Capitol Green, the 308-unit affordable housing complex on upper Central Avenue underwent a $4 million face lift this year. The property was purchased last fall by The Related Companies, a Manhattan firm that owns a number of similar properties across New York. The firm specializes in renovating and rehabilitating affordable housing projects, buildings that are often in need of some tender-loving-care, said Matthew Finkle, Senior Vice President of The Related Companies.
Work is expected to be completed by the end of the year, and then Related Management, another arm of the company, will stay on to manage the property, Finkle said.
As part of the rehabilitation they have done work on the interior and exterior, devoting special attention to the apartments themselves, as well as the community spaces, Finkle said.
The new owners have:
· Installed new kitchens, replacing old appliances
· Replaced lighting
· Replaced sinks
· Installed new smoke detectors
· Repainted
· Replaced hallway flooring
· Replaced the buildings roof
· Fixed the elevators
· Redecorated the community room
· Spruced up the lobby
· Rebuilt laundry facilities
· Installed a new security access program
· Fixed up garage
· Relandscaped front of the building, replacing concrete with grass
· Added children's playground
· Added new signage and awningsThe building is mostly occupied at this time, Finkle said, but the new owners will begin to assemble a waiting list for the newly spiffed-up units. As part of the affordable housing program, tenants need to meet certain income qualifications to be eligible for the apartments. Income standards vary according to family size, and the rental structure is regulated under the Housing and Urban Development program. Currently, rent is set at $575 for a studio, $599 for a one-bedroom, and $799 for a two-bedroom.
Work is expected to be completed by the end of the year, and then Related Management, another arm of the company, will stay on to manage the property, Finkle said.
As part of the rehabilitation they have done work on the interior and exterior, devoting special attention to the apartments themselves, as well as the community spaces, Finkle said.
The new owners have:
· Installed new kitchens, replacing old appliances
· Replaced lighting
· Replaced sinks
· Installed new smoke detectors
· Repainted
· Replaced hallway flooring
· Replaced the buildings roof
· Fixed the elevators
· Redecorated the community room
· Spruced up the lobby
· Rebuilt laundry facilities
· Installed a new security access program
· Fixed up garage
· Relandscaped front of the building, replacing concrete with grass
· Added children's playground
· Added new signage and awningsThe building is mostly occupied at this time, Finkle said, but the new owners will begin to assemble a waiting list for the newly spiffed-up units. As part of the affordable housing program, tenants need to meet certain income qualifications to be eligible for the apartments. Income standards vary according to family size, and the rental structure is regulated under the Housing and Urban Development program. Currently, rent is set at $575 for a studio, $599 for a one-bedroom, and $799 for a two-bedroom.
Story Written by Molly Belmont Contributing Writer to the CBID
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