1641 Andrews Avenue underscores our decades-long commitment to investing in the revitalization of communities throughout the Bronx, and our continuing work to ensure the preservation of the borough’s existing multifamily housing.
Located in the Morris Heights neighborhood, this 60-unit rental building was originally constructed in 1925 and was in need of a moderate rehabilitation. CPC partnered with HPD to provide a financing package that included a CPC construction loan of $1.2 million and a SONYMA- insured NYCRS permanent loan. This allowed building owner and longtime CPC partner, Bronx Pro, managed by Peter Magistro, to complete rehabilitation work that includes replacing major systems such as the heating plant, water supply, roofing, insulation, and exterior doors, as well as upgrading the individual units to include new kitchens, baths, interior doors, windows, lighting, and flooring.
With the financing in place, tenants can look forward to moving into a newly renovated building and apartments when the work is complete. With units affordable at 50%–80% of Area Median Income, the tenants can also be assured that their rents will remain affordable and that the property will continue to serve the affordable housing needs of the community well into the future.