Lettire Construction, MDG Real Estate Partners, and Las Raices Community Development top out Las Raices - 78-unit affordable housing

Manhattan, NY Lettire Construction, MDG Real Estate Partners, LLC (MDG), and the Las Raices Community Development Corp. celebrated the topping out of Las Raices East Harlem, a four-building, 78-unit new construction, affordable housing development in the East Harlem neighborhood. In partnership with the New York City Department of Housing Preservation and Development (HPD), Ascendant Neighborhood Development, GF55 Architects, East Harlem Community Alliance, and Hester Street Collaborative, this project will create high-quality affordable housing apartments and a new community facility space (located at 1761 Park Ave.), improving resident quality of life while maintaining permanent affordability along the Park Ave. Corridor.

“At MDG, we are dedicated to providing all New Yorkers with accessible housing opportunities regardless of income, and our mission is reflected in this project’s name. Las Raices, meaning ‘the roots’ in Spanish, represents our commitment to preserving East Harlem’s rich cultural history and supporting residents in maintaining deep roots throughout the city they call home,” said Matthew Rooney, chief executive officer of MDG Real Estate Partners, LLC. “We look forward to continued collaboration with our neighborhood partners and the wider East Harlem community to ensure that Las Raices brings their shared vision for the neighborhood’s future to life.”

The development team behind Las Raices East Harlem has prioritized affordability, economic growth, and environmental sustainability. The project is 100% affordable housing, with all units reserved for households earning between 30% and 80% area median income (AMI). Each of the four buildings will include vibrant green roofs and energy-efficiency design features that meet the standards of Enterprise Green Communities, helping to improve resident health and quality of life. The buildings will also incorporate market-rate amenities, including laundry rooms, bike storage areas, secure lobbies, and rooftop terraces.

The approximately 9,750 s/f community space will provide new economic opportunities for local business owners and residents of East Harlem. The facility will offer lower cost, higher quality retail space for longstanding businesses to adapt and better serve a diverse clientele. The center will also be available for community use, promoting access to social services and establishing a meeting hub for local organizations.

The financing structure for Las Raices follows a conventional first mortgage, a subsidy loan provided by HPD’s Neighborhood Construction Program. Additionally, the project was awarded HPD’s 9% Low-Income Housing Tax Credit (LIHTC) funding in 2023 and will meet Mandatory Inclusionary Housing’s Option 1 requirements.