCHOR Program integrates the rebuilding of commercial corridors with the development of homeownership housing using public funds to leverage private financing and spur local economic development. The Related Companies, L.P., Leewood Real Estate Group and Salama Development and Consulting LLC are developing the property.

Funding for the development is being made possible through a combination of below market and market rate financing. The New York City Housing Development Corporation (HDC) is providing a total of $8 million in construction. and permanent loan financing. HPD is providing a $1.4 million below market loan for the commercial portion of the development, while also providing a $1.04 million grant for the housing portion. Citibank and Carver Federal Savings Bank are providing the construction financing for the development. Harlem Congregations for Community Improvement, Inc. is the community sponsor.

Construction will officially start in December and completion is expected in early 2004.

The new Pathmark will be the first full-size, full-service supermarket in central Harlem. The existing supermarkets are Pathmark at East 125th Street and Lexington Avenue, and Fairway at West 133rd Street and the West Side Highway, neither conveniently located for central Harlem residents. Carver will maintain a full-service branch within the supermarket, for the convenience of shoppers and the neighborhood.

HPD Commissioner Jerilyn Perine said, "New York City through HPD has invested $1 billion in housing in Harlem since 1987. Bradhurst Court is a terrific addition to the 40,000 homes and apartments already constructed or rehabilitated through HPD programs over the past 15 years."