Harlem, New York
267 West 126th Street, Harlem NY
Balton Commons, located at 267 West 126th Street is a 7-story mixed use new construction project with 37 mixed-income units, 4,500 sf of ground floor office space, 1,200 sf of ground floor retail space and 1,350 sf of community facility space. The city-owned site was awarded to Lemor as part of NYC HPD’s M/WBE Building Opportunities Request for Proposals. Balton Commons is a high-performance building that includes several energy-efficiency features and active living measures to promote health and wellness.
Balton Commons was financed with a construction loan from TD Bank, HPD subsidy and a 9% Low Income Housing Tax Credit award from HPD. Permanent financing is being provided by Walker & Dunlop via a Freddie Mac Forward Commitment. Balton Commons was financed through HPD’s Neighborhood Construction Program (NCP) and includes four tiers of affordability with rents affordable to households earning 30% of AMI, 40% of AMI, 60% of AMI and 90% of AMI. The total development cost is $22MM. The project is currently under construction and anticipated to be completed by the end of 2021.