There’s a hole in the ground in East Harlem at the base of the Robert F. Kennedy Bridge. When it’s filled, you’ll be able to see it coming over from the Bronx, sticking up amidst downtrodden piles of bricks: a shiny new apartment building, affordable and green.
While cranes have gone quiet at projects around the city, Jonathan Rose Companies' Tapestry is rising fast after breaking ground in November. The 185-unit project is going for LEED silver certification, and the developer struck a deal with the department of Housing Preservation and Development that traded a substantial level of affordability for a goodie bag of tax incentives and low-interest loans, plus land parcels sold for a song.
The Tapestry didn’t start out on the fast track to success—four years ago, it was a patchwork of city-owned and private land in one of the more depressed corners of Manhattan. Then it became ensnarled in the debate over the 125th Street rezoning, approved in March, which touched at the heart of what development will mean for the area’s character.
Perhaps one of the only builders who could have pulled this off is Jonathan Rose, whom The Observer interviewed last year about his community-oriented approach to real estate. He’s building up a reputation in developer-shy Harlem, and knows the ins and outs of public financing better than most. As New York contemplates a future with far less private capital floating around for the taking, the Tapestry is becoming a poster child for innovative financing, and the real estate establishment might want to take notes.
New York City 2010
