DEVELOPMENT UPDATE

Sherman Creek North Cove: Among the Largest Mixed Income Affordable Rental Communities in Manhattan

Renderings of Sherman Creek North Cove, 611-unit mixed income/use development in Inwood, Manhattan.

The Housing Partnership joined with long time partners Joy Construction and Maddd Equities in the development of Sherman Creek North Cove, one of the largest 100% affordable mixed income rental communities in Manhattan.

With a total development cost of $410 million, Sherman Creek North Cove is a 611-unit mixed income/use development currently under construction in the Inwood section of Manhattan. The 600,000 square foot, 30-story vibrant waterfront community is being constructed on rezoned underutilized parcels previously used to park buses.

Sherman Creek North Cove’s units will be available to those earning between 27% and 100% of Area Median Income. Several units will be set aside for the formerly homeless. Construction is expected to be completed next year. Financing for Sherman Creek North Cove was provided by Wells Fargo Bank, New Your City Housing Development Corporation and, New York City Housing Preservation and Development.

Designed by Aufgang Architects, Sherman Creek North Cove’s amenities include a fitness center, outdoor recreation space and 130 parking spaces for residents’ cars. The development includes 61,000 square feet of commercial space, of which 35,000 square feet is being leased to Food Bazaar as the site of a supermarket to serve residents of the new community. The design of Sherman Creek North Cove provides community access to the waterfront public space.

Construction of Sherman Creek North Cove created jobs at hundreds of local companies including MWBE businesses. It features Enterprise Green Community energy efficiency and conservation of resources design standards.