www.BXTimes.com BRONX WEEKLY June 9, 2019 8
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 Mitchell
Elected offi cials and project partners joined in cutting the ribbon for the renovated Michelangelo Apartments. Photo by Edward Watkins
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.
Lieutenant governor Kathy Hochul spoke at the grand reopening ceremony. Photo by Edward Watkins
Resident Elsie Simmons gave a tour of her apartment. Photo by Edward Watkins
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