Project Description
Revive 103 is a 60 unit 6-story residential building in East Harlem, Manhattan located at 160 E 103rd St (Block 1630, Lot 41). It is located in Community District 2 of Manhattan and the 8th City Council district. The building is currently owned by Revive 103 Associates, L.P., a redevelopment company organized under Article V of the Private Housing Finance Law. 100% of the units receive Section 8 under a project-based contract under a Mark-Up-To-Market Contract. Revive 103 L&M Workforce Holdings, LLC (as Beneficial owner) and Revive 103 Housing Development Fund Corporation (as Fee owner, together with the Beneficial owner make up the Purchaser) have proposed to acquire the building from the current owner. The acquisition will occur with a $16.8 million bridge loan from Citibank and $7.479 million in equity from the beneficial owner. In conjunction with the acquisition, the Purchaser is proposing to dissolve the Article V and implement a new Article XI tax exemption at closing. Support has been given by Councilmember Diana Ayala. The Article XI exemption would maintain affordability and enable the Purchaser to make improvements to the units. The building contains ten (10) studios, twenty-nine (29) one-bedrooms, ten (10) two-bedrooms, ten (10) three-bedrooms, and one (1) two-bedroom unit as the supers unit for a total of 60 units. The building has a gross square footage of about 65,000 SF. All units except the superintendents unit are currently covered under a project-based HAP contract. The projects most recent REAC score, from May 2019, is 99. The Project is subject to a HUD Mark Up to Market Contract which expires on 11/30/2022 which allows for market increases every five years in addition to OCAF increases. The HAP contract will be assigned to the Purchaser at closing.