The Michelangelo Apartments is experiencing its very own ‘renaissance.’
The 25-story, 494-apartment Mitchell-Lama affordable housing development constructed in 1975 reopened on Wednesday, May 29.
The 44-year-old development underwent a $160 million refinancing and rehabilitation, ensuring the affordability of the apartments for an additional 40 years.
Located at 225 E. 149th Street, the Michelangelo Apartments feature four towers, one 27-story tower, one 12-story tower and two 11-story towers, with 80 studios; 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments with 50,000 square feet of retail space and underground parking.
The rehabilitation included full kitchen and bathroom renovations, conversion to an energy efficient boiler system and LED lighting, elevator upgrades, façade repairs, lobby and public halls upgrades, updated and additional security cameras and landscaping improvements.
Renovations were completed while residents remained in their homes.
“Preserving the affordability of our housing stock is key to ensuring that residents in our lowest income brackets can continue to thrive in the communities where they’ve chosen to raise their families,” expressed Borough President Ruben Diaz, Jr.
The redevelopment included the landscaping of 71,000 square feet of courtyard space for a new playground, park, sitting areas and walkways for its approximately 975 residents.
MDG Design + Construction, BSR Management, Cary Fields, Raymond James and Citi Community Capital served as the development team.
“We look forward to the future in ensuring that Michelangelo will continue to be one of the premiere Mitchell Lama apartment complexes in all of NYC,” said Michael LeConte, BSR Management Corp. president.
The investment is part of Governor Cuomo’s $1 billion House NY initiative to preserve the state’s aging Mitchell-Lama housing through commitments to long-term affordability and building improvements.
NYS Homes and Community Renewal provided approximately $83 million in new tax-exempt bond financing and refinanced and subordinated nearly $34 million in existing debt.
“By securing significant financial investment and preserving hundreds of units of affordable housing, we have ensured the long-term stability of residents who will be able to call the Michelangelo Apartments home for decades to come,” stated Councilman Rafael Salamanca.
HCR’s Federal Low-Income Housing Tax credit allocation will generate $44 million in additional equity for the project.
The state’s investment will preserve the project’s affordability with approximately 397 apartments reserved for households earning 60% or less of the Area Median Income and approximately 85 apartments reserved for households earning 80% or less of the Area Median Income.
The Department of Housing and Urban Development’s Rental Assistance Demonstration program will provide the Michelangelo Apartments with Project-Based Section 8 Rental Assistance for 406 units, guaranteeing affordability to residents as eligible households will pay no more than 30% of their income in rent.