Property Detail

Lakeview is a unique property, encompassing an entire city block fronting Central Park in New York City. There are four buildings containing 446 apartments, a parking garage, and retail space. It is across the street from another LIHC property, Villa Hermosa, and offers sweeping views of the park and midtown Manhattan.

Prior to the sale of Lakeview, the owning partnership’s success had been hindered by chronic legal and financial difficulties. Financially, the property was in a deficit position, and legally, the partners were embroiled in a series of resource-depleting lawsuits. The New York City Department of Housing Preservation and Development and New York State’s Homes and Community Renewal agency pulled together to provide a much needed tax abatement and debt restructuring, allowing LPS Fund to secure a legislative fix that would prevent the rents from being raised to the market-rate levels through the use of a Project Based Rental Assistance agreement.

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LIHC Investment Group