The first phase of the effort will consist of two connected doorman, elevator buildings, one of which has eight floors, the other seven. Space in the sites will be allocated for grade level retail and a private indoor parking garage. In a separate transaction, Phase II will eventually provide for 14 two-family townhouses that are expected to be constructed next to the apartments.

The loan will take the form of a tax-exempt bond offering through the sponsorship of the New York City Housing Development Corp., where 20% of the total available rental units will be reserved for low-income. The HDC also combines the use of credit enhanced variable rate, tax-exempt bonds; with subsidies provided through its New Housing Opportunities Program in the form of a second mortgage. This subordinated debt will provide for an additional 30% of the total units to be set-aside as low-income housing. In the end, approximately 50% of the total units plan to be rented at prevailing market rates. APF has a current loan servicing portfolio in excess of $6 billion.

Each phase is being developed by IBEC Building Corp. and the Strategic Development Group. Both were initiated through an RFP issued by the Empire State Development Corp; and are being developed under the auspices of the NYC Department of Housing Preservation and Development.