Michelangelo Apartments receive $160M rehab
BY ROBERT WIRSING
The Michelangelo Apartments
is experiencing its
very own ‘renaissance.’
The 25-story, 494-apartment
Mitchell-Lama affordable
housing development
constructed in 1975 reopened
on Wednesday, May 29.
The 44-year-old development
underwent a $160
million refi nancing and rehabilitation,
ensuring the affordability
of the apartments
for an additional 40 years.
Located at 225 E. 149th
Street, the Michelangelo
Apartments feature four
towers, one 27-story tower,
one 12-story tower and two
11-story towers, with 80 studios;
126 one-bedroom, 191
two-bedroom, 77 three-bedroom
and 20 four-bedroom
apartments with 50,000
square feet of retail space
and underground parking.
The rehabilitation included
full kitchen and bathroom
renovations, conversion
to an energy efficient
boiler system and LED lighting,
elevator upgrades, façade
repairs, lobby and public
halls upgrades, updated
and additional security cameras
and landscaping improvements.
Renovations were completed
while residents remained
in their homes.
“Preserving the affordability
of our housing stock
is key to ensuring that residents
in our lowest income
brackets can continue to
thrive in the communities
where they’ve chosen to raise
their families,” expressed
Borough President Ruben
Diaz, Jr.
The redevelopment included
the landscaping of
71,000 square feet of courtyard
space for a new playground,
park, sitting areas
and walkways for its approximately
975 residents.
MDG Design + Construction,
BSR Management, Cary
Fields, Raymond James and
Citi Community Capital
served as the development
team.
“We look forward to the future
in ensuring that Michelangelo
will continue to be
one of the premiere Mitchell
Lama apartment complexes
in all of NYC,” said Michael
LeConte, BSR Management
Corp. president.
The investment is part of
Governor Cuomo’s $1 billion
House NY initiative to preserve
the state’s aging Mitch-
Elected offi cials and project partners joined in cutting the ribbon for the renovated Michelangelo Apartments. Photo by Edward Watkins
Lieutenant governor Kathy Hochul spoke at the grand reopening ceremony. Photo by Edward Watkins
ell-Lama housing through
commitments to long-term
affordability and building
improvements.
NYS Homes and Community
Renewal provided approximately
$83 million in
new tax-exempt bond fi nancing
and refi nanced and subordinated
nearly $34 million
in existing debt.
“By securing signifi cant
fi nancial investment and preserving
hundreds of units of
affordable housing, we have
ensured the long-term stability
of residents who will
be able to call the Michelangelo
Apartments home for decades
to come,” stated Councilman
Rafael Salamanca.
HCR’s Federal Low-Income
Housing Tax credit allocation
will generate $44
million in additional equity
for the project.
The state’s investment
will preserve the project’s
affordability with approximately
397 apartments reserved
for households earning
60% or less of the Area
Median Income and approximately
85 apartments reserved
for households earning
80% or less of the Area
Median Income.
The Department of Housing
and Urban Development’s
Rental Assistance Demonstration
program will provide
the Michelangelo Apartments
with Project-Based
Section 8 Rental Assistance
for 406 units, guaranteeing
affordability to residents as
eligible households will pay
no more than 30% of their income
in rent. Resident Elsie Simmons gave a tour of her apartment. Photo by Edward Watkins
BRONX TIMES R 26 EPORTER, JUNE 7-13, 2019 BTR