June 15, 2017
Another 494 apartments will keep their rents affordable, thanks to a $160 million deal between state officials, federal officials and developer MDG Design + Construction.
Michelangelo Apartments is a 43-year-old set of apartment towers built under New York’s Mitchell-Lama community in the Melrose neighborhood of the Bronx.
“This is an entire square block of the Bronx, with a beautiful courtyard that was down to dirt and concrete,” said Michael T. Rooney, co-founder and principal of MDG Design + Construction to Multi-Housing News (MHN).
The renovation and recapitalization is part of Governor Andrew Cuomo’s $1 billion House NY initiative, which seeks to transition 8,600 Mitchell-Lama apartments in serious need of repairs and upgrades into safe, quality housing by the end of next year.
For comments, questions or concerns, please contact Bendix Anderson