Manhattan, NY North Cove Apartments, a new housing development bringing 611, 100% affordable units to the Inwood section, has received the 2025 Innovation Award from the NYC Housing Partnership.
The 2025 Innovation Award was presented to Maddd Equities and Joy Construction, developers of North Cove Apartments, at the Housing Partnership's 42nd Anniversary gala luncheon on October 22nd.
Designed by Aufgang Architects, the 295-ft.-tall, 544,000 s/f building includes:
- 61,000 s/f of retail space on the first two floors
- A 35,000 s/f Food Bazaar supermarket
- 120 parking spaces
With a total development cost of around $410 million, North Cove was financed by Wells Fargo Community Lending and Investment, Low Income Housing Tax Credits (LIHTC), New York State Brownfield Redevelopment Tax Credits, NYCHDC and NYC HPD.
Construction of the building created job opportunities for MWBE companies and utilizes Enterprise Green Community energy efficiency design standards.
"The 2025 Innovation Award recognizes Maddd Equities and Joy Construction making a reality of their ambitious vision of the location, scale and amenities of 611 safe and comfortable affordable homes for New Yorkers in this appealing new community, one of the largest in Manhattan," said Jamie Smarr, president and CEO of the Housing Partnership.
North Cove is a 30-story multi-use development at 375 West 207th St. at the corner of Ninth Ave. It is a residential community on the Harlem River waterfront that enhances the existing natural ecosystem of the property.
"The project site was rezoned as part of the Inwood Rezoning Plan. North Cove is an excellent example of creating new affordable housing and revitalizing neighborhoods through a collaborative partnership among the private sector, nonprofit organizations such as the Housing Partnership, and public agencies," said Smarr.
North Cove Apartments' units are income restricted for households earning between 27 and 100% of Area Median Income (AMI). Fifteen percent of the units are set aside for formerly homeless households who will be provided onsite support services.
Residents will have a wide range of amenities including:
- Bike storage
- Recreation rooms
- Shared laundry facilities
- Outdoor lounges and picnic areas
- Free high-speed internet in every unit
A public waterfront park is also being developed adjacent to the site on land provided by New York City, further enhancing the community's appeal.
The Housing Partnership's luncheon gala brought together stakeholders in the city's affordable housing community, including developers, architects, attorneys, lenders, faith leaders, and affordable housing advocates on Wednesday, October 22nd, at Gotham Hall.