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NEW YORK CITY-Approximately $83 million in constructionfinancing under the New York State Housing Finance Agency's 80/20program has closed for a project on the Lower East Side. Theowner/developer of the property is an affiliate of EdisonProperties LLC and Hunter Roberts Construction Group.
The apartment at 188 Ludlow St., will total 208,000 sf with6,000 sf of retail space. Once it's completed in 2008, it willcontain 243 units. In addition to providing 20% low-income housing,the developer is setting aside 5% for moderate-income tenants. Thejoint venture leased the land from Edison Properties LLC under a99-year agreement. The building was designed by Costas Kondylis& Associates.
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