CDT’s equity investment will help fund substantial rehabilitation of the NYCHA-owned (New York City Housing Authority) buildings and individual units known as the NYCHA Manhattan Megabundle, a 16-site portfolio located throughout Manhattan totaling 1,718 residential units. The properties primarily serve extremely low-income households and will continue to do so under our leasehold ownership.
Together, with their partners, CDT, the Community Preservation Corporation, Monadnock Development, Kalel Holdings and Lemor Development will rehabilitate and operate the properties under a 99-year leasehold interest with NYCHA retaining ownership of the land and buildings.
Over the next three years, the buildings and units will be substantially rehabilitated with a construction budget of nearly $160,000 per unit. Renovations and repairs will include new kitchens, baths, flooring and finishes in units, modernization of common areas, façade repairs, replacement of windows and major building mechanical systems and creation of thoughtfully designed landscaping, playgrounds and community facilities.
The development team will also be working with Community League of the Heights (CLOTH), a long-established community service organization based in Upper Manhattan, which will be providing a variety of social services that will further support the residents.
