Predevelopment Financing for Modular Passive House New Construction in East Harlem
0 Mtons CO2e
Lifetime GHG Savings
Lifetime Energy Savings
45,000 Square Feet
(38 market / 13 affordable)
New York, NY
NYCEEC Loan Product
Architectural rendering of project shown to the right of neighboring building.
NYCEEC provided an approximately $3,000,000 bridge loan to Assembly OSM, an early-stage company that is focused on building highly efficient and sustainable urban new construction through innovative modular processes. NYCEEC’s loan proceeds will bridge design, engineering, and supply chain expenses during the ramp-up period prior to the anticipated construction start date at the end of Q2 2024. The development is located in East Harlem, New York and will qualify for the New York 421-a tax abatement with 25% of the units regulated at 60% of AMI.
NYCEEC‘s predevelopment financing supports the construction of a 51-unit, all electric, passive house multifamily building with an affordability component. Assembly OSM is aiming to create a repeatable model that is specifically applicable to urban infill areas, which will allow for economies of scale and the creation of highly efficient new housing in areas where this has been a serious challenge.