1400 on Fifth Grand Opening Ceremony

1400 on Fifth Condominium, Oct 8, 2004

1400 5th Avenue, NY, NY

A history-making grand opening ceremony took place on October 8, 2004. It was the ribbon-cutting ceremony for a 129 condominium development at 1400 Fifth Avenue in Harlem. This represents the largest “Green,” affordable multi-family building in the United States. The targeted market for more than two thirds of these condominiums is, of course, middle income buyers, with the remaining one third being sold at the standard market rate.

This massive development will also house a significant number of retailers, including Ginger Restaurant, Harlem World Sports Club, Grisula’s on Fifth Dry Cleaners, Amity Meats, and Carver Bank. Joining in this great celebration were many political figures, including Manhattan Borough President C. Virginia Fields, Secretary of State Randy Daniels, State Assemblyman Keith Wright, Congressional Speaker John A. Crotty (speaking on behalf of Congressman Charles Rangel,) and many more. There were also numerous executives present, including Carter McClelland, President of Bank of America, Daniel Martin, President & CEO of Housing Partnership Development Corporation, Emily Youssouff, President of the NYC Department of Housing Development Corporation, Shaun Donovan, Commissioner of the NYC Department of Housing & Development, Todd Lee, Director of Fannie Mae Corporation, Brad Singer, head of HRH Construction, all of who joined developers Walter Edwards and Carlton Brown, of Full Spectrum New York, LLC.

Full Spectrum is an African American-owned, Harlem based firm which is recognized as a national leader in the development of affordable, environmentally sustainable and technologically smart buildings for emerging urban markets. 1400 of Fifth is the only affordable housing development to qualify for New York State Green Building Tax Credit; it has made innovative use of green and smart technology, at costs that are hardly more than those of conventional construction. This project has been named “The Energy Project of the Year” by the New York Chapter of the International Association of Energy Engineers (IAEE.) The building, more than half of which was constructed from recycled (renewable) resources, was designed to use only a third as much energy as comparable buildings in New York City. The building is equipped with “geothermal” heating and cooling, aiding in the preservation of fossil fuels. Additionally, the building incorporates a filtration system that effectively removes all airborne and other allergy-causing materials.

Carlton Brown had commented on how rewarding it is to see Full Spectrum turn its core beliefs affirmed in the realization of a building both economic and environmental sustainability, and appropriate for the culture of its locality. He also commented positively about this building setting a precedent for the redevelopment of the nation’s emerging urban markets so as to be environmentally responsible, responsible to stakeholders over long periods of time, which help to bring new financial and human resources into communities that have been long overlooked.

Now for some statistics. The construction cost of the 225,000 square foot development was an estimated $40 million. The funding was made possible by a unique public-private partnership. The NYC Dept. of Housing Preservation and Development provided the land, initiated a rezoning, and provided key funding. Bank of America provided construction and mezzanine financing totaling $28.75 million. Fannie Mae participated in the construction financing with Bank of America. Additional participants included the Housing Partnership Development Corporation, NYC Housing Development Corporation, the US Department of Housing and Urban Development, The Empire State Development Corporation, and the NY State Energy Research and Development Authority.

Carter McClelland, Bank of America’s President, commented as to how Bank of America was proud to have participated in the project, referencing it as a precedent that Bank of America will continue to deliver on the promise of higher standards for the City of New York. It plans on fulfilling this promise via partnerships with innovative organizations who’s focus it is to add vitality to our communities on a citywide scale.

Housing Commissioner Shuan Donovan commented that this project gives 129 families the opportunity to be homeowners and to build their futures in Harlem. 1400 on Fifth was developed as part of Alliance for Neighborhood Commerce, Home Ownership and Revitalization (ANCHOR) / Mixed USE Program developed by the Housing Partnership and HPD to spur economic development through retail opportunities and housing in distressed areas.

An additional $890,000 in financing was funded through New York State’s Metropolitan Economic Revitalization Fund (MERF), headed by Charles Gargano, who commended that we are once again using state assistance to help leverage private investment and spark new development and economic growth in neighborhoods and communities that need it most.

We at Liberty News Online Magazine would like to thank Ms. Pauline Barfield, of the Barfield Public Relations Company, who did a marvelous job in organizing this event, for inviting us to attend.

The African American and Caribbean Section is headed by assistant editor Annette Johnson, and Liberty News Online Staff Writers contributing articles. It will cover articles about the African American and Caribbean communities throughout the U.S.A. For more information, feel free to email us at lncarib@hadofnyc.org. If you are interested in having us cover one of your events, feel free to notify us one week in advance, so we can add you to our master calendar, and have our Liberty News Staff come and write an article about your event. Feel free to email us at lnevents@hadofnyc.org, or telephone us at (718) 507-7616 between the hours of 8:00am and 8:00pm, and ask to speak to Annette or Steve