$140K units for sale in new East Harlem development

New York /
Apr.April 19, 2012 04:00 PM

The sales office at La Celia, a new 123-unit middle-income cooperative development located at 64 East 111th Street is officially open, a statement from developer L+M Development Partners today said. The income-restricted building, developed as part of a joint venture between L+M and the Urban Investment Group at Goldman Sachs offers homes starting as low as $140,000, and ranging to $373,000.

The building, between Madison and Park avenues, includes a gym, individual storage units and a common landscaped terrace.

The lottery, which closes on the 26th of this month, already has about 5,000 entrants for the 125 available units, Lisa Gomez, an executive director at L+M told The Real Deal. She added that they expect the units to sell out in the next six months.

Income restrictions apply at the building, which Gomez said offers homes for about half of the market rate. The annual household income cap for the studios and one-bedroom and two-bedroom units range from $45,850 to $143,150 per year, Gomez said. The restrictions vary by the size and shape of the apartment.

“La Celia addresses the critical need for affordable homeownership options in Harlem,” said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs. — Guelda Voien


Related Articles

arrow_forward_ios
L+M’s Ron Moelis and 100 Claremont Avenue (Claremont Hall, Ron Moelis, Getty)
TRD Pro: NYC’s biggest condo filings in Q2
TRD Pro: NYC’s biggest condo filings in Q2
From left: Vorea Group’s Peter Papamichael, Turnbridge Equities’ Andrew Joblon and Chetrit Group’s Joseph Chetrit
Ranking New York’s most active developers
Ranking New York’s most active developers
Nelson Management’s Robert Nelson with the Promenade Nelson Apartments and Lafayette Boynton Apartments (Nelson Management)
Nelson Management eyes $200M for Bronx apartments
Nelson Management eyes $200M for Bronx apartments
L+M's Ron Moelis with Knickerbocker Village, Lawsuit
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
Taconic's Charles Bendit and Paul Pariser with rendering of One Essex Crossing (Taconic Partners, VMI Studio)
Essex Crossing developers land $466M refi
Essex Crossing developers land $466M refi
Jonathan Cortell of L+M Development Partners in front of 250 Georgia King Village in Newark (L+M Development Partners, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Developers land financing for Newark affordable housing
Developers land financing for Newark affordable housing
Quantum-Si CEO John Stark and 115 Munson Street in New Haven CT (Google Maps, Quantum-Si)
Life sciences firm inks 65K sf lease at New Haven complex
Life sciences firm inks 65K sf lease at New Haven complex
Lisa Gomez to succeed Ron Moelis as CEO of L+M Development
Lisa Gomez to succeed Ron Moelis as CEO of L+M Development
Lisa Gomez to succeed Ron Moelis as CEO of L+M Development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...