1, 33 West End Avenue (Freedom Place South)

Address: 1, 33 West End Avenue (between 61st and 62nd Streets)
Block (1 West End Avenue): 1171
Lot (1 West End Avenue): 165
Block (33 West End Avenue): 1171
Lot (33 West End Avenue): 160
Landmark status: No

Contact

Peter Fine, Managing Principal
Atlantic Development Group
1065 Avenue of the Americas
New York, NY 10018
(212) 382-1588 or (212) 366- 0147

Peter Brest, Director of Housing
Metropolitan New York Council on Jewish Poverty
9 Murray Street, 4th Floor East
New York 10007
(212) 267-9500

__________________________________________________________________________________________________

Summary of site plans and status

These two sites (at 1 and 33 West End Ave) are connected and two buildings are constructed. The front of the building is on West 61st Street. This is an inclusionary housing project.

The first building (33 West End Avenue) is 13-stories with 120 studio apartments for senior (55+) independent living. This building is inclusionary housing from Atlantic Development, and the seniors cannot make an income greater than $26,376 a year. The residents are being chosen by the HPD lottery with 50% coming from the area. This building is managed by the Metropolitan Council on Jewish Poverty. This is a $30.8 million project.

The second building (1 West End Avenue) is 25-stories with 211 rental units (studio, one-bedroom and two-bedroom) in a fixed income 50-30-20 program. This is the City’s first 50/30/20 program. 53% of these units are sold at market value, 20% for people making no more than $103,600 and 20% for families earning up to $31,400 or singles making up to $22,000. Housing Development Corporation (HDC) describes the project as 20% of the apartments in a multi-family rental building are restricted for low-income tenants, 30% are reserved for middle-income tenants and the remaining are rented at market rates. HDC uses the proceeds from the sale of tax-exempt bonds to make first position mortgages and also uses its corporate reserves to make 1% second mortgage loans. The project received $54 million from New York State Housing Finance Agency.

Both buildings were completed in summer 2006.

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