The Crossing

Organization Name: L+M Fund Management (LMFM)

Project Title: The Crossing

Project Location: 1956 First Avenue, New York, NY 10029 (East Harlem)

Project Description:
The Crossing, a seven-building, 761-unit property in East Harlem developed by New York State’s Urban Development Corporation in 1980 under the Mitchell-Lama program, was at risk of becoming fully market-rate when L+M acquired it in 2019. L+M worked closely with the New York City Department of Housing Preservation and Development (HPD) to preserve two-thirds of the units for low and middle-income families, including a significant number of set-aside units for formerly homeless households. In 2022, LMFM completed an Exterior Façade Insulation System (EIFS) and new roofing systems, dramatically upgrading the appearance of The Crossing. The façade upgrades, new co-generation plants and a submetering program are estimated to reduce the property’s energy use intensity by 17% by 2025. The property is enrolled in New York State’s Community Solar program, which provides access to clean, renewable energy for 100% of the property’s electricity needs. In addition, LMFM received a grant from the New York City Department of Environmental Protection to install 15,600 square feet of green roofs on two buildings, which will retain stormwater to mitigate sewage overflows and flash flooding.

Community Impact:
In collaboration with Project EATS, a renowned nonprofit organization specializing in urban agriculture, LMFM transformed open space and rooftops at The Crossing into vibrant urban farms, yielding an array of seasonal produce. Produce harvested from the building's approximately 3,000 SF urban farm is made available to residents and community. Residents are invited to participate in a variety of activities, such as classes on preparing seasonal meals that promote healthier eating habits.

LMFM partnered with Apartment Life to enhance resident satisfaction through curated events in The Crossing’s newly renovated amenity spaces such as Comedy Night, Back to School Bash, and Earth Day celebrations. Apartment Life is part of our on-site property management and establishes vital channels of communication contributing to the continual enhancement of our community.

Chelton Loft, a non-profit commercial tenant, offers free support to people who have mental health conditions, regardless of their insurance, immigration, housing, or criminal justice status. The program serves ~150 adults and assists participants to obtain housing benefits, health insurance, and Supplemental Security Income.

Organization Description:
LMFM, an affiliate of L+M Development Partners, works with institutional investors, government agencies, and a diverse range of partners to preserve the long-term affordability of affordable and workforce housing assets. LMFM is a leading investor in the multifamily space committed to investing in, acquiring, and preserving workforce and affordable multifamily housing in high-growth metro areas across the United States.

Team Members:

L+M Fund Management LLC
Invesco
Impact Construction Management LLC
Inglese Architects & Engineers