Little Italy Restoration21 Spring Street, New York, NY LIHC Affordable
Nestled in the middle of the Italian District of Manhattan, Little Italy Restoration has 152 low- and middle-income apartments and a courtyard. The neighborhood abuts popular SoHo and Chinatown, and many of Little Italy’s residents have been there for several generations.
Due to a real estate tax abatement, the partnership was subject to strict New York City regulatory restrictions. Cash distributions to the limited partners were tightly controlled, with taxes claiming more than their distributions, resulting in chronic financial hardship.
The general partner, however, was not interested in selling the partnership. This left only one option: for the limited partners to sell. To accommodate their unique circumstances, LIHC Investment Group generated the highest sales value and closed in less than 30 days, while working with the general partner to preserve affordability for the tenants.
LITTLE ITALY RESTORATION
21 Spring Street, New York, NY