Hancock Place Apartments - Manhattan
Hancock Place Apartments (HPA) is located at West 124th Street in Harlem, NY. The sponsor and ownership structure is a joint venture of Phipps Houses and West Harlem Group Assistance, Inc. The project consists of 53 family apartments in a 7-story masonry plank building with elevators. The ground floor contains management offices, a laundry room, community room, and access to a landscaped backyard, all for the use of the building residents.
 
Working with the Community
From the initial concept for HPA, Phipps Houses has partnered with West Harlem Group Assistance, Inc., a local institution in West Harlem providing supportive housing and services to the community. The partnership worked with the community and all levels of government through the City's Uniform Land Use Review Process (ULURP) for the disposition of the site. Community Board 9 approved all aspects of the project. Residents of the community district received preference for 50% of the apartments.
 
Tenant Population
The 53 apartment units are distributed among 13 studios, 14 one-bedrooms, and 26 two-bedroom units. Residents' income is capped at 60% AMI or $42,500 for a family of four.
 
Financing Structure
Total project financing of $11.3 million was from a unique combination of funding sources: construction and permanent financing loans from JPMorgan Chase Bank; equity invested by Richman Housing Resources LLC generated by the syndication of 9% low-income housing tax credits allocated by NYS DHCR; and additional equity from the sale of 421-a Negotiable Certificates entitling a local developer of market rate housing to receive a real estate tax abatement for its project.
 
Phipps Houses' Role
Co-sponsor, Co-developer, Co-owner and Managing Agent
 
Partners
West Harlem Group Assistance, Inc.
NYC Department of Housing Preservation & Development
NYS Division of Housing & Community Renewal
JPMorgan Chase Bank
Mega Construction - General Contractor
Dattner Architects
Richman Housing Resources LLC

Extra Place Apartments - Manhattan
Extra Place Apartments is located at 2-4 East 1st Street at the northeast corner of Bowery and East 1st Street on the Lower Eastside of Manhattan. The project is a collaborative response to the NYC Cooper Square Urban Renewal Plan by Phipps Houses in conjunction with AvalonBay Communities, a national real estate investment trust, and Jackson Ewing, a national owner and operator of retail developments. Extra Place Apartments is part of the affordable housing piece of the larger Urban Renewal Plan and contains 42 apartment units in a 7-story masonry plank building with 7,500 square feet of retail space on the ground floor. The residential building also contains a laundry room, community room, and an outdoor recreation space for use by the residents.

Working with the Community
After decades of work, the City issued a Request for Proposal (RFP) for the site; Phipps Houses represents the affordable housing partner of the winning team. In that capacity, Phipps Houses worked closely with Community Board 3 and the Cooper Square Committee, among others, to realize a thoughtful, aesthetically pleasing component of the overall Urban Renewal Plan. Residents of the community received a 50% preference for the apartments in the project.
 
Tenant Population
The building has a total of 42 apartments distributed as follows: 15 studios, 20 one-bedrooms, and 7 two-bedroom units.
 
Financing Structure
Total project development cost of $12 million was financed with private activity tax-exempt bonds issued by the NYS Housing Finance Agency and credit enhanced by JPMorgan Chase Bank; equity invested by Richman Housing Resources LLC generated from the syndication of 4% low-income housing tax credits; and a subordinate loan from an affiliate of AvalonBay Communities.
 
Phipps Houses' Role
Sponsor, Developer, Owner and Property Manager
 
Partners
NYC Department of Housing Preservation & Development
NYS Housing Finance Agency
JPMorgan Chase Bank
AvalonBay Communities
Jackson Ewing Realty
Monadnock Construction - General Contractor
Arquitectonica/Robert Piscioneri Architects - Architect
Richman Housing Resources LLC