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North Cove rises halfway up at 3875 Ninth Avenue in Inwood, Manhattan.

Construction has reached the halfway point at North Cove, a 30-story residential building located at 3875 Ninth Avenue on the Harlem River waterfront in Inwood, Manhattan. Designed by Aufgang Architects and developed by Maddd Equities, the 295-foot-tall structure will encompass 544,000 square feet and deliver 611 affordable rental apartments, along with 60,000 square feet of ground-floor retail space, residential amenities, and 120 parking spaces. Sherman Creek Owner LLC & Sherman Creek LIHTC Owner LLC are named as the owners, with Joy Construction Corp. serving as the general contractor for the property, which is alternatively addressed as 373 and 375 West 207th Streets and bounded by West 207th Street, Ninth Avenue, and the Harlem River.

Recent photographs depict the rising reinforced concrete superstructure gradually being clad in its facade of red and beige brick surrounding a grid of rectangular windows with dark spandrels. Construction crews have surpassed the lower setbacks and are now forming the main tower, suggesting that the construction pace should begin to accelerate given the reduced floor plate sizes up to the parapet

The below aerial image shows the location of the plot before construction began.

The main rendering showcases a preview of the southeast corner of the structure. The first two levels are adorned with floor-to-ceiling windows and a horizontal blinds screen for the commercial facade. Setbacks are situated on the eighth, tenth, twelfth, and seventeenth floors, and the tower culminates in a parapet with short mechanical bulkheads. The property will be surrounded by new tree-lined sidewalks with low garden beds and light poles.

The following depiction looks northward from the ramps leading to the University Heights Bridge over the Harlem River

Last year, Joy Construction Corporation and Maddd Equities secured $288 million in financing to advance the project. Wells Fargo’s Community Lending and Investment Department facilitated the financial package, encompassing a $155 million letter of credit supporting tax-exempt bonds issued by the City of New York and organized by CLI Debt. The remaining $133 million was provided by CLI Equity as equity investment through the acquisition of Low-Income Housing Tax Credits and New York State Brownfield Tax Credits.

Residential amenities will include bike storage areas, recreation rooms, shared laundry facilities, outdoor lounges and recreational spaces, as well as picnic areas. The property will also ensure public access to an adjacent waterfront park on lands provided by the city.

NEW AFFORDABLE HOUSING LOTTERY OPENS FOR 304 EAST 134TH STREET IN PORT MORRIS, THE BRONX

Discover your chance to secure a home in a seven-story residential building at 304 East 134th Street in Port Morris, The Bronx. Crafted by S. Wieder Architect and spearheaded by Joel Rubin through East 134th Terrace LLC, this development offers 22 residences. Through NYC Housing Connect, seven units are now available to individuals earning up to 130 percent of the area’s median income (AMI), with eligible incomes ranging from $68,572 to $156,130.

Jorge Madruga's Real Estate Insights: Empowering Communities & Entrepreneurs

Explore Jorge Madruga’s journey as CEO of Maddd Equities LLC, leading impactful revitalization efforts and sharing invaluable real estate expertise on his Industry-Minds.com blog. Learn from his experience and gain insights into property development, architectural inspirations, and key considerations in real estate ventures.

Progress Capital Arranges $15 Million CRE Loan for Maddd Equities to Acquire Property in Harlem

Brad Domenico, a partner at Progress Capital, arranged a $15,000,000 acquisition CRE loan for 124-132 East 125th Street, New York, NY. The acquisition of this plot was crucial for Jorge Madruga, director of MADDD Equities, as it was an important piece of the puzzle needed to continue with his planned project.

Lakeland Bank Refis Landmarked Manhattan Retail Site With $43M Loan

orge Madruga’s Maddd Equities has secured a $42.5 million debt package to refinance a landmarked Manhattan retail asset anchored by Trader Joe’s, Commercial Observer can first report.

DOB Approves 30-Story Mixed-Use Tower At 3875 Ninth Avenue In Inwood, Manhattan

The New York City Department of Buildings recently approved applications to construct a new 30-story mixed-use property at 3875 Ninth Avenue in Manhattan. The development is located at the waterfront edge of Inwood and will create over 600 units of affordable and middle-income housing, roughly 62,000 square feet of retail space positioned on the lower levels, and 122 parking spaces.