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 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.
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.