New York property developer Jacob Fulop is progressing the development of new residential space in the East Harlem district. He recently submitted official building applications for a second residential building with 99 units in the Manhattan neighbourhood. Together with the already planned sister building, the scheme at the addresses 306 East 101st Street and 307 East 100th Street comprises a total of 198 planned flats.
Details on architecture and amenities
The planning documents provide for two eleven-storey buildings. According to initial reports by industry publication PincusCo on the 2 November filing, the building at 306 East 101st Street will feature a fitness area on the top floor. In addition, around 5,757 square feet of communal open space and outdoor recreational areas are planned for future residents.
The designated development site currently consists of publicly used baseball fields and green spaces. The development plot directly borders the existing Metro North Court residential complex at 1952 Second Avenue.
Regulatory background and ownership structure
Capping both schemes at exactly 99 residential units fits into a recurring pattern in New York housing construction. Developers are responding to the requirements of state tax incentive programmes such as 485-x. These regulations mandate significantly higher wages for construction workers on new-build projects from a threshold of 100 units, which is why developers deliberately keep their schemes below this limit.
Details regarding the ownership structure of the land remain open. Only LIHC Investment Group can currently be definitively linked to ownership rights at the 306 East 101st Street property, as official records show corresponding borrowings by the group secured against the site. Developer Jacob Fulop, who has completed five new-build projects in New York over the past three years, was not available to comment on the current plans.
