Developers secure funding for Harlem school conversion

Former P.S. 186 to yield affordable housing, Boys & Girls Club facility

521 West 125th Street
521 West 125th Street

Plans to bring a dilapidated old school building at 521 West 145th Street in Harlem back to life as an affordable housing project are now in motion.

A team composed of Monadnock Development, Alembic Community Development and the Boys & Girls Club of Harlem announced Tuesday that it has closed on all financing for the $48.7 million restoration project. The former P.S. 186, located between Broadway and Amsterdam avenues, will be converted into a mix of 63 apartments for low-income families, seven for middle-income and eight market-rate units, plus an additional apartment for the building’s superintendent. A 10,000-square-foot facility for the Boys & Girls Club is also included in the plans.

Construction on the project is slated to begin in the fall.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

“The closing represents a critically important step in the long-awaited renewal of this wonderful but neglected building,” Benjamin Warnke, a principal with Alembic, told Crain’s.

Developers have been working with the nonprofit to combine a new home for the Boys & Girls Club of Harlem with residential housing for a number of years, according to past reports. Initially, those efforts stalled over community disagreements about whether to tear down the existing five-story, 97,895-square-foot structure, which was constructed in 1902. [Crain’s]Julie Strickland