The Community Preservation Corporation

Real Estate Weekly, August 23, 2000

The Community Preservation Corporation (CPC) has provided construction and permanent financing in the amount of $2,725,000 in conjunction with the New York City Department of Housing Preservation and Development for 32 Bradhurst Ave. in Harlem. The permanent loan, which will be insured by the State of New York Mortgage Agency, is being financed at the rate of 8.79%.

The property consists of one vacant six-story brick walk-up apartment building constructed circa 1900. The redevelopment includes a complete replacement of all the building's mechanical systems, new layouts, beam replacement, new roofs, windows, entries, apartment doors, lobby, new interior partitions and all new finishes. The buildings will be steam-cleaned and elevators will be installed. After completion there will be a total of 25 apartments, one studio, and 23 two-bedroom units plus a two-bedroom superintendents apartment.