Multifamily Executive, Project of the Year: Mixed Income Grand Award, 2011
The joint venture team of Urban Builders Collaborative/Lettire Construction Corp. and Jonathan Rose Companies developed and built Tapestry, a 12-story gateway residential building located at 245 East 124th street at the foot of the RFK Bridge in Manhattan.
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; 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 and the New York City Department of Housing Preservation and Development. 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
Tapestry is part of the 125th Street Corridor Rezoning, a multi-agency effort to infuse the area with cultural, retail, entertainment, and residential uses.
For more information visit http://www.tapestry124.com/