Jonathan Rose Companies
 
Tapestry, Green Mixed-Income Residential and Retail
Harlem, New York

The joint venture team of Jonathan Rose Companies and Lettire Construction Corporation developed Tapestry, a 12-story gateway residential building located at 245 East 124th street at the foot of the RFK Bridge in Manhattan. The Rose Smart Growth Investment Fund purchased a 33% member interest in Rose 124th Street LLC, a 50% owner of the project. The first residents moved into Tapestry in June 2010.

The 185-unit 50/30/20 mixed-income, rental building sets 50% of the apartments aside for market-rate tenants; 30% of the apartments for middle-income tenants with rents set at 130% of the area median income (AMI); and 20% of the apartments for low-income tenants earning below 50% of AMI. Financing was arranged through a combination of credit enhanced tax-exempt bonds, Low Income Housing Tax Credits, and additional subsidized mortgage financing through the New York City Housing Development Corporation (HDC) and the New York City Department of Housing Preservation and Development (HPD).  The project also features 8,000 s.f. of ground-floor retail space.

Tapestry conserves energy and supports the health of its residential community by adhering to environmentally responsible development standards. A LEED New Construction Gold Property, Tapestry is participating in both Enterprise Green Communities and NYSERDA’s Multifamily Performance Program.

The building features energy efficient architectural design features such as green roofs, rainwater harvesting systems, efficient mechanical systems, ENERGY STAR-rated appliances and fixtures, low- or no-VOC paints and primers, and formaldehyde-free materials to enhance indoor
air quality.

Tapestry is part of the 125th Street Corridor Rezoning, a multi-agency effort to infuse the area with cultural, retail, entertainment, and residential uses.

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Visit The Property Website To Learn More
www.tapestry124.com

 

Fund Role
Developer/Co-Owner with Lettire Construction Corp.

Project Profile
New construction of 185 mixed-income residential units, ground floor retail, and indoor parking

Project Team
Architects: MHG Architects and
Pei, Cobb Freed & Partners

Landscape Architect: Abel Bainnson Butz

Contractor: Lettire Construction Corp.

Total Project Size / Budget
219,000 square feet / $65.8 million

Completion
2010

Selected Awards
Jack Kemp Workforce Housing Models of Excellence
Award, 2011

Multifamily Executive, Project of the Year: Mixed Income, Grand Award, 2011