MONAD PILLARS
Harlem, New York
DEVELOPMENT PARTNERS
Monadnock Development
DATE ACQUIRED
December 2019
NUMBER OF UNITS
89 units of low-income family housing, 2 buildings
DATE COMPLETED
June 2021
TOTAL COST
$25M
ABOUT
Kalel Companies led the acquisition and moderate rehabilitation of 89 residential units situated across two buildings located in Central Harlem. The rehabilitation included complete replacement of all roofing elements and windows, boiler and HVAC upgrades, exterior façade painting, brick replacement, common area modernizations, and new appliances for all units.
Total project costs were $25 million. Financing for repairs included private equity, capital subsidy made available under HPD’s Neighborhood Pillars Program and a permanent loan provided by Merchants Capital.
