As the first phase of the larger East Harlem Media, Entertainment and Cultural Center (MEC) Metro 125 signals a rebirth for this area of East Harlem. Monadnock led a team that developed this 49-unit LEED-Silver project that was completed in 2011. Multiple funding sources including federal stimulus funds, City subsidies, low-income housing tax credits and a project-based Section 8 contract made this project quite complex. It is currently fully leased.
Location: New York, NY
Type: New Construction, Low-Income
Total Development Cost: $23.0MM
Development Team: Monadnock Development, The Richman Group