New York, NY. Nixon Peabody LLP represented developer Trinity Financial in its acquisition and rehabilitation of the Randolph Houses, working with the New York City Housing Authority (NYCHA) and West Harlem Group Assistance.
The Randolph Houses—a multifamily public-housing property along West 114th Street in West Harlem—originally included 36 multi-occupancy buildings. Built in the 1800s, the much-needed renovations included a full-façade rehabilitation and the addition of approximately 3,000 square feet of community space, which includes computer rooms, a library and landscaped outdoor area for residents. The project qualified for both New York State and federal Historic Tax Credits and the development team went through extraordinary efforts to preserve the historic nature of the buildings while meeting modern building codes. Green building practices were also integral to the development’s rehabilitation, and met the Enterprise Green Communities’ requirements.
This deal received industry accolades including “Excellence in Historic Preservation Award” from the Preservation League of New York State and a Preservation Project Award from the NY Landmarks Conservancy. The awards recognize achievements in retaining and rehabilitating historic sites in New York State.
Trinity Financial’s acquisition of the Randolph Houses was financed by the New York City Housing Development Corporation (HDC) and New York City’s Department of Housing Preservation & Development (HPD). Additionally, the transaction required HUD approval as a mixed-finance development.
Nixon Peabody’s deal team representing Trinity Financial was led by Affordable Housing partner Joe Lynch and strategic policy advisor Deborah VanAmerongen, and included Michael Reardon and Susanna Mitchell along with Tax Credit Finance & Syndication partners Forrest Milder and Andrew Potts.