Organization Name: LIHC Investment Group
Project Title: Lakeview Apartments
Project Location: 1250 Fifth Avenue, Manhattan, NY
Lakeview’s apartments are spread over four beige brick buildings ranging from 10 – 24 stories, that overlook Central Park in East Harlem. Lakeview was built in 1974 under the state’s Mitchell-Lama program and over time, became plagued by financial and physical distress, including widespread water infiltration and a mortgage that went unpaid for years. Since becoming involved at Lakeview, LIHC Investment Group has acted to stabilize the property and funded more than $20 million in capital improvements, including modernizing elevators; addressing Local Law 11 issues; repairing chronic leaks; installing a $1.5 million project-wide security camera system; replacing electric baseboard heaters, thermostats and transformers; and equipping all apartments with new kitchens and bathrooms. Common area hallways throughout the complex are currently being renovated and outfitted with hardwood floors, and plans are underway to reduce the number of lobbies from four to two to further enhance security.
More than a thousand low-and moderate-income New Yorkers call Lakeview Apartments home—a significant percentage of which would otherwise face extreme difficulty finding safe and adequate housing in their neighborhood, and in Manhattan overall. In 2016, with the property’s Mitchell-Lama regulations nearing expiration, LIHC Investment Group stepped in to prevent the property’s conversion to EVs and eventually market rents. Working as a team, LIHC along with elected officials of the state of NY and HUD, lobbied for a legislative solution to preserve the property. As a result, Lakeview Apartments has entered into an Article XI tax exemption program and obtained a new Section 8 Project Based contract with HUD for all income eligible tenants. Under this Agreement, Lakeview Apartments has a new 40-year HPD regulatory agreement restricting the use of the development to low and moderate-income housing.
NYS Governor Andrew Cuomo said: “By continuing the affordability established by the Mitchell-Lama program, we are preserving homes and providing housing security for New York's hard-working residents here in Manhattan."
LIHC Investment Group, a Maine-based real estate development & investment corporation specializing in acquisition and rehabilitation of government subsidized housing & one of the nation’s largest investors in affordable housing, was ranked No. 2 in Affordable Housing Finance Magazine’s annual survey of companies completing substantial rehabilitations & No. 17 among the nation’s top 50 affordable housing owners. Our mission is to preserve and restore affordable housing properties, enhance our value, and create a better quality of life for tenants.
Fifth & 106th St. Associates, LP; HPD; NYSHFA; Katten Muchin Rosenman LLP; Nixon Peabody LLP; Hon. Bill Perkins; Assem. Robert Rodriguez; Sen. Chuck Schumer; BPM Gale Brewer; Lakeview Tenants Assoc.