P.S. 186 Groundbreaking Ceremony

P.S. 186, at 549 W. 145th Street is one step closer to becoming the new home for the Boys and Girls Club of Harlem. The former school will become a 79-unit residential building that includes a 10,000-square-foot facility to house the Boys and Girls Club of Harlem. Of the 79 units, 63 will be reserved for low-income families and seven for middle-income families. Today developers broke ground and expect construction to finish in the summer of 2016. The project’s construction financing came from a variety of public and private sources. Developers received $32 million in tax credit equity from Red Stone Equity Partners and Bank of New York Mellon. The same bank also approved them for a $32 million construction loan. Additionally, the developers received a $9 million loan from the city’s department of Housing Preservation and Development and a $5 million loan from the Low Income Investment Fund.