$140K units for sale in new East Harlem development

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

Clockwise from the bottom: Judge Arthur Engoron, JDS Development’s Michael Stern, L&M’s Ron Moelis, Josh Siegel of Starrett with a rendering of Two Bridges (Credit: Twitter and Curbed NY)

Judge deals another blow to Two Bridges towers

East Williamsburg’s Williamsburg Houses and the Harlem River Houses and (Credit: Wikipedia)

NYCHA inks $1.5B deal to privatize management of 5,900 units

L+M Development Partners’ CEO Ron Moelis and an aerial of 401 Chester Street (Credit: L+M, Google Maps)

L+M transfers piece of big Brooklyn residential project to Dunn

Ron Moelis of L + M Development Partners (Credit: iStock)

L+M to pay $25,000 penalty for unreported lobbying

From left: Brookfield's Ric Clark, 3333 Broadway and L+M's Ron Moelis (Credit: Brookfield, L+M, StreetEasy)

L+M, Invesco close on Putnam portfolio with $823M in Wells Fargo financing

Supreme Court Judge rules against LES development

Two Bridges developers plan to contest judge’s ruling against plans for LES mega development

Private real estate firms to buy 50% stake in two NYCHA complexes

Private real estate firms to buy 50% stake in two NYCHA complexes

L+M raising $500M private equity fund for “workforce housing” development

L+M raising $500M private equity fund for “workforce housing” development