Developers close on $288M to Complete North Cove at 373 West 207th Street in Inwood, Manhattan

New rendering of North Cove at 373 West 207th Street (aka 375 West 207th Street) - Aufgang ArchitectsNew rendering of North Cove at 373 West 207th Street (aka 375 West 207th Street) - Aufgang Architects

Joy Construction Corporation and Maddd Equities have secured $288 million in financing to complete North Cove, a 100-percent affordable housing tower at 373 West 207th Street in Inwood, Manhattan. Designed by Aufgang Architects, the 30-story building will comprise 611 apartments, a collection of amenity spaces, 60,000 square feet of retail on the lower levels, and 120 parking spaces.

The property is alternately addressed as 375 West 207th Street and 3875 Ninth Avenue and is located at the corner of Ninth Avenue and West 207th Street, adjacent to the Harlem River.

The building features a mix of beige, gray, and brown cladding, and a standard grid-pattern window system. The massing of the structure includes multiple setbacks above the eighth, tenth, 12th, and 17th floors, which will likely be used for a mix of private and communal outdoor space.

Amenities include bike storage, recreation rooms, shared laundry facilities, outdoor lounge and recreation spaces, and picnic areas. A public access waterfront park will also debut adjacent to the development site on land provided by New York City.

Available apartments will be reserved for households earning between 27 and 110 percent of the area median income (AMI). A total of 94 units will be reserved for formerly homeless households, which will have access to on-site supportive services.

Complimentary high-speed internet will be provided in each unit.

Rendering of North Cove at 373 West 207th Street (aka 375 West 207th Street) - Aufgang Architects

Rendering of North Cove at 373 West 207th Street (aka 375 West 207th Street) – Aufgang Architects

Wells Fargo’s Community Lending and Investment provided the financial package, which includes a $155 million letter of credit to back NYC-issued tax-exempt bonds arranged by CLI Debt. The remaining $133 million was provided by CLI Equity as an equity investment through the purchase of Low Income Housing Tax Credits and New York State Brownfield Redevelopment Tax Credits.

North Cove is expected to debut in June 2024.

Subscribe to YIMBY’s daily e-mail

Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews

.

7 Comments on "Developers close on $288M to Complete North Cove at 373 West 207th Street in Inwood, Manhattan"

  1. Very “Battery Park City in the 1990s.”

    • Its ok. I would give it a B- design wise. I don’t care for the east facing walls that are largely blank and I wish the mass was broken up into two thinner towers instead of the bulky box form but I also understand economically why more affordible projects are designed like this.

  2. David in Bushwick | February 16, 2023 at 12:12 pm | Reply

    Wow, this is a seriously large project and for once, it’s all affordable. The design is fine. It could be from a variety of decades.
    I do wish all that money for 120 parking spaces went to more housing units. And I do wish this project would be all-electric passive built. Baby steps for NYC, as always.

  3. There seems to be some minor differences between this rendering and the one shown in the Aug 2021 post.

  4. Lorraine givens | February 16, 2023 at 3:21 pm | Reply

    Yes yes i like it. Thank you.

  5. Hudson McHeights | May 14, 2023 at 6:52 pm | Reply

    100% affordable? Good to here. Can barely believe.

Leave a comment

Your email address will not be published.


*