X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Manhattan-based Yuco Real Estate Co. Inc. will begin construction early next year on a 31,800-sf, $5.5-million affordable-housing project, located in East Harlem on Fifth Ave. between 115th and 116th streets. The development is projected to generate 60 construction and permanent jobs when it begins early next year.

“This project, coupled with numerous mixed use projects in the area, will provide many opportunities for home ownership and quality affordable rental housing, as well as expanded retail development,” says Andrew Alper, president of the New York Economic Development Corp., who selected Yuco for the development. “I am pleased that local developers like Yuco Real Estate are contributing to East Harlem’s rebirth.”

Plans for the 7,525 sf site include approximately 2,400 sf of ground floor retail and 23,400 sf of residential space. Rents will be adjusted for moderate-income families. Construction is expected to take 18months. The principals of Yuco Real Estate, Raymond and Catherine Yu, currently own and manage 112 units of affordable housing in Harlem. They have recently completed five projects through the city’s department of housing preservation and development’s vacant buildings program.

This project marks the latest in a string of undertakings designed to revitalize East Harlem. Recent large developments in the area include the $80-million Harlem Center project, located on Malcolm X Boulevard between 125th and 126th streets, and the $40-million “green” building development: an 225,000 affordable housing complex to be located at 1400 Fifth Ave.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.