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Developing On The Edge

A new development at First Avenue and 100th Street, The Aspen, had a ribbon-cutting ceremony this morn. The Sun reports that the building, built under a new government program that mixes market-rate apartments with more affordable units, is almost rented out at market rates of $1,500/mo for studios to $3,000/mo for a 2BR with terrace.

More interesting, though, is the promise of the program to encourage developers to take risks in more marginal neighborhoods. Says the Sun,

The program allows developers to hedge some risk building in neighborhoods where the real-estate market is still shaky. Rather than having to rent the entire building, developers are responsible for renting only half the units, while receiving incentives and subsidies for the remaining units.
The next development to be built under this program will rise at 200 Schermerhorn Ave. in downtown Brooklyn?just steps from Ratner-land.
· Harlem Sees First Fruits Of Affordable Housing Scheme [NYSun, sub. req'd]