The 2025 Innovation Award will be presented to Maddd Equities and Joy Construction,
developers of North Cove Apartments, at the Housing Partnership’s 42nd Anniversary gala
luncheon on October 22nd.
North Cove Apartments, a new housing development bringing 611, 100 percent affordable units to the Inwood section of upper Manhattan, will receive the 2025 Innovation Award from the NYC Housing Partnership.
“The 2025 Innovation Award recognizes Maddd Equities and Joy Construction making a reality of their ambitious vision of the location, scale and amenities of 611 safe and comfortable affordable homes for New Yorkers in this appealing new community, one of the largest in Manhattan,” said Jamie A. Smarr, President and CEO of the Housing Partnership.
North Cove is a 30-story multi-use development at 375 West 207th Street at the corner of Ninth Avenue. It is a vibrant residential community on the Harlem River waterfront that enhances the existing natural ecosystem of the property.
“The project site was rezoned as part of the Inwood Rezoning Plan. North Cove is an excellent example of creating new affordable housing and revitalizing neighborhoods through a collaborative partnership among the private sector, nonprofit organizations such as the Housing Partnership, and public agencies,” said Mr. Smarr.
North Cove Apartments’ units are income restricted for households earning between 27 and 100 percent of Area Median Income (AMI). Fifteen percent of the units are set aside for formerly homeless households who will be provided onsite support services.
Residents will enjoy a wide range of amenities including:
Bike storage
Recreation rooms
Shared laundry facilities
Outdoor lounges and picnic areas
Free high-speed internet in every unit
A public waterfront park is also being developed adjacent to the site on land provided by New York City, further enhancing the community’s appeal.
Designed by Aufgang Architects, the 295-foot-tall, 544,000-square-foot building includes:
61,000 square feet of retail space on the first two floors including:
A 35,000 Food Bazaar supermarket
120 parking spaces
With a total development cost of around $410 million, North Cove was financed by Wells Fargo Community Lending and Investment, Low Income Housing Tax Credits (LIHTC), New York State Brownfield Redevelopment Tax Credits, NYCHDC and NYC HPD.
Construction of the building created job opportunities for MWBE companies and utilizes
Enterprise Green Community energy efficiency design standards.
The Housing Partnership’s luncheon gala brings together stakeholders in the City’s affordable housing community, including developers, architects, attorneys, lenders, faith leaders, and affordable housing advocates on Wednesday, October 22nd, at Gotham Hall in Manhattan.
The Housing Partnership is a 501(c)3 nonprofit organization that serves as an intermediary
among public agencies, developers, financial institutions and residents to increase opportunities for quality affordable housing to low- and moderate-income households in New York City.
For more than four decades the nonprofit Housing Partnership has led relationships among
private sector developers and financial institutions and City, State and Federal agencies that created and preserved more than 88,000 low and moderate-income housing units in the five boroughs, leveraging over $11.1 billion in private financing and utilizing more than $540 million in subsidies for affordable housing where people can live in safe, comfortable, affordable homes.
