The existing Frederick E. Samuel apartments.
Ready to upgrade
Black-owned development groups to begin
repairs on Harlem housing complexes
BY AIDAN SEIDEN
The New York City Housing
Authority recently
announced that two of
Harlem’s most prominent and
Black owned private development
groups will be undertaking
repairs to the Frederick E.
Samuel Apartments, with construction
expected to begin in
early 2023.
Through the Permanent Affordability
Commitment Together
(PACT) program, the
recruited developers, Genesis
Companies and Lemor Development
Group, will be overseeing
the building’s restorations and
acting as the new on-site property
managers.
Both organizations are exceedingly
adept at managing this
venture, as Genesis Companies
specializes in “fi nancing, developing
and operating mixed-income
and mixed-use residential
projects,” according to their website,
while Lemor Development
Group is a minority-owned fi rm
that focuses on affordable and
workforce housing.
“As a second-generation real
estate professional, it was my
father’s vision to develop in the
Central Harlem community he
grew up in,” said Co-Managing
REAL ESTATE
Member of Lemor Development
Group, Kenneth Morrison. “We
are extremely humbled and honored
to play such a pivotal role.”
Although Morrison analogizes
the restoration of the apartment
complex to a “dream,” it is
no small feat. The main objective
of the project is to repair all 664
apartment units that are home
to approximately 1,379 residents
across 42 buildings— many of
which are over 100 years old.
However, this is a challenge
that Morrison and his partner
in this endeavor, Karim Hutson,
the Founder and Managing
Member of Genesis Companies,
are undeterred by.
“Genesis has a long track
record of successfully turning
around some of the City’s most
troubled portfolios, particularly
in the Harlem community where
we live and work,” said Hutson.
To ensure the project’s success,
both developers (and
NYCHA) are making it their top
priority to retain direct communication
with the building’s residents,
in an attempt to guarantee
that each repair is conducive
to the needs of the community.
“The Authority is dedicated
to enlisting the input of our
tenant leadership and resident
associations because they are
PROVIDED
best-positioned to weigh in on
the improvements they would
like to see,” said NYCHA Chair
& CEO Greg Russ.
Thus far, residents have already
engaged in open conversations
with the public
housing authority: including
at a series of meetings, and as
infl uential components during
the partner selection process in
early December.
“Our board took pride in
selecting our partners Genesis
and Lemor,” said Diana Blackwell,
a tenant who has lived in
the building for two decades,
and is the current Samuel
Apartments Resident Association
President.
According to Blackwell, the
board selected the two developers
because they “are the best
choice to meet the rehabilitation
needs for the apartments
and bring the essential services
for the residents to improve
their quality of life.”
In addition to the building’s
rehabilitation —as a result of
the development acting in accordance
with the PACT program—
the apartments will be
“permanently affordable and
maintain tenancy rights in line
with those of public housing
tenants,” according to NYCHA.
Battery Park City
Authority agrees to
aff ordability pact at
Tribeca Pointe
BY AIDAN SEIDEN
Following deliberations
between NYS Homes,
Community Renewal,
and The Battery Park City
Authority (BPCA), a statement
was released on Jan. 11
announcing their decision to
preserve the affordability of
Tribeca Pointe, a luxury rental
tower located just a block
away from Pier 25, perched
along the Hudson River.
The results of the negotiations
come as an effort “to
sustain a vibrant and inclusive
community,” according to the
BPCA President & Chief Executive
Offi cer, B.J. Jones, and
is the latest action taken by the
Authority to secure rent stability
for tenants in Battery Park
City since July 2020, when
they brokered an identical
contract with Marina Towers
Associates to lengthen the rent
protection agreement at Gateway
Plaza, for approximately
“600 long-time residents and
their families,” according to
the BPCA.
“We are pleased to partner
with the Battery Park City Authority
and Rockrose to preserve
affordability for 70 lowincome
households at Tribeca
Pointe,” said NYS Homes and
Community Renewal Commissioner
RuthAnne Visnauskas.
“Regardless of income,
all New Yorkers deserve the
opportunity to live in safe
and decent homes that they
can afford.”
Among the several statutes
that are featured in the agreement,
the fi rst, and most signifi
cant, is that the BPCA has
agreed to maintain the price
of the 42-story building’s existing
affordable rental units
through mid-2069, specifi -
cally for those earning below
40% or 50% of the area
median income (AMI) — the
measure of a community’s
average income distribution;
this is a substantial shift from
the original terms, which
were set to expire in 2029.
“Amidst the onslaught of
Tribeca Tower
disappearing affordability in
Lower Manhattan, the best
way to rebuild a resilient
economy and a diversifi ed
school system is to hold the
line on the loss of affordable
housing units in our district,”
said Tammy Meltzer, Chair
of Manhattan Community
Board 1, the NYC Gov agency
that oversees the quality
of life for Lower Manhattan.
“We look forward to working
with the BPCA further to
seek ways to recoup what has
been lost and create new opportunities
for affordability in
the future.”
In addition to lengthening
the security of the rent to almost
5 decades, the accord
features the requirement of
annual reporting and agreements
to support the BPCA’s
commitment to taking and facilitating
“bold and effective
action to enhance sustainability
and reduce greenhouse gas
(GHG) emissions,” according
to their Sustainability Plan.
Located at 41 River Terrace,
Tribeca Pointe is a
340-unit rental building,
developed by Rockrose and
completed in 1999. The tower
sits among notable downtown
landmarks such as the Skyscraper
Museum and Trinity
Church, as well as the
9/11 Memorial.
10 January 13, 2022 Schneps Media