AvalonBay’s 1,100-unit East Harlem tower will be 30% affordable housing

Developer is partnering with city on project, which will house three schools

New York /
Dec.December 16, 2016 09:35 AM

AvalonBay revealed detailed plans for its block-wide, 1,100-unit rental tower in East Harlem to residents last night.

The developer walked the local community board through its plans, which call for a 68-story residential tower and three schools located at 321 East 96th Street. Of the 1,100 planned apartments, 330 will be set aside as affordable. The 1.3 million-square-foot development includes 270,000 square feet that will house three schools — the School of Cooperative Technical Education, the Heritage School and Park East High School. COOP Tech, which is already located at the site, will get new digs.

The real estate investment trust won the job through a bidding process and is partnering with the city’s Educational Construction Fund. At a community board meeting, members of the board’s Land Use Committee urged the developer to hire non-union residents for the construction jobs.

AvalonBay expects to spend around $550 million on the development, which is located on land ground-leased from the city.

The three schools are slated to be completed between 2021 and 2022 and the residential tower is anticipated to be finished by 2023. [DNAinfo]E.B. Solomont


Related Articles

arrow_forward_ios
A photo illustration of 21 East 115th Street (Google Maps, Getty Images)
City sues to tear down languishing Harlem building
City sues to tear down languishing Harlem building
Harbor Group International's Richard Litton with 500 Town Green Drive (Avalon Communities, Harbor Group International, Getty)
Harbor, Azure buy Westchester community
Harbor, Azure buy Westchester community
AvalonBay CEO Benjamin Schall in front of 1455 Valley Road in Wayne, New Jersey (AvalonBay, LoopNet, iStock)
AvalonBay’s 473-unit New Jersey project advances
AvalonBay’s 473-unit New Jersey project advances
(LoopNet, iStock)
Developer plans 129K sf of affordable housing in East Harlem
Developer plans 129K sf of affordable housing in East Harlem
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
Smile! BDG nabs $125M refinancing at Harlem multifamily
Photo Illustration of Douglas Durst, chairman of the Durst Organization (Getty)
Durst accuses MTA of stalling East Harlem development
Durst accuses MTA of stalling East Harlem development
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Emerald Equity siphoned security deposits at now-bankrupt buildings
Emerald Equity siphoned security deposits at now-bankrupt buildings
arrow_forward_ios

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

Loading...