In 2008, the Rose Smart Growth Investment Fund I acquired an interest in Tapestry through a joint-venture with Lettire Construction Corporation and a Rose affiliate. This ground-up development project in New York City was delivered on-time and on-budget in 2010 and was stabilized in 2011. The 185-unit mixed-income property with ground floor retail is a cornerstone of the 125th Street Corridor Rezoning, a multi-agency effort to bring cultural, retail, entertainment and residential uses to the area. Tapestry won Urban Land Institute’s Workforce Housing Models of Excellence Award in 2011.
Of the property’s 185 units, 37 are available to households earning 50% of the Area Median Income (“AMI”) or less, 55 units are available to households earning 120% of AMU or less, and 93 units are rent-stabilized.
The Fund aimed to invest in a new green mixed-income residential property in Harlem, adjacent to the future expansion of the Second Avenue Subway and as part of a larger New York City effort to revitalize the 125th Street corridor. The Fund has a 12.2% interest in the property.
The property was designed and constructed in accordance with New York State Energy Research and Development Authority’s Multifamily Performance Program and earned both Enterprise Green Communities Certification and LEED New Construction Gold Certification. The Fund continues to work to identify strategies to reduce utility consumption.
Development of mixed-income multifamily housing in New York City.