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NEW YORK CITY-While many of the city’s power players are gathered at the southeast corner of Eighth Avenue and 42nd Street this afternoon for the long-awaited groundbreaking of the $400-million Times Square Plaza building, a less lofty but equally newsworthy ceremony will be taking place farther uptown. Shovels go into the dirt today to begin construction of the Hamilton, the first multifamily development in Harlem’s Bradhurst Urban Renewal Area.

Located on 145th Street between Edgecombe and Bradhurst avenues, the Hamilton will be a 77-unit co-op building for middle-income residents. The project will include 15,000 sf of ground-floor retail space, to be anchored by a Duane Reade pharmacy.

The Hamilton is part of the city’s Department of Housing Preservation and Development’s Cornerstone Program, which arranges private financing to construct middle-income and market-rate housing units. The project is a joint venture between the Richman Group and Gotham Organization Inc. The architect is Greenberg Farrow Architecture.

The Hamilton, to be located at 163 Amsterdam Ave., is being funded through a $14.8-million construction loan from Citibank, $6.1 million in construction and permanent loan financing from the New York City Housing Development Corp., $1.3 million from Manhattan Borough President C. Virginia Fields and equity from the developers. HPD provided the land. The New York City Housing Partnership is also a participant, holding title to the land during construction and overseeing marketing.

Apartments will be assigned by lottery to residents with annual household incomes between $52,000 and $157,000. Units will range in price from $128,000 to $303,000.

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