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Crews Constructing Universal Hip Hop Museum in New York : CEG
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Nas, LL Cool J & Fat Joe Help Break Ground At Universal Hip Hop Museum
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The hoi polloi of the New York hip hop scene turned out to break ground for Bronx Point, an apartment development that will include a permanent home of the Universal Hip Hop Museum.
The $349 million mixed-use project at 50 East 150th Street
in along the Harlem River waterfront in the South Bronx is being developed by
L+M Development Partners and Type A Projects.
Bronx Point’s first phase will deliver 542 permanently
affordable apartments to the Lower Concourse neighborhood, along with
approximately 2.8 acres of public open space
The Hip Hop Museum will be just one of several cultural and
community-focused spaces included in the development, which will also have an
LIHC Investment Group and Silver Street Development Corporation have acquired a 134-unit low income housing development in Tuckahoe, NY, for $54.5 million
The joint venture secured $71 million in financing to acquire and preserve Marble Hall Apartments as affordable housing through at least 2060 while investing $5.78 million in upgrades and improvements over the next ten months.
“The preservation of Marble Hall guarantees the availability of affordable, healthy homes well into the future while providing peace of mind for our residents during a time of uncertainty for many American families,” said Andrew Gendron, Principal, LIHC Investment Group. “This deal was truly a team effort, from the sellers to the many public and private partners who rolled up their sleeves to make this intricate transaction a reality. We applaud all parties for working to ensure our existing stock of affordable housing is both protected and improved.”