Adler presents 48-50 Convent Avenue Cluster overview and unit breakdown
Emily Adler introduces the four-building cluster in Manhattanville, identifies Novus Living LLC as the developer and Enterprise Community Partners as the lender, and details the 77 affordable units: 44 for existing residents, 31 for first-time homebuyers via Housing Connect, and 2 super units. She explains sales prices for existing and new residents.
Okay.
So we are here today to talk about the, to introduce and provide comment on the 4850 Convent Avenue cluster.
This is a full co-op renovation.
Next slide, please.
So this cluster contains four buildings, 453-55 West 125th Street, 48 and 50 Convent Avenue, and 1214 Old Broadway, all in the Manhattanville neighborhood.
The project sponsor is developer Novus Living LLC, from whom we have representatives Asher Toporowski and Stephen Weinrich.
We have secured funding through the Lender Enterprise Community Partners, who has worked with the city before, both on ANCP projects and otherwise.
Through this project, it will result in 77 affordable residential units, all of whom will be receiving gut rehabs.
The makeup of those 77, 44 of them will be made up of existing households who currently reside in these buildings.
31 will be first-time outside homeowners purchasing vacant units.
This will be through HB's Housing Connect, as all of our city-produced units are.
And two will be for supers units.
One super unit will cover the West 125th and Old Broadway sites.
The other super will cover 48 and 50 Convent.
The sales price for existing residents, existing residents can buy for either $2,500 if they're above a certain level of income.
If they're below that, there is a purchase savings plan through which they can buy for $250.
For outside residents, we've set prices so that they make up no more than 30% of annual household income for households making 80% AMI.
That initial monthly maintenance fee, this also ensures that the building can operate with
With a little bit of cushion and can survive any unforeseen circumstances.
So it's set to cover 110% of project expenses.
We are hoping to be able to close in October of 2026 at the earliest.
And you can see below the unit size makeup.